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Employers could help as student loan payments return

The Secure 2.0 Act might help millions of Americans facing student loan debt.

CHARLOTTE, N.C. — With millions of Americans resuming payments on their student loans this fall, there could be a way your employer can help cover those costs. 

According to Forbes, there's a new provision called the Secure 2.0 Act, which allows employers to offer extra savings to workers paying off student debt. For context, Forbes researchers say some 44 million Americans owe a combined $1.6 trillion in federal student loan debt. 

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The Secure 2.0 Act gives employers the chance to pay out 401(k) matching contributions to workers making student loan payments. And here's a twist: employees can get the payout, even if they aren't contributing to their 401(k) on their own. 

But the catch, and there's always a catch, is not just anyone's eligible, as it's up to individual employers to participate in the program. In the example Forbes found, a company paid its workers a 5% contribution to their retirement account for workers paying at least 2% of their salary toward student loans. 

WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.

Contact Kia Murray at kmurray@wcnc.com and follow her on FacebookX and Instagram.

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