New state-based loan program offers fixed rates, multiple repayment terms, flexible in-school repayment options, and expanded qualification opportunities for Connecticut graduate and professional students.

HARTFORD, CT / ACCESS Newswire / May 18, 2026 / The Connecticut Higher Education Supplemental Loan Authority (CHESLA) officially announced the launch of the MyCHESLA Grad Loan, a new state-based graduate loan program designed to protect access to affordable, fixed-rate financing for Connecticut students pursuing advanced degrees amid elimination of the federal Grad PLUS loan program effective July 1st.

CHESLA's new graduate loan solution supports both graduate and professional degree programs. The program offers repayment terms of 5, 10, and 15 years, along with flexible in-school repayment options, including interest-only payments, full deferral, or immediate principal-and-interest payments.

With three repayment terms and three in-school repayment options, borrowers can choose from nine fixed-rate offerings. All approved borrowers have equal access to these nine fixed rates, ensuring a transparent and consistent pricing structure. MyCHESLA Grad Loan fixed rates range from 5.50% to 7.99%, dependent on the repayment term and repayment option selected. The program is a cost-effective, borrower focused alternative to higher-cost private loans and all fixed rates available are lower than the current federal Grad PLUS loan rate of 8.94%.

"Connecticut students deserve postsecondary education financing that is affordable, fair, and designed for long-term success," said Josh Hurlock, Deputy Director of CHESLA. "With the launch of the new MyCHESLA Grad Loan, its competitive fixed rates and flexible repayment options, CHESLA is directly addressing the graduate student financing gap left by the elimination of the federal Grad PLUS loan. We believe this program positions Connecticut as a national leader in responding to this financing gap while ensuring students have access to responsible, mission-driven financing as they pursue advanced degrees and invest in their futures."

CHESLA developed its new graduate loan solution with direct input from colleges and universities across the state. Feedback consistently indicated that graduate students often do not have access to a co-signer or prefer not to use one. While many parents are willing to co-sign undergraduate loans, students are typically expected to assume full financial responsibility for their graduate education.

In response, CHESLA designed the MyCHESLA Grad Loan with an innovative approach that considers a borrower's future earning potential based on their academic program. While maintaining CHESLA's standard underwriting criteria, applicants may qualify using future expected earnings, in addition to current income and, if applicable, the income of a co-signer.

"In an industry that is constantly evolving, innovation is essential to meeting the changing needs of students. The MyCHESLA Grad Loan represents a forward-looking approach to graduate financing by incorporating future earning potential into underwriting while maintaining responsible, proven standards. This approach expands access and better reflects the real trajectory of today's graduate and professional degree students," Josh Hurlock added.

CHESLA has historically disbursed $639.9 million with 63,280 in-school loans. To learn more about CHESLA's loan programs and financial education resources, visit www.chesla.org.

About CHESLA

The Connecticut Higher Education Supplemental Loan Authority (CHESLA) is a quasi-public state agency dedicated to expanding access to affordable post-secondary education financing. Through in-school and refinance loan programs, scholarships, financial literacy resources, and community engagement, CHESLA helps students and families across Connecticut navigate the path to education and career success with confidence and support.

Josh Hurlock
Deputy Director
Direct (860) 761-8482
1 Financial Plaza, 20^th Floor, Suite #2000
Hartford, CT 06103

SOURCE: CHESLA