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The Connecticut Higher Education Supplemental Loan Authority (CHESLA) has launched MyCHESLA Grad Loan, a new state-based graduate loan program designed to protect access to affordable, fixed-rate financing for Connecticut students pursuing advanced degrees amid the elimination of the federal Grad PLUS loan program effective July 1.
The program supports graduate and professional degree programs, offering repayment terms of 5, 10, and 15 years, along with flexible in-school repayment options, including:
With three repayment terms and three in-school repayment options, borrowers can choose from nine fixed-rate offerings. All approved borrowers have equal access to these nine fixed rates, ensuring a transparent and consistent pricing structure. MyCHESLA Grad Loan fixed rates range from 5.50% to 7.99%, depending on the repayment term and repayment option selected. This is a cost-effective, borrower-focused alternative to higher-cost private loans, and all fixed rates are lower than the current federal Grad PLUS loan rate of 8.94%.
CHESLA developed this loan solution with input from colleges and universities across the state. Feedback indicated that graduate students often do not have access to a co-signer or prefer not to use one. While many parents are willing to co-sign undergraduate loans, students typically assume financial responsibility for their graduate education.
MyCHESLA Grad Loan considers a borrower’s future earning potential based on their academic program. Applicants may qualify using future expected earnings, in addition to current income and, if applicable, the income of a co-signer.
CHESLA has disbursed $639.9 million with 63,280 in-school loans.
To learn more about CHESLA’s loan programs and financial education resources, visit www.chesla.org.
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