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.
*86% of employees would commit to a company for 5 years if the employer helped pay back their student loans.
-American Student Assistance Young Workers and Student Debt Survey Methodology 2017
6 out of 10 adults with student loan debt would consider switching employers to receive help in paying off debt.
-2018 Talent Shortage Survey, Manpower Group
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. The Employer Student Loan Repayment program offered jointly by CHESLA and our Rhode Island counterpart, RISLA, offers an easy solution.
- We provide flexibility and customization to meet your recruiting and retention goals.
- We administer a customized communication plan to explain the benefits and program details to your employees.
- We reduce your servicing workload by taking all employee calls and providing one-on-one assistance on how to get started and better manage student loan debt.
- We manage, on your behalf, all monthly emails (with your logo and/or message if you wish) informing employees that your company made another payment on their loan.
- We offer loan refinance options (CHESLA’s Refi CT product) that can help your staff better manage their student loan debt.
If you paydown CHESLA Refi CT loans on behalf of your employees, your company may be eligible for a State of Connecticut tax credit beginning 01-01-22.
“The burden of student loan debt has become salient and exhausting. It’s crushing... there is a huge demand for student loan assistance.” - Julia Pollack, Labor Economist at ZipRecruiter
We welcome the opportunity to discuss the Employer Student Loan Repayment Program in further detail. Please email email@example.com if you are interested. Thanks!