For Producers and Employers

What is BenefitEd?
BenefitEd is a joint venture between Nelnet and Ameritas formed for the purpose of creating and providing a student loan repayment and 529 college savings programs.
What is a student loan repayment benefit?
An employer who offers a student loan repayment benefit pays a portion of an employee’s remaining student loan debt in addition to the amount the employee is paying on the loan. The employee will continue to make payments in accordance with the terms of the loan. A student loan repayment program is not insurance and employees do not pay any premium.
Why would an employer want a BenefitEd student loan repayment plan in their benefits package?
Recruitment and retention top the list for many human resource departments. BenefitEd student loan repayment fills a need that is requested by millennials more than other traditional benefits. And it supports financial well-being and quality of life for employees.
What advantage does BenefitEd bring to the market?
Security. The joint venture between Nelnet and Ameritas was well-thought-out and deliberate. It differentiates the BenefitEd student loan repayment program in the market by offering a solid foundation of experts in student loan and employee benefit administration. Both companies have a long-standing history in their respective industries. Flexibility. This expertise allows us flexible design that is hard to replicate. The program BenefitEd provides will be customized around the goals a particular employer is trying to achieve. And we can offer a student loan repayment benefit in tandem with a 529 savings plan.
Why are Ameritas and Nelnet offering a student loan repayment program?
The need and demand for a student loan repayment benefit is high, and both Nelnet and Ameritas are ready to address that need. Nelnet has expertise in student loan servicing and repayment. Ameritas has expertise in marketing and administering employee benefits. Together, Ameritas and Nelnet set a solid, stable foundation for this joint venture, offering employers and employees a sound service model.
What student loans qualify for this program?
All federal and private student loans qualify to receive payments. The loan must be in the employee’s name.
Who is eligible for this student loan repayment benefit?
Any employer can offer it to any employees who have student loan debt, or to a specific subset of employees. For example, an employer may want to offer student loan repayment to attract and retain talent in positions that require specialized training, which makes recruitment more difficult.
What are the fees for this benefit?
Employers pay fees per transaction and vary depending on frequency of the payments submitted to BenefitEd and number of participating employees. Contact a sales representative to provide your unique proposal.
Are there any other employer costs associated with the program?
The employer will choose the loan repayment amount they send on behalf of an employee. There is a minimum annual program fee, which will be applied to transaction fees. This will be spelled out in the proposal.
How often does the employer remit a payment on behalf of the employee?
The frequency of payments the employer makes on behalf of the employee through BenefitEd will be determined by the employer. For example, the employer might pay an installment of $50 per pay period, $100 per month or a one-time payment of $2,000 per year for each participating employee. BenefitEd will send payments to lenders on the last business day of the month the payment is received, but cannot control when the recipient will apply it to the employees’ accounts. Note: These amounts are for illustration purposes only. The employer has full discretion as to the amount paid on behalf of an employee.
Is the amount contributed to student loan repayment taxable income for the employee?
Yes, the amount paid toward the employee’s student loan by the employer is considered income and taxed accordingly.
Is the amount contributed to student loan repayment taxable for the employer?
Yes, the amount an employer contributes to student loan repayment is taxable as salary. Note: There are several bills introduced in the Senate and the House that aim to change the way tuition and student loan repayment is taxed. Most notably for BenefitEd is HR 1713 (Student Loan Repayment Assistance Act of 2015) – It provides tax breaks to employers who make (minimum $50) monthly payments toward their employees' student loan debt. The payments are excluded from the employees' gross income for federal tax purposes and are capped at $6000/year. It also allows for matching deductible employee contributions up to $6000/year and $50k/lifetime. Status: 3/26/2015 - Referred to House Committee on Ways and Means.
How does an employee enroll for the BenefitEd repayment plan?
Eligible employees will be sent an email with a link to a portal where they can provide their student loan information and designate which account(s) will receive the contribution. They will not need to enter loan balance information. Any information entered on the portal will be kept secure and private and will not be shared with the employer.
How does an employer submit employee student loan repayment information and funds to BenefitEd?
At the interval specified by the employer, for example monthly, BenefitEd will send a spreadsheet with the list of employees and the amount of student loan repayment they are to receive. The employer will simply verify the information is correct and either note updates or approve it as is and initiate an electronic transfer of funds to BenefitEd.

For Employees

How do I sign up for the BenefitEd?
Once you comply with the eligibility requirements set forth by your employer, you will be sent an email with a link that will take you to the sign-up page. There, you will provide basic student loan or 529 plan information and determine which accounts will receive the contribution.
What information do I need to sign up for this benefit?
Your name, employee ID, name(s) of your loan servicer(s), and your student loan account number(s).
What is my student loan account number?
Your account number is a unique identifier that is assigned to you by your loan servicer. You can have multiple loans with a single servicer under one account number. If you have multiple loans through different servicers, then you will have a different account number for each servicer. You can find your account number by logging in to your servicer’s website or on your monthly billing statements.
Why do you need my student loan account number?
Your account number allows BenefitEd to apply your employer's contribution directly to your student loan. Your loan number and name are the two pieces of information we need to make a payment.
How do I change my loan information after I have signed up?
If you need to change or add your loan information, you can do so by going to and selecting “Update My Information.”
Can I split my employer's contribution between multiple loans if I have more than one?
Yes, Loans that are serviced through separate servicers can be split however you decide. However, If you have multiple loans through one servicer, the contribution will be spread across all the loans proportionally or the servicer may apply to the loan that is the furthest delinquent should that be the case.
Does my contribution start at the beginning of the eligibility period or after I enroll?
You are only entitled to receive contributions after you are fully enrolled in the program. We suggest signing up for the program immediately after receiving the sign-up email to begin having your employer contributions applied to your loan(s).
How does this payment affect my regular monthly student loan payment?
You are still responsible for making sure your regular minimum payment is made. The contribution from your employer is extra and should not be counted on for your minimum payment.
When will the payment be sent to my servicer or 529 Provider?
BenefitEd will send the payments on the last business day of the month. We cannot control when the recipient will apply it to your account.
What if I leave my employer?
The benefit will terminate the month you leave.

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