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A company is using a new federal law to help their employees pay off their student debt

A corporate health and wellness company is among the first to extend help to the millions of Americans that are looking for relief from their student loans.

CENTRAL, Texas — Student debt forgiveness has been a topic of controversy over the past three years, but a new federal law will allow people to save for retirement and pay off debt.

Abbott, a Corporate and Wellness company, will be the first to help its employees consolidate retirement savings and pay off student loans, according to Divisional Vice President, Diego Martinez.

The federal law Consolidated Appropriations Act 2023 that was signed into law last year by President Biden in December will put the Secure 2.0 Act in motion this upcoming year.

"What this new legislation allows to do is the company won't be required to see that contribution for the employees, so employees can continue to pay to the 401k," said Martinez.

Abbott is the first company to extend this financial help to their employees through their Freedom 2 save plan that consolidates your retirement savings while paying off student debt.

"Our employees are telling us they are paying their student loans faster. That's one of the reason they came and joined Abbott," said Martinez. "It ultimately shows that companies care."

Despite federal delays, it's never too late to think about your future, and Abbott's benefits are looking to be the best around.

"When you think about tracking debt when you think about saving for retirement the best thing is to just start now," said Martinez.

As controversy has swirled around the topic since President Biden announced cancellations for all in August, it's now on hold, awaiting the final decision from the Supreme Court.

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