Governor Lamont Applauds The Hartford for Implementing Student Loan Repayment Program for Its Employees
Governor Says Today’s Announcement is Exactly What He Had in Mind When Signing Tax Credits into Law
(HARTFORD, CT) – Governor Ned Lamont is applauding an announcement made today by property and casualty insurer The Hartford that it is instituting a student loan repayment program that will help its employees pay down student debt. Set to begin in early 2020, nearly 17,000 of the company’s U.S.-based employees will be eligible to receive a lifetime total of $10,000 toward their student loan debt. For participating employees, The Hartford will contribute funds to their loan providers directly each month.
In June, Governor Lamont signed a law – Public Act 19-86 – creating a new tax credit for Connecticut employers that offer repayment assistance on their employees’ student loans. Starting in 2022, each employer that makes loan payments directly to state loan authorities can claim a credit equal to half of the payments they make during any given year.
The governor noted that today’s announcement from The Hartford is exactly what he had in mind when he signed the tax credit into law, and he is hopeful that other Connecticut-based companies will consider implementing similar programs.
“The growing cost of higher education and burden of student loans are crippling the next generation of workers. Creative solutions like this are helping to deliver a strategy that supports employees, while also providing businesses with the talented workforce they need to succeed,” Governor Lamont said. “I applaud The Hartford on this announcement, and am excited to see a growing list of vital Connecticut employers that are moving forward on the partnership message that I delivered earlier this year during my budget address, which also includes companies like Travelers and Stanley Black & Decker. These kinds of programs will help families flourish and get Connecticut’s economy moving in the right direction.”