color-logo-300  Employer Student Loan Repayment Program

The question is no longer if employers should offer student loan repayment, the
question is how quickly can an employer implement a program for their employees.

Employers that offer student loan repayment for employees have an advantage in attracting and retaining highly qualified staff*. Employees experience reduced financial stress, while your company culture and staff engagement improves. The federal government is also providing incentives for employers to offer student loan repayment programs for employees.

$5,250

Maximum amount employers can make tax-free payments per employee

Both

Federal student loans and private student loans eligible

Payments

For principal or interest on "qualified education loan"

Both

Employers and employees save on federal payroll taxes on qualifying payments

Income Tax

Employees save on federal income taxes on qualifying payments

2025

These incentives are in place until 2025

86% of employees would commit to a company for 5 years if the employer helped pay back their student loans. 
-American Student Assistance

EmployerRepay_Employee62% of adults with student loan debt would consider switching employers to receive help in paying off debt.
-YouGov-Abbott Student Loan Impact Survey
If you paydown CHESLA loans on behalf of your employees, your company may be eligible for a State of Connecticut tax credit as of January 01, 2022.
CT State Tax Credit Fact Sheet
EmployerRepay_BeAnEmployer

The Employer Student Loan Repayment program offered jointly by CHESLA and our Rhode Island counterpart, RISLA, offers an easy solution.

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