CHESLA 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. Learn More$5,250
Maximum annual amount employers can make tax-free per employee
Both
Federal student loans and private student loans eligible
Payments
For principal or interest on a “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 federal incentives are in place through 12/31/2025.
Customize & Implement
- Define eligible employees
- Determine contribution
- Customize communications
- Online portal setup in 3-4 weeks
We do the Heavy Lifting
- Manage contributions to loan servicers
- Monthly confirmation sent to employee
- Reports available to view transactions
- Bill employer monthly for employee contributions
Sign Up Employees
- Explain program details to employees
- Provide user friendly dashboard for loan information
- Loan repayment counseling
- Employer approval/employee enrollment activated in portal
Benefits
- Recruitment advantage
- Improve retention and loyalty
- Reduce employee financial stress
- Improve culture & engagement
CHESLA Connecticut Tax Credit Information
As of January 1, 2022, if you paydown CHESLA loans on behalf of your employees, your company may be eligible for a State of Connecticut tax credit.
Effective January 1, 2025, such tax credit is available for the paydown of any student education loan.
The Employer Student Loan Repayment program offered jointly by CHESLA and our Rhode Island counterpart, RISLA, offers an easy solution.
%
of employees would commit to a company for 5 years if the employer helped pay back their student loans.
-American Student Assistance
%
of adults with student loan debt would consider switching employers to receive help
in paying off debt.
in paying off debt.
-YouGov-Abbott Student Loan Impact Survey