Press Conference with Governor Lamont Announces Launch of CHESLA Alliance District Teacher Loan Subsidy Program

On Tuesday, July 12 CHESLA held a press conference with the State Department of Education, as well as Governor Ned Lamont and Lieutenant Governor Susan Bysiewicz to announce the launch of the CHESLA Alliance District Teacher Loan Subsidy Program.

This program is subject to available funding and offers a 3% interest rate subsidy on Alliance District Teacher Refinance Loans (to refinance existing private student loan debt) to teachers employed by any of Connecticut’s 36 Alliance District public schools.

This program is an example of the unique way that CHESLA can impact workforce and community development. As the state-affiliated student lender in Connecticut, we can share the benefits of our low-cost funding to help Connecticut communities and school districts.

Jeanette W. Weldon, CHESLA Executive Director

Teachers will continue to receive the 3% interest rate subsidy if they continue to teach in an Alliance District public school and maintain a current Connecticut Educator Certification. The subsidy can result in substantial savings for participating teachers. Interest rates on Alliance District Teacher Refinance Loans, including the 3% subsidy, range from 0.75% to 2.49%, with terms of 5, 10, or 15 years.

This program was part of the CHEFA/CHESLA legislative agenda for the 2021 legislative session. It demonstrates CHESLA’s unwavering commitment to supporting Connecticut students and the State’s workforce development goals and we are proud to see it come full circle.

Additional media coverage:

• WFSB Connecticut News – Incentives to attract teachers in Hartford
• News 12 Connecticut – $100 a month? State offering cash for teachers in struggling schools
• NBC Connecticut – New Loan Program Aims to Diversify Conn. Classrooms