Sen. Slap Applauds Final Approval of Expanded Student Loan Repayment Assistance

Senate Chair of the Higher Education and Employment Advancement Committee, State Senator Derek Slap applauds final approval of legislation that incentivizes employers to provide student loan repayment assistance to their employees through tax credits. Senator Slap lead passage of the legislation through the Senate earlier this month and Governor Lamont signed the legislation this week.

“As Senate Chair of the Higher Education and Employment Advancement Committee, I am so pleased to see final approval of this proposal that expands eligibility for a student loan repayment program, both easing the burden of student loans and bolstering our workforce development,” said Sen. Slap. “I thank Governor Lamont for his leadership and to my colleagues in the General Assembly for supporting actionable legislation to help better the lives of young people in Connecticut.”

Public Act 24-52 is an expansion of legislation passed in 2019 which incentivized employers to provide student loan repayment assistance to qualifying employees. The legislation passed in 2019 was limited to only borrowers with loans through Connecticut Higher Education Supplemental Loan Authority (CHESLA). The legislation Governor Lamont signed this week expands eligibility to borrowers of any student loan servicer.

Additionally, this legislation requires CHESLA to establish a High Priority Occupation Loan Subsidy Program to subsidize interest rates on loans it issues to eligible individuals employed in high priority occupations, bolstering workforce development.

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