With costs skyrocketing each year, more and more people are looking at new ways of meeting the expenses associated with getting an education. Today there are two primary education loan types: federal loans and private loans. Outside of scholarships and grants, federal loans are a very cost-effective way of covering education costs. However, when your education costs exceed what is allowed for by federal loans, or if you don’t qualify for federal loans, private loans are a great way to meet expenses.
If you are considering using loans as a means of covering your education costs, look below to see how Chela
can help you achieve your education goals.
Learn more about Chela's discounts that will maximize your savings by reviewing
our Suite of Benefits pdf.
| |
Federal Loans |
Private Loans |
| |
Stafford |
Chela/Nelnet Consolidation Loan |
|
Who can get this loan... |
Undergraduate and graduate students |
Federal Loan borrowers |
Students |
This loan can be used for... |
Costs of education, as defined by the school |
Combines multiple federal loans into a single loan |
Varies by school |
Loan amount available |
Ranges from $2625 to $18,500 per year; depending upon year in school |
Not applicable – up to amount of consolidated loans |
Varies by school |
Interest rate |
Variable rate based on T-bill, resets annually on July 1; maximum rate = 8.25% |
Fixed interest rate based on the weighted average rate of the loans consolidated |
Variable interest rate, resets monthly or quarterly depending on loan type |
Date of first payment |
Six months after graduating, or dropping below half-time enrollment |
Within 60 days of disbursement |
Depending on school type, repayment starts 60 or 180 days after graduation, school separation, or residency end date |
Learn more -- apply |
Additional Stafford Details |
Additional Chela/Nelnet Consolidation Loan Details |
Additional Private Loan Details |
* This information is intended as a guide and pertains to Chela loans only.
** There must be at least one creditworthy borrower on the loan.
