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When Public Act 09-110 was approved during the 2009 legislative session, the Connecticut Health and Educational Facilities Authority (CHEFA) began its collaboration with the Credit Union League of Connecticut to create a Credit Union Student Loan Program. The program was established so that low interest rate loans could be offered to Connecticut students experiencing difficulty in obtaining financing for post-secondary education.
CHEFA allocated $3.5 million of reserve funds to provide a guarantee on all qualifying student loans issued under this Loan Program. The Authority agreed to provide a first-loss guarantee to participating credit unions not to exceed 20% of the outstanding principal amount of each qualifying student loan originated by the credit unions.
This Loan Program ended on December 31, 2009 and no new loans were issued after that date. As of March 31, 2010, 21 credit unions in Connecticut have participated in the program lending over $6.5 million to approximately 950 students pursuing higher education.