Congressman Robert Dold (R-IL) recently penned an op-ed in the Chicago Sun Times calling for Americans to unite behind the HELP for Students & Parents Act, a bipartisan legislative effort to help individuals and families better save and prepare for the costs of college. The bill has received broad bipartisan support from members of the Congressional Future Caucus and has since been co-sponsored by the Caucus Co-Chairs, Reps. Will Hurd (R-TX) and Tulsi Gabbard (D-HI), in addition to Caucus member Rep. Brendan Boyle (D-PA).
According to a press release from Rep. Dold's office, the bill "modernizes how the tax code treats employer contributions towards student loan repayment to make repaying student loans more affordable for graduates and supports young workers who want this benefit by encouraging employers to offer student loan repayment programs as part of their employee benefit offerings."
In the op-ed, Dold offers that the bill "fixes this disconnect between priorities and policy by incentivizing employers to provide student loan repayment programs. By making contributions to student debt repayment tax-free for the employee, graduates will be able to pay back their loans faster and with a lower overall cost."
To read the full op-ed, click on the link below.
Over the last three decades the average tuition at a public four-year college has more than tripled while a typical family's income hasn't come anywhere near close to keeping pace. The result is that as college seniors prepare to graduate this month, the average student will graduate more than $30,000 in debt.