Any questions? Please call 860-520-4001
The student is always the borrower on a CHESLA loan. The age of majority in Connecticut is 18 years old. Thus, the student borrower must be 18 to take out a CHESLA loan.
Loan Rate for the 2019-2020 Academic Year
- 5.15% Fixed Annual Rate (non-tiered, simple interest)
- Annual Percentage Rate (which accounts for a 3% reserve fee) ranges from 5.53% to 5.65% over the life of the loan
- Low monthly payments of $4.29 per $1,000 borrowed during the in-school and 6-month grace period, and $9.52 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-borrower 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.
Loan Servicer Contact Information
Borrowers and schools may contact the loan servicer, Firstmark Services:
School Hotline - 888-756-0075
Customer Service - 888-295-0911
Origination Hotline - 800-935-2275, option 3 (application and technical questions)
Correspondence Address:
P.O. Box 82522
Lincoln, NE 68501-2522
Overnight Mail Address:
Firstmark Services
121 South 13th Street, Suite 201
Lincoln, NE 68508