Pay off student loan debt on Live. Job. Player.
CHESLA joins Live. Job. Player. to talk about the employer student loan repayment option.
HARTFORD, Conn. — Josh Hurlock, Deputy Director of CHESLA joins this edition of Live. Job. Player. to explain their employer student loan program. CHESLA helps students and their families finance the cost of higher education.
CHESLA has partnered with its Rhode Island counterpart, RISLA, regarding the program. The program gives those with student debt the opportunity to work with their employer to ultimately pay it off. While the program benefits employees, it also helps employers recruit and retain quality, engaged staff.
The program is simple to use. All it takes is for the employer to say, “Hey, that’s a great perk, let’s offer it!” The employer decides the amount and frequency of payments on behalf of its employees. The program is customizable to fit any employer’s budget. The CHESLA program does the heavy lifting by making these payments to specific loan servicers.
In coordination with this program, CHESLA also offers its refinance loan program. Not only can employees ask their employer to help them repay their student loans, but CHESLA can refinance employee student loans to potentially reduce fixed interest rates and monthly payments.
The federal government also provides incentives for employers to provide a student loan repayment benefit.
Employers can make tax-free payments up to a maximum of $5,250 per employee per year.
Employers and employees save federal payroll taxes on qualifying payments, and employees save federal income tax.
And if a business repays CHESLA Refi CT Loans on behalf of its employees, the business may be eligible for a tax credit from the State of Connecticut as of 01-01-22. To learn more about CHESLA and this program, click here.
This edition of Live. Job. Player. is sponsored by CHESLA.