Advertisement
college

A New Way to Pay Down Your Student Debt

Companies and rural areas offer tax breaks and other benefits.

As the job market continues to tighten, cities, states and private employers are offering prospective employees a new perk: help in paying off their student loans.

Maine, for example, is providing tax credits to student loan borrowers who live and work in the state if they graduated from any U.S. college in 2016 or later. Eli­gible residents can subtract their loan payments for the year from their state tax liability. Borrowers who studied science, technology, engineering or math will receive a check if they pay more toward their student loans than they owe in taxes. Other places that offer financial incentives to student loan borrowers include the state of Kansas and Niagara Falls, N.Y.

Advertisement - Article continues below

Private employers are helping with student debt, too. Employers that offer the benefit, including Aetna, Hulu and PricewaterhouseCoopers, typically offer a monthly or annual payout over several years. Last year, about 4% of companies offered repayment benefits, according to the Society of Human Resource Management. As more companies shy away from salary bumps in favor of bolstering benefits, more will likely begin to assist with student loans.

Advertisement

Most Popular

Chiropractor Trying to Get Business the Wrong Way – Illegally
careers

Chiropractor Trying to Get Business the Wrong Way – Illegally

A new chiropractor’s fledgling business plan to attract patients may sound reasonable at first look, but it’s actually against the law, and the same p…
June 30, 2020
What Are the Income Tax Brackets for 2020 vs. 2019?
tax brackets

What Are the Income Tax Brackets for 2020 vs. 2019?

The IRS unveiled the 2020 tax brackets, and it's never too early to start planning to minimize your future tax bill.
June 20, 2020
2020 Stock Market Holidays and Bond Market Holidays
Markets

2020 Stock Market Holidays and Bond Market Holidays

Is the market open today? Take a look at which holidays the stock markets and bond markets take off in 2020.
July 1, 2020

Recommended

Tax Changes and Key Amounts for the 2020 Tax Year
tax law

Tax Changes and Key Amounts for the 2020 Tax Year

Americans are facing a long list of tax changes for the 2020 tax year...and it's never too early to start thinking about next year's return.
June 22, 2020
7 Ways the Pandemic Will Change College Forever
college

7 Ways the Pandemic Will Change College Forever

Colleges and universities face steep budget cuts, enrollment challenges and new types of competition as a result of COVID-19. We cover the changes you…
June 19, 2020
12 Tax Deductions and Credits That Help You Pay for College
Tax Breaks

12 Tax Deductions and Credits That Help You Pay for College

Whether you're saving for college, currently paying tuition, or dealing with student loan debt, there's probably a tax break that can help your bottom…
June 12, 2020
Milliennials Face Their Second Recession
credit & debt

Milliennials Face Their Second Recession

Forty percent of millennials say the pandemic will likely cause them to delay payments on their debts. Does that include you? Time to take action.
June 4, 2020