187- How to Get Your Employer to Pay $5,250 Towards Your Student Loans Before the End of 2020- Bonus/Emergency Episode

Dec 4, 2020

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Did you know that your employer could pay off $5,250 of your student loans this year (2020)?! The payments wouldn't be taxable to you as the employee and your employer would get a tax break on the payment. But your employer would have to make the payment by December 31, 2020. This was a new provision made in the Cares Act back in March 2020 that many people didn’t know about.

I found this out thanks to a tweet from episode 151 guest Lynette Khlafani Cox and when I shared this with my audience on my Instagram account @journeytolaunch, the comments went crazy with questions and comments. I had so many questions about it that I just had to invite Lynnette back on the podcast for an emergency episode to help answer some of your most asked questions on the subject.

We cover the following questions (and more):

What's the best way to ask your employer about this?
What's in it for the employer?
Does this apply to govt employees or non-profit employees?
What if you are your own employer, is there a loophole that entrepreneurs can use for themselves?
Do prior student loans qualify that you got years ago or for a degree not completed?
Can employers add additional stipulations like you must continue working there for X amount of time
Does this apply to part-time employees?
What are the chances that this will be extended into 2021?

Take a listen to this episode and share it with someone who could benefit from it. Remember you have until the end of 2020 for your employer to make the payment.

Other related blog posts/links mentioned in this episode:

Lynnette’s blog post on the subject
Click here to get the HR email template you can send to your HR department
More COVID resource articles from Lynnette here
Listen to Lynnette’s first appearance on the podcast where she talked about the CARE’s act & Economic Relief package here
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Check out the other tools that help me with my finances and business here.
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