The payment for the student loans are about to restart after Biden’s student loan forgiveness program was struck down by the Supreme Court last June 30.
As a result, student loan payments will restart this fall after a 3-year delay.
Some groups reach out to policymakers to expand student loan-related tax breaks in workplace as many employers to give benefits to borrowers that have to make student loan payments.
Direct relief for student loan payments are not offered on most popular workplace programs.
Americans with student loan debt needs to prepare for the restart their monthly student loan payments after the ruling over Biden’s Student loan forgiveness program.
Many groups are asking for bigger tax breaks for workplace education benefits and an entrenchment of tax policy as such move would help put education equal to retirement and health care benefits that employers also get tax breaks.
SHRM, a group that represents human resources professionals reached out to businesses, asking them to support their works through their student loan payments as the start of student loan payments will resume this October.
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The President and CEO of the NAACP, Derrick Johnson | NAACP
The President and CEO of the NAACP, Derrick Johnson, stated that employers must have some type of assistance to help their employees.
Derrick Johnson said that the student loan as a personal crisis for many Americans. Johnson also added that corporate have a role to step up and provide a certain level of support to their employees.
In a CNN report, it was noted that when student loan payments restart, many borrowers might be confused about the amount they owe and how and when to pay off their student loan payments.
CNN also added in the report that no matter the Supreme Court ruling over the student loan forgiveness program, the student loan payments still meant to resume in October and interests will restart to accumulate on September 1.
Initially the pause on the student loan payments last March 2020 was only intended to help borrowers that struggle financially during the pandemic. The student loan payments delay eventually got extended eight times under both the Biden and Trump administration.
Read More| As student loan payments restart, can employers be a firewall for borrowers? Some groups hope so
