Employer Benefit Program

  • Payments are deducted from payroll and directly deposited into their employees SLOAN accounts
  • Once deposited, the employee will only be able to apply the funds to their student loan balances and not withdrawn into their personal checking accounts. This guarantees that the benefit plan disbursements are applied to the intended outstanding student loan balances.
  • Employers are eligible to write off up to $5250 per employee. We make this process easier. Interested? Please email us at: support@sloanapp.com

Employer Benefit Program

More and more companies are offering employer student loan repayment programs to help employees pay off their student loans. This benefit gives employers leverage to attract and retain talented workers, and it helps new hires build their careers while paying off student debt.

For Employees: The Contributions from Employer Benefit Plans are directly deposited into their employees SLOAN accounts. Once deposited, the employee will only be able to apply the funds to their student loan balances and not withdrawn into their personal checking accounts. This guarantees that the benefit plan disbursements are applied to the intended outstanding student loan balances.

For Employers: With recent CARES act, employers can now make nontaxable payments of up to $5,250 to employees as student loan repayment assistance. Both employers and employees will avoid federal payroll taxes on qualifying payments, and employees will save on federal income taxes that would otherwise apply.

We make this process easier by integrating with your payroll system and allowing employees to apply payments through the app. Interested? Please email us at: benefits@sloanapp.com