In-School Loan Program

MyCHESLA Student Loan

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

  • Fixed interest rate loans made payable directly to the institution
  • 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. Loans originated through June 2016 can stay in interest-only up to a five-year maximum. Loans originated after June 2016 can stay in interest-only up to an eight-year maximum.
  • Graduate and Professional Students: May defer interest while in school and for a 6-month grace period (interest is capitalized annually)
  • Borrower death forgiveness
  • Borrower total and permanent disability forgiveness
  • Co-signer release feature for loans disbursed on or after June 23, 2014

Apply Now

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