Lamont urges tax-breaks for employers that help pay off student loans

Governor Ned Lamont spoke at Connecticut Innovations in New Haven this morning urging the legislature to approve the passage of Senate Bill 13.

Currently, Connecticut has a number of student loan forgiveness programs, including one which extends tax credits to employers that assist employees pay off Connecticut Higher Education Supplemental Loan Authority (CHESLA) loans. The legislation put forward by Lamont would expand those credits to employers who assist with paying off any student loans, not just ones from CHELSA.

“Not only does this program reduce a business’s tax liability,” said Lamont in a statement released ahead of the event in New Haven, “but it will also act as a recruitment tool. Employers who offer student loan repayment assistance programs have an edge in attracting talent in the tight labor market by offering a competitive benefit. According to a survey by YouGov, nine out of ten college students with student loans are looking for a company with a student loan repayment benefit.2 This program, with the proposed adjustment, is good for business, the economy, and employees—truly a win-win.”