“Who is the borrower?”
The student is the borrower. Generally, a student will also need a co-signer who is credit worthy and meets the income requirements. A co-signer does not have to be a parent. A co-signer can be anyone willing to accept equal responsibility for the repayment of the loan.
“Do I have to be 18 to apply for a loan?”
Yes, you have to be 18 to apply for a CHESLA loan.
“When should I apply for a loan?”
There is no application deadline. A student should apply after he or she receives a financial aid award letter from a college and has determined the amount of additional funds needed.
“What fees are required?”
There is no application fee. Loan fees are limited to a non-refundable reserve fee equal to 3% of the loan amount. This charge is deducted from the loan prior to disbursement.
“How long does the application process take?”
The review and processing of an application takes no longer than 2 weeks. The school will then need to certify the loan and there is a required rescission period. At that point, the school will set a disbursement date with the loan servicer.
“How will I receive my loan?”
Loan proceeds are sent by electronic funds transfer (EFT) to the institution you are attending and credited to your student account, otherwise a check made payable to the student and to the school will be mailed to the institution.
“Are there other, less expensive ways to borrow for college?”
Students should determine if they are eligible for subsidized/unsubsidized federal loans before applying for a CHESLA loan.
“How do I contact the loan servicer?”
Borrowers and schools may contact the loan servicer, Firstmark Services:
School Hotline - 888-756-0075
Customer Service - 888-295-0911
Origination Hotline - 800-935-2275, option 3 (application and technical questions)
P.O. Box 82522
Lincoln, NE 68501-2522
Overnight Mail Address:
121 South 13th Street, Suite 201
Lincoln, NE 68508