Tax Tip #212

Did you know that student loan debt in the U.S. is currently approximately $1.753 trillion? This is more than the total national credit card debt, which is approximately $1.142 trillion. 



Did you also know that when students repay their student loans, employers can treat those repayments as retirement contributions for purposes of an employer match? Employers can contribute whatever their matching rate is into a tax favored retirement account as if the employee contributed the loan payment amount, even though the employee was actually using the money to pay off student loans.

If you are (unfortunately) part of the $1.753 trillion pool, ask your employer if this benefit is offered.