HARTFORD, Conn., June 29, 2016 /PRNewswire/ -- The Connecticut Higher Education Supplemental Loan Authority (CHESLA) announced today, a new student loan refinance pilot program called Refi CT to help ease the burden of CT and CHESLA borrowers.
There are two ways that a borrower can be eligible for a Refi CT loan: 1) they can be a Connecticut resident seeking to refinance a CHESLA loan or an eligible Federal or private student loan, or 2) the borrower can reside outside of Connecticut and be seeking to refinance a CHESLA loan. The program allows a borrower to refinance parent PLUS loans taken on their behalf while in school. Loans offered through Refi CT will have the option for a 5, 10, or 15 year term and will carry a fixed interest rate as low as 4.25%, including a 0.25% ACH interest rate reduction. There is no application fee and no origination fee. Applications can be submitted at any time online at www.chesla.org.
CHESLA Executive Director Jeanette W. Weldon said, "Most Americans rely on student loans to finance their higher education and so it's important to ease the burden of debt for them. We are proud to be one of a few states in the country to offer a state-led refinancing program. CHESLA's unique role as a state-backed non-profit lender allows us to offer products at attractive interest rates and terms. Because of the support of our colleagues in the Governor's office, Office of the Treasurer, and the legislature, we are able to find ways to make financing a higher education more manageable."
CHESLA was created by the General Assembly in 1982 to help students and their families meet the costs of higher education. CHESLA is a supplemental loan source for students who need to finance a portion of their education after other financial aid (including Federal loans) is considered. With Refi CT, CHESLA will also serve borrowers who are no longer students, but who are working to repay their student loans. CHESLA is dedicated to helping families finance the cost of higher education. Since 1985, CHESLA has originated approximately 43,365 loans totaling $420,336,485.
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