Student Loan Relief
by State Representative Joe Gresko
If you or someone you know is struggling with student loan debt, there is some good news.
The Connecticut Higher Education Supplemental Loan Authority (CHESLA) announced that it has reduced the interest rates it charges refinance borrowers to between 3.75% to 4.99%.
In addition, the federal government is providing incentives for employers to offer student loan repayment programs for employees.
- Employers can make tax-free payments of up to a maximum of $5,250 per employee
- Both federal student loans and private student loans are eligible
- Payments for principal or interest on a “qualified education loan”
- Employers and employees save on federal payroll taxes on qualifying payments
- Employees save on federal income taxes
These incentives are in place until 2025.
If a company pays down CHESLA Refi CT loans on behalf of its employees, the company may be eligible for a State of Connecticut tax credit beginning January 1, 2022.
For more information, you may visit CHESLA’s website https://chesla.org/
Also, as House Chair of the Environment Committee, I understand the urgency of doing everything we can to protect our fragile environment. We are seeing climate change’s devastating effects all across our state, nation, and world, so we owe it to ourselves and future generations to take meaningful action now.
That is why Connecticut, under a new executive order, is taking 23 specific steps to reduce our carbon footprint, protect our natural resources, and increase our reliance on affordable clean energy in ways which promote equity, justice, and health.
For details on this executive order please go to:
As always, please feel free to reach out to me at the Capitol at 800-842-8267 or email me at Joseph.Gresko@cga.ct.gov.
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