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-The student is always the borrower on a CHESLA loan. The age of majority in Connecticut is 18 years old. Thus, the student borrower must be 18 or older to take out a CHESLA loan.
-CHESLA loans allow 1 co-borrower on the loan.
-CHESLA encourages you to exhaust your financial aid, scholarship, and Direct Subsidized/Direct Unsubsidized federal student loan options before applying for a CHESLA loan.
-CHESLA loans are available for undergraduate and graduate students.
Loan Rate for the 2020-2021 Academic Year
- 4.85% Fixed Annual Rate (non-tiered, simple interest)
- Annual Percentage Rate (which accounts for a 3% reserve fee) ranges from 5.23% to 5.35% over the life of the loan
- Low monthly payments of $4.04 per $1,000 borrowed during the in-school and 6-month grace period, and $9.37 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% origination fee
- No prepayment fee
- Borrower death forgiveness
- Borrower total and permanent disability forgiveness
- Co-borrower release feature for loans disbursed on or after June 23, 2014
- 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)
Eligible Borrowers & Co-Borrowers
- Must be at least the age of majority or older at the time of application based on his/her state of permanent residence.
Must be a U.S. Citizen or U.S. Permanent Resident with a Form I-151, I-551 or I-551C (Permanent Resident Card, Resident Alien Card, or Alien Registration Receipt Card).
You must reside in the U.S. at the time of the application.
- Borrower must be a Connecticut resident or attending an eligible Connecticut state or non-profit, degree granting institution of higher education
- Must have monthly installment payments amounting to 43% or less of monthly gross income (Debt-to-Income ratio)
Clicking Apply Now will leave the CHESLA website and take you to Campus Door's website to complete the loan application.
Loan Originator & Servicer Contact Information
Borrowers and schools may contact our new loan originator, Campus Door for applications:
Customer Service Phone - 717-254-2395
Customer Service Email: email@example.com
Borrowers can contact our new loan servicer, UAS for account services:
University Accounting Service (UAS)