CHESLA Employer Student Loan Support (CHESS)

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.

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About our student loan program

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.

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$5,250

Maximum annual amount employers can make tax-free per employee

Both

Federal student loans and private student loans are 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

Permanent

These federal benefits are permanent incentives.

Our CHESS Program!

In this video, our Deputy Director shares an inside look at the CHESS Program — what it is, how it works, and why it’s a game-changer for both employers and employees. Discover how CHESS supports workplace well-being, enhances productivity, and employee retention. Whether you’re an HR leader or a business owner, you’ll see why scheduling a demo could be the smartest move you make. It’s a win-win for everyone involved!

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Customize & Implement

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Define eligible employees
Determine contribution
Customize communications
Online portal setup in 3-4 weeks

We do the Heavy Lifting

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Manage contributions to loan servicers
Monthly confirmation sent to employee
Reports available to view transactions
Bill employer monthly for employee contributions

Sign Up Employees

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Explain program details to employees
Provide user friendly dashboard for loan information
Loan repayment counseling
Employer approval/employee enrollment activated in portal

Benefits

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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.

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Student Loan Benefits on the Rise

The number of employers offering student loan benefits more than tripled in the past five years, from 4% in 2019 to 14% in 2024, according to new data from the International Foundation of Employee Benefit Plans (IFEBP), a non-profit organization with 31,000 employer members.

The CHESLA Employer Student Loan Support (CHESS) 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.

-YouGov-Abbott Student Loan Impact Survey