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Connecticut Department of Higher Education

The Connecticut Department of Higher Education has its own state-sponsored loans in addition to the basic federal loans.

The Connecticut Higher Education Supplemental Loan Authority (CHESLA) is in charge of the CT FELP (Family Education Loans Program). Some features of this loan are:

a cosigner is needed

the minimum loan is $2,000 per year

the maximum total for all loans is $125,000

a 6.99% Fixed Annual Rate (With the 3% reserve fee, that works out to 7.37% to 7.51% over the life of the loan.)

the checks are either sent to the school directly or made out to both the student and school

Connecticut has now formed a partnership with the state's credit unions to offer a new state student program called the, "Credit Union League of Connecticut (CULC) Student Loan Program.

Interest rates are no higher than 6 % or 5.75 %. Institutions offering 6 % loans will allow deferred interest payments for one year; credit unions offering 5.75 percent loans will not defer interest payments. The Connecticut Health and Education Facilities Authority (CHEFA) will provide 20 % loan guarantees on the loans.

CULC is the best private loan lender in Connecticut.

The Connecticut Student Loan Foundation administered Federal Family Education Loan Program (FFELP) loans, but this program has been eliminated. All federal loans are now federal Direct student loans.

Check your Connecticut FAFSA deadline.

Connecticut Department of Higher Education Grants and Scholarships

Connecticut Aid for Public College Students

for residents (with financial need) attending a 2 or 4 year public school

award is an amount up to the student's unmet need

Connecticut Independent College Student Grant Program

for residents (with financial need) attending an independent college or university in the state

award is an amount up to $8,332 per year

Capitol Scholarship

for Connecticut high school seniors who are in top 20% of class or with SAT's of at least 1,800, or ACT's of at least 27

award is up to $3,000 per year (depending on financial need) to be used at a Connecticut school or one with a reciprocal agreement with the state

Connecticut participates in all federal student loans programs for loan forgiveness which require matching state funds and it offers its own unique forgiveness packages.

For instance, the state will pay up to $10,000 of loans for any Connecticut resident who earned a doctoral degree from any U.S. university and is employed in biomedical engineering, translational medicine or advanced product development in the state.

That's called the, "You Belong in Connecticut Loan Reimbursement Program (Technology)".

Connecticut Department of Higher Education
61 Woodland Street
Hartford, CT 06105-2326
Phone: (860) 947-1800
Toll-Free: (800) 842-0229
Fax: (860) 947-1310

Connecticut offers a loan program that has survived the crunch, while many others haven't. The reliability factor of knowing that your source of financing will still be there next year is a definite plus.