The Connecticut Higher Education Supplemental Loan Authority or CHESLA is a flexible loan option for undergraduate and graduate students. This loan offers a fixed interest rate and an annual percentage rate between 6.35% to 6.50% over the life of the loan.
Connecticut Higher Education Supplemental Loan Authority:
- Current fixed annual rate is 5.99%.
- Annual percentage rate is between 6.35% and 6.50%.
- Minimum borrowing limit is $2,000.
- Maximum borrowing limit is $125,000.
There no prepayment fee associated with the CHESLA loan and no application deadline. The annual percentage rate ranges between 6.35% and 6.50%, that includes a 3% reserve fee. The minimum loan amount is $2,000 and the maximum allowed in total is $125,000. The CHESLA loan can be used for the current year expenses or previous year debts.
Connecticut Higher Education Supplemental Loan Authority Loan benefits:
- Interest only payments while in school.
- Professional and graduate student may defer interest while in school.
- Low monthly payments.
Borrowers only have to pay interest while in school and for 6 months after. Combining school time and the grace period, interest only payments may last for a maximum of 5 years. Professional and graduate students can defer payments while in school and also receive a 6 month grace period before starting the repayment term (140 months). Borrowers only pay $4.99 per $1,000 borrowed per month while in school. After school and the grace period that amount rises to $9.94 per $1,000 dollars.
Connecticut Higher Education Supplemental Loan Authority eligibility requirements:
- Borrower must be enrolled in an accredited non-profit institution in the state of Connecticut.
- Connecticut residents can also apply for accredited non-profit institutions outside of Connecticut.
- Borrowers must have a strong credit score or have a cosigner.
The CHESLA loan is for accredited non-profit institutions in Connecticut. Residents of Connecticut can also apply for out of state institutions. A list of eligible institutions can be found by visiting http://www.chesla.org/CHESLA_Loan_Basics/CHESLA_Loans/ and clicking “Apply Now”. Borrowers must have a strong credit score to be considered for a loan, if their score is low or unestablished, having a cosigner may increase their chances.
Items you will need during the application process:
- A government issued ID.
- Past pay stubs, if you have a cosigner they will need to supply these.
- Past rent or mortgage payments.
- Proof of enrollment given by chosen institution.
A government issued ID will be required. This includes state ID cards and driver licenses. Recent pay stubs will be required, have stubs from the past 60 days ready, if you have a cosigner then they will have to supply these. Having past rent or mortgage payment records will be useful as well. Finally, proof of enrollment from your chosen school will be required, remember that this school must be eligible as well.