Alliance Refi Program
To help address the significant need across the state to recruit and retain educators and counselors in Alliance Districts, the Connecticut Higher Education Supplemental Loan Authority (CHESLA) and the Connecticut State Department of Education (CSDE) have partnered to launch a new initiative — The Alliance District Loan Subsidy Program.
Fixed Rate as low as
%
Rate Details
Rates on Alliance District Educator and Counselor Refinance Loans, including the 3% subsidy, range from 0.75% to 2.49%, with terms of 5, 10, or 15 years.
About the Alliance Refi Program
This program offers an interest rate subsidy on Alliance District Educator and Counselor Refinance Loans (to refinance existing private student loan debt, also known as non-federal loans) to teachers, paraeducators, and school counselors in any of Connecticut’s Alliance District public schools. The program is designed to attract, support, and retain high quality educators and counselors.
Rates on Alliance District Educator and Counselor Refinance Loans, including the 3% subsidy, range from 0.75% to 2.49%, with terms of 5, 10, or 15 years.
To be Eligible an Applicant Must:
- Be a teacher, paraeducator, or school counselor in an Alliance District public school (teachers must maintain a current Connecticut Educator Certification)
- Submit an Alliance District Educator and Counselor Refinance Loan application
- Have a FICO score of at least 580
- Have no account that is 90+ days late in the past twelve months
- Have no education loans in default
- Request refinancing for a private student loan in repayment (federal loans are not eligible for refinancing through this program)
Our Impact
In-School Loans
In-School Loan Volume
Refinance Loans
Refinance Loan Volume
Scholarships
Scholarship Volume
Important Information
- Funding for Alliance District Educator and Counselor Refinance Loans is limited; loans will only be made to the extent funds are available
- The maximum available Alliance District Educator and Counselor Refinance Loan per individual is $25,000. The minimum loan amount is $5,000.*
- Individuals approved for an Alliance District Educator and Counselor Refinance Loan will receive a 3-percentage-point subsidy on the Alliance District Educator and Counselor Refinance Loan rate for as long as they continue to work in an Alliance District public school.
- Borrowers are also eligible to receive an additional one-quarter percent (0.25%) reduction in the interest rate, if enrolled in the Loan Servicer’s on-line payment platform making payments via ACH.
- Rates on Alliance District Educator and Counselor Refinance Loans, including the 3% subsidy, range from 0.75% to 2.49%, with terms of 5, 10, or 15 years.
* Individuals seeking to refinance additional private student loan debt in excess of $25,000 should also consider applying to CHESLA’s Refi CT Loan Program provided they meet the eligibility criteria. A Refi CT loan is not eligible for a subsidized rate.
Experience Significant Savings
Here is an example of how an educator or counselor can experience significant savings over the life of the loan as an incentive to work in an Alliance District:
- Individual has $25,000 in private student loan debt outstanding. The interest rate is 12.0% with a repayment term of 10 years
- Individual meets the Alliance District Educator and Counselor Refinance Loan credit criteria
- Individual refinances into a 10-year Alliance District Educator and Counselor Refinance Loan with CHESLA at a rate of 2.25%, including the 3% subsidy.
- Individual lowered their monthly payment by nearly $130 per month and would save about $15,000 over the life of the loan, as long as the individual continues to work in a Connecticut Alliance District
- Borrowers are also eligible to receive an additional one-quarter percent (0.25%) reduction in the interest rate, if enrolled in the Loan Servicer’s on-line payment platform making payments via ACH.
PLEASE NOTE: If the individual no longer works in an Alliance District public school or a teacher loses Connecticut Educator Certification during the loan term, their interest rate would increase by 3%.
If you have any questions, please email alliancerefi@chesla.org
Alliance Refi FAQs
I work in a Connecticut Alliance District. Do I definitely qualify for this program?
Employment as a teacher, paraeducator, or school counselor in a Connecticut Alliance District public school makes an individual eligible to apply for this program. The individual must also meet the underwriting criteria to qualify for the loan.
Is this free money?
No, this is a refinance student loan that is paid back plus the interest rate. The benefit is that Connecticut Alliance District employee receives a 3% subsidy to their interest rate as long as they continue to work in a Connecticut Alliance District.
Can I refinance loans that I am a co-signer on?
No, the individual must be the borrower on the underlying loans that financed the individual’s higher education.
Can I refinance my Department of Education student loans?
No, any student loans through the Department of Education and federal government are federal loans. This program only refinances private loans.
This is because refinancing any federal loans would impact federal benefits, such as Teacher Loan Forgiveness and Public Service Loan Forgiveness. This also includes any potential federal loan forgiveness from the President. Anytime federal loans are refinanced away from the federal government, those federal benefits are lost.
Can I refinance loans my Parent PLUS loans?
No, Parent PLUS loans are federal loans, and the underlying loans must have financed the individual’s higher education.
What loans are private loans
Any student loans that are NOT through the Department of Education and federal government are considered to be private loans. If you are unsure as to whether your loans are federal or private, please contact your current loan servicer before applying.
What fees are required?
There are NO FEES with the program!
What is the maximum loan for the program
The maximum is $25,000 utilized for the Alliance District Loan Subsidy program.
How do I contact the loan servicer?
Borrowers may contact our loan originator, Campus Door, for applications:
Phone: 717-254-2385
Email: refinance@campusdoor.com
Borrowers may contact our loan servicer, University Accounting Service (UAS), for account services:
Phone: 866-214-6269
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