Student loan repayment for a modern workforce
Scholars Network makes it easy and affordable to launch a student loan repayment benefit that helps you recruit and retain employees while reducing their student loan burden.
Student loan repayment
Scholars Network handles verification, compliance, and payments so your HR team can focus on your people, not the paperwork.
Employer contributes directly towards employees' student loans by sending payments directly to verified loan accounts.
Scholars Network verifies employees' student loans are qualified education loans under IRS Section 127 and match the identity of the employee.
An employee benefit that allows you to boost recruitment for the 44 million people impacted by student loan debt.
What implementation requires
Your HR team provides
- Eligibility rules, loan repayment amounts, and payment frequency.
- An employee roster through CSV upload, file feed, or API connection.
- Plan approval and launch communications for employees.
Scholars Network handles
- Student loan verification.
- Payment routing directly to verified student loans.
- Ongoing administration, enrollment changes, and employee support.
Up and running in minutes
Design your plan and sync your HRIS
Work with Scholars Network to design a compliant student loan repayment plan tailored to your team. Connect your HR system via CSV, file feed, or API.
Employee experience
Employees enroll through a portal, add their loan details, and start receiving payments automatically.
Scholars Network's advantage
IRS compliance, student loan verification, and payments are all managed by Scholars Network so your HR team does not carry the burden.
Tax benefits for employer and employees
Student loan repayment is one of the most tax-efficient benefits you can offer. Up to $5,250 annually in student loan repayment counts as nontaxable income for employees and is tax-deductible for you as the employer.
Nontaxable for employees
Employees receive up to $5,250/year in student loan repayment without it counting as taxable income, putting more money in their pockets.
Tax-deductible for employers
Student loan reapyment payments are fully tax-deductible, making this one of the most cost-effective retention benefits available.
Invest in your people and see results
Increase retention
Employees with student loan repayment benefits are significantly more likely to stay. Reduce costly turnover through financial support that directly addresses one of their biggest fianncial burdens.
Boost recruitment
Stand out in a competitive hiring market. Student loan repayment is one of the most sought-after benefits among today's candidates.
Reduce turnover costs
Dealing with turnover is expensive. For example, replacing a registreed nurse can cost $50,000–$80,000. Loan repayment programs pay for themselves many times over by keeping great people.