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.
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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.

$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 incentives are in place until 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.

-YouGov-Abbott Student Loan Impact Survey

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