[?] Subscribe To This Site

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
Website: http://www.ctdhe.org/

The Connecticut Department of Higher Education has its own state-sponsored loans in addition to the basic federal student 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 administers the Federal Family Education Loan Program (FFELP). It will pay the federal default fee and origination fee on behalf of Stafford borrowers. Check your Connecticut FAFSA deadline .

Also on the Stafford college loans, there is a

4% rate reduction after 33 timely payments
0.25% rate reduction for auto-pay

On all college PLUS loans, there is a

0.5% interest rate reduction below the federal rate
0.5% interest rate reduction for auto-pay

Connecticut participates in all federal 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 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.

return from Connecticut Department of Higher Education to state college loans

return to college loan consultant homepage