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 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
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 emplyees
- Provide user friendly dashboard for loan information
- Loan repayment counseling
- Emplyer 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
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.
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