As students prepare for the start of classes at state universities, Governor M. Jodi Rell today announced that the state has a pool of funds to loan through the Connecticut Higher Education Supplemental Loan Authority (CHESLA) at low interest rates.
CHESLA loans are available at a fixed rate of 6.8 percent, well below the rates being offered by state-run higher education loan agencies in nearby states. Rates being offered by state-run higher education loan agencies include:
* Massachusetts: between 6.89 and 8.19 percent
* Rhode Island: between 7.25 and 8.49 percent
* New Jersey: between 7.62 and 7.92 percent
* New York: between 7.55 and 8.75 percent
“Our state is making it much more affordable to get a college education,” Governor Rell said. “Connecticut is – once again – leading the nation in helping to make the goal of getting a college education a reality for more and more people. This pool of money continues Connecticut’s proud tradition of helping to ‘finance the future’ of our young people, our work force and our economy. Equally important, our loan program is structured to give college students a much more flexible start.”
While they are in school, students need only make interest payments on their loans, and there is a six-month grace period after they graduate. Only then do they have to start making payments on both the principal and the interest on their loans.
CHESLA loans are available to any Connecticut resident planning to attend a non-profit public or private college or university anywhere in the United States. In addition, a student from anywhere in the United States can apply for a CHESLA loan to attend any non-profit public or private college or university in Connecticut.
Applications are available on-line at www.chesla.org .
