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!

Andrea Mendez, LCSW-C

Founder of New Beginnings Psych

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How it works

1

Create your benefit plan.

Decide contribution amounts and any eligibility criteria with our team.

2

Onboard with Highway.

Provide access to your employee roster to get set up on the Highway platform.

3

Announce your benefit.

Once you announce, your employees can enroll in minutes through Highway!

4

Let Highway manage the rest.

Each month, Highway will verify employees’ eligibility and facilitate contributions directly to their student loans!

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Tax-free employer student loan contributions go further than a raise.

No money lost to income and payroll taxes means every benefit dollar goes toward reducing one of your employees’ biggest sources of financial stress.

With a $5,250 raise:

$1,589 lost to taxes*!

*Assuming payroll & income taxes @ 30.25%

With $5,250 in tax-free employer student loan contributions:

100% goes towards paying down student loans!

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It’s time to rethink benefits.

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