African Us citizens take place straight back the essential by education loan obligations. Here is a solution
From the Harry L. Williams, president & Chief executive officer of your Thurgood
Hear Dr. Williams explore TMCF’s model of business range solutions leverage HBCU ability at the 3BL Community forum during the MGM National Harbor, Additional Washington, D.C. Oct 31-30th.
Our student loan financial obligation drama is actually blocking an incredible number of younger Americans away from purchasing land, performing group, preserving getting retirement and you will undertaking money. No group is actually kept right back a whole lot more from the student loan loans than African Us americans, who come out of college or university having the typical financing harmony out-of more than $34,one hundred thousand, weighed against an average equilibrium regarding $30,600 for everybody college students. Just how can young People in america, and especially more youthful African Americans, desire to create and create money if they are stuck with crushing financial obligation prior to additionally they go into the workforce?
One solution comes from an unlikely coalition of leaders and turns on how companies hire and retain young workers. Since the 1970s, employers have been able to offer tuition assistance programs, up to $5,250 per year, to reimburse employees for the cost of continuous education. Under current law, employees are not taxed on this benefit, though it is a form of income.
But under current law, if an employer provides an employee with student financing payment assistance, the employee is taxed on the benefitpanies large and small opt out of this opportunity because the taxable perk can cost an employee several thousand dollars a year in additional taxes. (more…)
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