The CPA Group, P.C.


4267 Canal Avenue SW

Grandville, MI 49418

Phone: 616-538-0460



February 2024

February Q&A

Q and A

As an employee-retention move, is there any tax-advantaged way I can help my employees with their student debt?

Consider implementing a qualified education assistance program to pay part of employees’ student loans. Now, through 2025, you can pay up to $5,250 a year per employee to help them make student loan payments and receive a tax deduction for your payments. This amount is excluded from employees’ income. Plus, under a new law in 2024, you can offer matching 401(k) contributions to employees based on their repayment of student loans. Participation is voluntary, and employees must opt-in.


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