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May 22, 2019

CT student-loan interest rate rises

higher education college Photo | Contributed
By Gregory Seay

The cost to borrow from Connecticut’s education-finance arm is rising.

The Connecticut Higher Education Supplemental Loan Authority (CHESLA) announced Tuesday it reset the interest rate for 2019-20 borrowings at 5.15 percent, up from 4.95 percent for the 2018-19 period.

CHESLA Assistant Director Josh Hurlock said the higher rate is still below the 7.08 percent rate for 2019-20 borrowings from SLM Corp., known as Sallie Mae, a major private financier of student loans nationwide.

CHESLA, an arm of the Connecticut Health and Educational Facilities Authority (CHEFA), assists some 2,000 and 2,400 borrowers annually in funding their educations, Hurlock said.

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