Available Resources from CHESLA

January 28, 2022

I wanted to provide you with an update on available resources form the Connecticut Higher Education Student Loan Authority.

CHESLA Employer Student Loan Repayment Program
The federal government is providing incentives for employers to offer student loan repayment programs for employees. 

If a company pays down CHESLA Refi CT loans on behalf of its employees, that company may be eligible for a Connecticut tax credit.

In addition, the following incentives are in place until 2025: 

  • 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

This program, offered jointly with the Rhode Island Student Loan Authority, provides a customized communication plan to explain the benefits and program details to the employees.

Visit ctstudentloanpaydown.com for more information.

Fixed-Rate, No-Fee Loans
Loan funds still remain for undergraduate and graduate students, and everyone approved for a loan receives a 4.59% fixed interest rate and no fees. There are also low monthly payments of $3.83 per $1,000 borrowed during the in-school and six-month grace period, and $9.24 per $1,000 borrowed during the 140-month repayment term for principal and interest. You can apply here.

Low Refinance Rates
As of Dec. 1, 2021, CHESLA's Refi CT loan fixed rates range from 3.75% to 4.99% with no fees. Borrowers can refinance non-federal student loans with Refi CT and reduce their interest rate by an average of 2.0%. The minimum loan amount to refinance is $5,000 up to a maximum of $125,000. Loans being refinanced must be in repayment status and in good standing. For more information and to apply, click here.

High School Outreach Program
CHESLA provides a free presentation on the basics of financial aid to students and parents, which highlights information about the FAFSA form, Financial Aid Award Letter, comparing colleges financially, understanding how interest works and more. Visit chesla.org/outreach for more information or email sreynolds@chesla.org if your school is interested in having CHESLA present to it.

Scholarships for Certificate Programs
Scholarship funds are still available on a first-come, first-served basis for students pursuing a healthcare or manufacturing certificate for the current academic year. Email scholarships@chesla.org with any questions or apply here