A new bill proposed last week could make it tax deductible for companies to help pay off their employees’ student debt. 

Only 4 percent of companies offer repayment benefits to their employees, often as a way to attract younger job seekers. PwC, a consulting firm, offers new employees up to $1,200 a year toward their loans.

The new bill could raise this percentage by offering incentives to companies who have similar policies. The bill would allow companies to write off up to $5,250 per year for student loan repayments.

According to research, one in seven college graduates leave school with an average of over $30,000. The new bill aims to speed up the repayment process to improve the economy by helping graduates in debt.

To read the full story in CNN Money, click here.