Why Get a Student Loan from Chesla?
- A loan of up to $125,000 could be enough to study your desired course and build a career in the future
- With APRs capped at 5.35%, there’s no reason to be put off by the crippling interest rates by many other industry competitors
- If you’re ineligible for any type of federal loan, this could be the next best option
What Student Loans does Chesla offer?
In comparison with many loan agents, Chesla is extremely limited in scope, essentially offering one standard student loan and one refinancing loan.
Student loans
Application fee | $0 |
Loan amounts | $2,000 to $125,000 |
Origination fee | Up to 3% |
Terms | Up to 140 months following a 6 month grace period |
Prepayment fee | $0 |
Monthly payments | Around $4 per $1,000 borrowed during the school period, and around $9 per $1,000 over the rest of the repayment term |
Loans will be paid directly to the school. In almost all cases, a co-signer will be required. See below for details on co-signer eligibility.
It’s also worth noting that graduates and professional students have the option to defer interest during the school period, and for a six-month grace period after that. Unfortunately, this doesn’t apply to undergraduates.
Student Loan Refinancing
Please be aware that not all student loans are eligible for refinancing. In addition, the best APRs will be reserved for those with both a co-signer and an excellent credit rating.
APRs | 4.75% to 6.9% |
Terms | 5,10,15 year options |
Loan amounts | $5,000 to $125,000 |
Origination fee | $0 |
Application fee | $0 |
Prepayment fee | $0 |
Co-signer Eligibility
- US citizen or permanent resident
- Currently residing in the US
- A Connecticut resident or a member of an eligible institution of higher education (contact Chesla directly for full details)
- Monthly repayments mustn't exceed 43% of the debt-to-income ratio
- A certain level of credit will be required, but frustratingly, the minimum rating isn’t specified
Who can apply?
Please note that a full list of the eligible institutions can be found on the Chesla website, with a disappointingly restricted 40 US institutions eligible.
- US citizen aged 18 or over
- Enrolled in an eligible college or universities in Connecticut, the Virgin Islands, Guam, Puerto Rico, American Samoa, or the Northern Mariana islands
- A minimum income of $20,000 (or their co-signer)
- Making reasonable progress in school
- Proven credit-worthy (or their co-signer)
