The Congressional Future Caucus - America’s first bipartisan caucus for young lawmakers - is working at the forefront of the student debt conversation. Introduced by Future Caucus member Rep. Bob Dold (R-IL), H.R. 5191, the HELP for Students and Parents Act, seeks to take an innovative approach to addressing the burden by modernizing the tax code. Recently, Future Caucus member Rep. Brendan Boyle (D-PA) joined Future Caucus co-chairs Reps. Will Hurd (R-TX), Tulsi Gabbard (D-HI), and other representatives to co-sponsor the bill.
American students have accrued over $1 Trillion in higher education debt, more than tripling the total student debt in this country in the 21st century - a trend that shows no signs of abating in the near future. H.R. 5191 would provide incentives for employers to make tax-free contributions to an employee's student loan repayment plan.
For students who have already graduated, it would reverse current laws that allow taxing employer contributions to an employee’s debt repayment plan, making these contributions tax free. To further incentivize these employer contributions, the bill also provides a tax credit.
The Act also gives employers incentives to contribute to employees' savings accounts for their children's education, or 529 plans, by providing an additional tax credit and by making employer contributions tax-free.
The goal of the Congressional Future Caucus is to foster a nonpartisan community of young elected officials that models post-partisan leadership on future-oriented issues. To learn more about the Congressional Future Caucus, click here.
The Millennial Action Project is a national, nonpartisan organization dedicated to activating millennial policymakers to lead a new era of collaborative governance. MAP's goal is to make political cooperation a norm through the new generation of millennials entering public office. In the wake of the 2013 government shut down, MAP organized the nation's first and only bipartisan caucus for young members of Congress. MAP's leadership of this movement has led to landmark achievements on building the innovation economy, education, the environment, and other key issues affecting millennials.