Undergraduate Student Loans

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The student is always the borrower on a CHESLA loan.
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.
CHESLA loans allow 1 co-borrower on the loan.
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.
Co-Borrower must be a resident of Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, or Vermont.
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 2025-2026 Academic Year

6.65% Fixed Annual Rate (guaranteed rate, not FICO score driven).
0.25% ACH interest rate reduction is available.
Annual Percentage Rate (which accounts for any fees) is 6.65%.
Low monthly payments of $5.54 per $1,000 borrowed during the in-school and 6-month grace period, and $10.29 per $1,000 borrowed during the 140-month repayment term for principal and interest.

There are 3 criteria to qualify for a loan:

If a student does not meet all 3 criteria, then the co-borrower needs to meet all 3 criteria for loan approval.