The American Institute of Architects (AIA) commends Senate Finance Committee Chair Ron Wyden (D-Ore.), Rep. Darin LaHood, (R-Ill.), and Rep. Danny Davis (D-Ill.), on the recent reintroduction of The Retirement Parity for Student Loans Act.
The proposed legislation, H.R.2917, allows employers to make matching contributions to a 401(k)-retirement plan when their employees make student loan repayments. Under this proposal, recent graduates who cannot afford to save money while making their student loan repayments would no longer have to forego the employer match.
“Too many recent architecture graduates are faced with the impossible choice between paying off their debt or saving for their financial future. Delayed retirement planning has a detrimental impact on architects that only compounds with time,” says 2021 AIA President Peter Exley, FAIA. “This legislation will allow architects to better prepare for their future.”
During the last Congress, AIA and the American Institute of Architecture Students (AIAS) went to Capitol Hill to advocate for solutions to student loan debt, including retirement parity for student loans.
An estimated 44.7 million Americans owe approximately $1.5 trillion in student loan debts. According to AIAS’ poll of recent architecture students, respondents owed an average of $40,000 in accumulated debt after graduation.
AIA is taking a multifaceted legislative approach to address and alleviate high student loan debt issues. In addition to advocating for the Retirement Parity for Student Loans Act, AIA and its members are working with lawmakers to identify ways to make college more affordable to reduce the overall debt burden and repayment.
Learn more about AIA’s efforts to alleviate student loan debt and other advocacy initiatives.