Connecticut Student Loans And Financial Aid Programs
Connecticut has several private student loan and financial aid programs that can help you pay for college. If you're going to be attending college in Connectict, you need to be looking to take advantage of these programs.
These programs are designed to help make college more affordable - so that you can get the education you need. These programs can include scholarships, grants, and student loans.
Don't forget that there are Federal student loan programs available as well. You can find out more on how to get a Federal student loan here.
There is also a specific order of operations to pay for college that we recommend students follow. These programs specific to the State of Connecticut can help you to avoid borrowing more money than you need to.
Connecticut Student Loan Programs
Connecticut has one loan program available to students: CHESLA (Connecticut Higher Education Supplemental Loan Authority). It is available to students enrolled at least half-time in a Connecticut public or non-profit private college or a Connecticut resident enrolled at least half-time in a public or non-profit private college anywhere in the U.S.
This loan allows you to borrow up to full cost of education less other aid at a low fixed interest rate (4.95% or APR between 5.33% to 5.45%). Borrower only pays interest during in-school years. Graduate and professional students may capitalize interest while in school. Upon completion of college, the loan is paid off over 140 months (which is 11.5 years).
Learn more about CHESLA Loans here.
However, there are limits to how much you can borrow (which might be why you're here).
If you're just looking for private student loan options, we recommend:
Connecticut Scholarship Programs
Connecticut has one scholarship program that is offered by the state. The application is available through your high school guidance office.
Roberta B. Willis Merit-Based Scholarship Program
This scholarship is for Connecticut high school seniors or graduates with a high school junior year class rank of 20% or better and/or SAT scores of at least 1210 or ACT score of at least 27. Recipient must attend a Connecticut public or non-profit private college.
This scholarship pays up to $5,250 a year for full-time attendance in a 4-year program of study; up to $4,650 a year for full-time attendance in a 2-year program of study.
You must apply by February 15 and have your FAFSA completed by February 15.
Connecticut Grant Programs
Connecticut has one grant program designed to help those with financial need pay for college.
Grants are one of the best forms of financial aid because, in most circumstances, you don't have to pay the money back.
Roberta B. Willis Need-Based Grant Program
This grant is for a Connecticut resident who attends a Connecticut public or non-profit private college. Recipient must have a federal Expected Family Contribution (EFC) within the allowable range.
This grant awards up to $4,500 for full-time study in a 2- or 4-year program of study.
Ensure you complete the FAFSA and contact your college's financial aid office.
If you already have student loans and are looking for options as a Connecticut resident, check out our Connecticut Student Loan Forgiveness Program page. That page has all the different options available to Connecticut residents to potentially get some of your student loan debt forgiven.
You might also look at refinancing your student loans and saving money in interest while also potentially lowering your payment. Check out our guide on the Best Places To Refinance Your Student Loans.
If you're looking for ways to save for college in Connecticut, check out our Connecticut 529 Plan and College Savings Guide.
Finally, check out the other student loan and financial aid programs by state.