Mark Your Calendar: Applications Open January 1, 2025
Starting January 1, 2025, Connecticut residents with student loan debt can apply for financial relief through the new Student Loan Reimbursement Program (SLRP), administered by the Office of Higher Education. This $6 million program, approved by the General Assembly in 2024, offers eligible applicants up to $5,000 annually, with a lifetime cap of $20,000 over four years. Awards are made on a first-come, first-served basis, so preparation is key!
Eligibility Requirements
To qualify for this program, applicants must meet the following criteria:
- Residency: Applicants must currently reside in Connecticut and have lived in the state for at least five years.
- Loan Payments: Applicants must have made payments toward a qualifying student loan during 2024, including:
- Federal Direct Loans
- Federal Direct PLUS Loans
- Federal Perkins Loans
- CHESLA Loans
- Other state-sponsored student loans
- Education: Applicants must have graduated from a Connecticut public or private college or university with a degree or earned an occupational/professional license or certificate. A hardship waiver is available for those unable to complete their degree due to personal or family medical or financial circumstances.
- Income Limits: Connecticut adjusted gross income must not exceed $125,000 for single applicants or $175,000 for married applicants, based on 2023 tax returns.
- Volunteer Service: Applicants must complete at least 50 volunteer hours after January 1, 2024, at a Connecticut nonprofit organization, in municipal government, or through military service. Volunteer hours must be documented and notarized.
How to Apply
Applications will be available exclusively through the CT SCHOLARS portal starting January 1, 2025. Here’s what you need to know about the process:
- Create an Account: Log in to the CT SCHOLARS portal to begin your application.
- Prepare Your Documents: Ensure you have all required documentation ready to upload, including:
- Proof of Connecticut residency
- Loan payment records from 2024
- Documentation of graduation or license/certificate completion
- Notarized proof of volunteer service
- 2023 Connecticut income tax return
- Click here to learn what documents you’ll need to verify your eligibility
- Submit Your Application: Applications are not considered complete until all required documents have been uploaded and verified. Incomplete submissions will not be reviewed.
Questions? Email [email protected] for more information or assistance.
Key Takeaways for Tax Clients
- Stay Organized: Gather your tax return and other required documents ahead of time.
- Volunteer Early: Ensure your volunteer hours are completed and properly documented before applying.
- Act Fast: Awards are first-come, first-served, so don’t delay once the application portal opens.
This program provides an excellent opportunity to reduce the burden of student loan debt while giving back to the community. If you have questions about how this program aligns with your financial or tax planning, reach out to us for guidance.
