Student loan repayment assistance (SLRA) eases employees' student debt burdens. This financial support involves employers making tax-free contributions directly to employees' loans, either as one-time or ongoing contributions.
The goal is to attract and retain talent by providing a valuable incentive. This benefit has gained popularity with the rise in student debt, especially among recent graduates.
Depending on eligibility and participation terms, employers structure programs in various ways, such as fixed monthly contributions, matching programs, or lump sum payments.
Tuition reimbursement offers employees money for upskilling while employed with your company. Employees typically pay for their courses; the employer reimburses these costs upon completion.
PeopleJoy's Platform processes employee course requests, monitors employer Tuition Reimbursement contributions, and ensures compliance with program rules, federal tax laws, and regulations.
Your company sets reimbursement criteria and determines which educational items purchased or courses taken may be eligible. PeopleJoy removes the administrative burden if HR needs to scour every line item on every receipt for whether an item qualifies, then break out pen, paper, and a calculator to flag any discrepancies –a minor issue if you have five employees and a big problem if you’re a company with 500.
PeopleJoy's Platform efficiently verifies employee student loan data, monitors contributions for SLRA, and ensures compliance with program rules, federal tax laws, and regulations.
Employers can request mandatory completion of a student loan coaching session before receiving student loan repayment assistance, offering a structured approach to effectively support employees in managing their student loans.
PeopleJoy's representatives provide guidance and go above and beyond to ensure your employees optimize Student Loan Repayment Assistance and Tuition Reimbursement.
PeopleJoy's Platform manages client communications and onboarding, ensuring efficient outreach through optimal communication channels, empowering clients to maximize their benefits.
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