Chesla Loan Reviews: A Comprehensive Guide

Are you in need of a loan but don’t know where to begin your search? Chesla Loan may be the solution for you. But before committing to this lender, it’s important to do your research and read up on Chesla Loan reviews.

Chesla Loan Reviews: A Comprehensive Guide

In this comprehensive guide, we’ll dive into what Chesla Loan is, their lending criteria, interest rates, fees, and most importantly, customer experiences. So sit back, relax, and learn all about Chesla Loan.

What is Chesla Loan?

Chesla Loan provides education loans specifically designed for students who are looking to pursue higher education. They have been providing alternative educational lending solutions since 1981.

Chesla is a non-profit organization that works with participating colleges and universities in Connecticut. They aim to provide affordable and accessible loan options that cater to the needs of each student.

Lending Criteria

To qualify for a Chesla Loan, you must meet certain criteria:

  • You must be enrolled or accepted at a participating college or university in Connecticut
  • You must be pursuing an undergraduate or graduate degree
  • You must be a U.S citizen or permanent resident
  • You must meet credit requirements (or have a cosigner who does)

It’s essential to note that not all colleges and universities participate in the Chesla program. Therefore it’s crucial first to verify if your institution participates.

Interest Rates

Interest rates range from 4.98% APR up to 7.99% APR for undergraduate loans and from 5.92% APR up to 8.59% APR for graduate loans as of August 2021.

Unlike other lenders that offer fixed interest rates only, Chesla offers both fixed and variable interest rates. The interest rate you receive depends on several factors such as credit score, income history (if applicable), degree program level (undergraduate or graduate), loan term, and loan amount.


Chesla Loans do not charge an application fee or origination fee. However, they do assess a 3% late payment fee on the unpaid principal balance for payments less than 30 days past due. They also charge a $40 return check fee if a payment exceeds the funds in your account, as well as a $20 stop-payment order fee.

Customer Experiences

To get an idea of what Chesla Loan’s customer experience is like, we scoured through various online review sites such as Trustpilot, LendingTree, and ConsumerAffairs. We found mixed reviews from customers who have used Chesla’s services.

Here are some things that customers liked about their experience with Chesla:

  • Competitive interest rates compared to other lenders
  • The process was straightforward to apply for a loan
  • Customer service representatives were responsive and helpful

Conversely, customers also had some negative experiences with Chesla, including:

  • Delays in disbursing loans
  • The loan disbursement process was confusing or unclear
  • Frustrations with communication issues with the company

Overall, it seems that Chesla Loan has received mostly positive feedback from its borrowers. However, it’s worth noting that individual experiences may vary.

Pros and Cons

Before deciding whether to pursue a Chesla Loan or not, let’s weigh the pros and cons of this lender based on what we’ve learned so far.


  1. Competitive interest rates compared to other lenders.
  2. No application fees or origination fees.
  3. Both fixed and variable interest rate options available.
  4. Responsive customer service representatives.


  1. Not all colleges or universities participate in the program.
  2. Late payment fees assessed on outstanding principal balances less than 30 days past due.
  3. Mixed reviews from borrowers regarding communication issues and delays in disbursement.

Final Verdict

Based on the information gathered, Chesla Loan seems to be a decent alternative educational financing option for those who attend participating universities and colleges in Connecticut.

While there are some negative reviews, they are outweighed by positive feedback from customers. Nonetheless, before committing to a loan with Chesla or any other lender, it’s imperative to read all the fine print carefully and compare interest rates and fees.

In conclusion, doing your due diligence and research is essential when searching for a lender that meets your needs and fits your budget. Always aim to make an informed decision based on accurate information and reliable sources.


What is Chesla Loan?

Chesla Loan is a private student loan company that offers funding for college education. The company primarily caters to students who are enrolled in undergraduate and graduate programs.

How does Chesla Loan differ from other student loan companies?

Chesla Loan differs from other student loan companies by offering competitive interest rates, flexible repayment plans, and a dedicated customer service team. Additionally, the company offers borrower protections such as forbearance and deferment options.

What are the eligibility criteria for Chesla Loan?

To be eligible for Chesla Loan, you must be a U.S. citizen or permanent resident, have a valid Social Security number, be enrolled in an accredited undergraduate or graduate program, and have a good credit score or a co-signer with good credit.

Can I apply for Chesla Loan if I already have federal student loans?

Yes, you can apply for Chesla Loan even if you already have federal student loans. However, it’s important to compare the interest rates and benefits of both federal and private loans before making a decision.

How much can I borrow through Chesla Loan?

You can borrow up to the cost of attendance minus any financial aid through Chesla Loan. The minimum amount you can borrow is $2,500 per academic year.

What is the interest rate offered by Chesla Loan?

The interest rate offered by Chesla Loan depends on your creditworthiness and other factors such as repayment term and co-signer status. The current interest rate range for undergraduate loans is 4.37% to 7.19% while graduate loans range from 5.12% to 8.34%.

Does Chesla Loan offer any discounts on interest rates?

Yes, Chesla Loan offers a 0.25% interest rate reduction for borrowers who enroll in automatic payments. Additionally, the company offers a 2% principal reduction after graduation for borrowers who make consecutive on-time payments for four years.

Can I refinance my Chesla Loan?

Yes, you can refinance your Chesla Loan to potentially lower your interest rate or monthly payment. However, it’s important to compare the benefits and drawbacks of refinancing before making a decision.

What happens if I can’t make my Chesla Loan payments?

If you are unable to make your Chesla Loan payments, you may be eligible for forbearance or deferment options. These options allow you to temporarily postpone your payments without penalty. However, interest continues to accrue during this time.

How do I apply for Chesla Loan?

You can apply for Chesla Loan online by filling out an application and providing supporting documents such as proof of enrollment and income verification. The application process typically takes about 15 minutes to complete and you will receive a decision within days.

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