Attract & retain talent with a student loan repayment benefit.

Stand out as an employer with a benefit employees want and need: employer student loan contributions. With Highway’s easy-to-use platform, you can launch a benefit program today.

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What is an employer student loan repayment benefit?

An employer student loan repayment benefit (also called “employer student loan contributions” or “employer student loan assistance”) is a benefit plan that allows companies to pay back a portion their employees’ student loans on their employees’ behalf.

Thanks to the 2020 CARES Act and the Consolidated Appropriations Act of 2021, employers can contribute up to $5,250 per employee per year tax-free to employees’ student loans as educational assistance under IRC Section 127.

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A student loan repayment benefit is a win-win for all.

Benefit from a tax-free benefit.

Student loan contributions are tax-advantaged for employers and employees.

Attract the next generation of talent.

41% of recent grads ranked student loan repayments in their top 3 desired benefits.

Increase loyalty and reduce turnover.

86% of employees would commit for 5 years if employers helped pay back their student loans.

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My experience with Highway has been absolutely awesome! My employees now have a valuable benefit that is easy to set up, easy to manage, and fairly priced. We recommend Highway without reservation!