CHESLA Alliance District Loan Subsidy Program
Description
If you have at least $5,000 in private student loans, you may qualify for the Alliance District Loan Subsidy (ADLS) Program. How does it work? If you meet eligibility requirements and teach in one of Connecticut’s 33 highest need school districts, you can:
- Refinance up to $25,000 in private student loans with reduced interest rates.
- Receive a 3% interest rate subsidy.
- Get new interest rates of 0.75-2.49%, including the 3% subsidy.
Learn more about the ADLS Program and eligibility requirements.
What does a 3% interest rate subsidy mean? Basically, as long as you teach in an Alliance District school, your interest rate will be lowered by 3%, in addition to your refinanced interest rate. If you stop teaching in an alliance school, you'll keep your refinancing, but your interest rate will increase by 3%.
Eligibility
Purpose of Funds
Bachelor's & Certification, Master's & Certification, College Credits & Certification, Certification Only
Eligible Programs
n/a
Eligible Locations
Connecticut
Education Stage
Certified Teacher
Require Major
Any
To be eligible an applicant must:
• Be a teacher, paraeducator, or school counselor in an Alliance District public school (teachers must maintain a current Connecticut Educator Certification)
• Have a FICO score of at least 580
• Have no account that is 90+ days late in the past twelve months
• Have no education loans in default
• Request refinancing and be the borrower on a private student loan in repayment (federal loans are not eligible for refinancing through this program)
Teaching Commitment
Number of Years
Any
School Type
Connecticut Alliance District
