Counselors & Aid Administrators
The CHESLA Loan is a low-cost fixed interest rate student loan available to Connecticut residents attending college in-state or out-of-state and to U.S. students attending college in Connecticut. Key elements of a CHESLA Loan:
- Fixed interest rate with stable and predictable monthly payments
- No tiered pricing: all qualified borrowers receive the same low fixed interest rates
- Interest only payments while in school for undergrads and for a six month grace period after the student leaves school
- Graduate and professional students have the opportunity to defer interest and principal while in school
- An online application and pre-approval process
- No deadline for application and no application fee
The current rate is 5.99% (*APR 6.35% to 6.50%) over the life of the loan. The student is the borrower and may need a co-borrower to meet the income requirements. Principal and interest is payable over an extended 140-month repayment term after the grace period ends.
* The Annual Percentage Rate (APR) reflects both the accruing interest and the effect of borrowing the 3% reserve fee and paying the expected monthly payment over the term of the loan.
Guidance Counselors: To inquire about having someone do a presentation for your students or to get CHESLA flyers, email firstname.lastname@example.org or call 860-520-4001.
Financial Aid Administrators: Please let us know when you will be doing your next RFI for preferred lenders. Contact email@example.com.