Employer educational assistance programs can help long-term care workers pay off student loans

Employer educational assistance programs can help long-term care workers pay off student loans
McKnight's Senior Living; by John Roszkowski; 9/3/24
Employer-based educational programs still can be used to help pay off worker students’ loans through the end of next year, potentially enabling long-term care employers to provide relief to their workers who are struggling to pay off such debt. The IRS issued a reminder last week that employers who offer educational assistance programs also can use them to help pay for their employees’ student loan obligations through Dec. 31, 2025. Although educational assistance programs have been available to employees for many years to help them pay for tuition, books, supplies and other educational expenses, the option to use them to help workers pay off student loans has only been available for payments made after March 27, 2000, according to the IRS. The student loan provision will expire at the end of 2025. The student loan payment initiative may be one way for senior living, nursing home, home care and hospice employers to attract and retain employees, many of whom may be trying to pay off student loans.
Publisher's note: Some hospices offer employer-based educational programs - does yours?