In-School Loan Program
Undergraduate Student Loans
Graduate Student Loans
Overall Loan Features & Terms
- Loans are disbursed directly to the institution.
- No application deadline
- Loans for either current or immediate prior year’s educational expenses
- 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
- Cumulative maximum CHESLA undergraduate principal balance outstanding: $125,000
- Cumulative maximum CHESLA graduate principal balance outstanding:
$250,000
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. If you are a Connecticut resident under the age of 18, you can still apply with a required co-borrower.
- Must be a U.S. Citizen or an Eligible Non-Citizen.
- You must reside in the U.S. at the time of the application.
- Effective March 1, 2025: Borrower must be a Connecticut resident attending a non-profit, degree granting institution of higher education in the United States; or a resident of Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island or Vermont attending an eligible Connecticut state or non-profit, degree granting institution of higher education.
- Effective March 1, 2025: Co-Borrower must be a resident of Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, or Vermont.
- A student must be making satisfactory academic progress.
- A student or co-applicant(s) (if any) must be credit worthy, as determined by a commercial credit report.
- A student or co-applicant(s) (if any) must have monthly debt payments amounting to 43% or less of monthly gross income (Debt-to-Income ratio).
- A student or co-applicant(s) (if any) must have a minimum $20,000 annual gross income. There is no maximum income limit.
Eligible Non-Citizens
- U.S. national (includes natives of American Samoa or Swains Island)
- A 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);
- An alien with an I-94 Arrival-Departure Record from the U.S. Citizen and Immigration Services (USCIS) showing “Refugee”, , “Conditional Entrant” (valid only if issued before April 1, 1980), “Cuban-Haitian Entrant”, “Asylum Granted” or “Parolee” (must be paroled for at least one year, and must be able to provide evidence from the USCIS that they are in the United States for other than a temporary purpose with the intention of becoming a U.S. citizen or permanent resident).
- An alien holding T nonimmigrant status (“T-visa”) (for victims of human trafficking) or a parent holding T-1 nonimmigrant status;
- An alien that is a “battered immigrant-qualified alien” who is a victim of abuse by their citizen or permanent resident spouse, or is a child of a person designated as such; or
- An alien born in Canada and having at least 50% Native American blood.
NOTE: Applicants are encouraged to pay off any AMEX debt before applying. American Express typically reports the entire balance as the monthly payment, which can drastically impact your Debt-to-Income ratio.
CT Financial Aid Code of Conduct
The Connecticut Higher Education Supplemental Loan Authority (CHESLA) supports and subscribes to the Connecticut Financial Aid Code of Conduct (click here to view/download the code). Please note the following disclosure(s):
- CHESLA has no plans to sell your CHESLA loan to another lender, and CHESLA has never sold a CHESLA loan. However, CHESLA does have the power to do so.
- The Terms and Benefits of your CHESLA Loan will NOT change if the loan is sold to another lender.
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