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
- Borrower death forgiveness
- Borrower total and permanent disability forgiveness
- Co-signer 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)
Clicking Apply Now will leave the CHESLA website and take you to Firstmark's website to complete the loan application.