CHESLA Loan Basics

Current Loan Rates

  • 4.95% Fixed Annual Rate (non-tiered, simple interest)
  • Annual Percentage Rate (which accounts for a 3% reserve fee) ranges from 5.33% to 5.45% over the life of the loan
  • Low monthly payments of $4.13 per $1,000 borrowed during the in-school and 6-month grace period, and $9.42 per $1,000 borrowed during the 140-month repayment term for principal and interest

Loan Features & Terms

  • Started with the 2014/2015 loan product: Co-borrower release feature
  • Fixed interest rate loans made payable directly to the institution or student and co-applicant (if any)
  • No application fee
  • No application deadline
  • Loans from $2,000 up to the total cost of education per academic year (less any other financial aid received), to a cumulative maximum total of $125,000
  • Loans for either current or prior year's educational expenses
  • Principal and interest payments over an extended 140-month repayment term after the grace period ends
  • Fees limited to a 3% reserve fee, deducted from the loan prior to disbursement
  • No prepayment fee
  • Undergraduate Students: Interest only payments are required while student is in school and for a 6-month grace period after student leaves school (up to a five-year maximum)
  • Graduate and Professional Students: May defer interest while in school and for a 6-month grace period (interest is capitalized annually)

Apply Now

Clicking Apply Now will leave the CHESLA website and take you to Firstmark's website to complete the loan application.