CHESLA Expands Student Loan Access
The Connecticut Higher Education Supplemental Loan Authority can now use excess funds to support individuals looking to pursue “high value” certificate programs.
Legislation approved by the General Assembly this year expands loan eligibility from Oct. 1, 2022 by including the term “post secondary education” programs under the charge of CHESLA’s financing arm.
Previously, the law only allowed CHESLA to support those seeking “collegiate” post secondary educational opportunities.
CBIA strongly supported this bill, noting that postsecondary education has taken on a different meaning in the past few years.
The average student who graduates with debt in Connecticut owes $41,579, the highest debt load in the country, according to date compiled by LendEDU.
While CBIA continues to encourage students to pursue degrees at traditional postsecondary institutions, many companies see the value in short-term certificate programming.
The programming often provides students with the necessary skills to be successful in various industries.
Certificate programs like those offered through Google, IBM, Amazon, and many others provide a lower-cost credential and open the door to new opportunities.
Despite the low cost to enroll in the programs, many students still face financial barriers affording other costs associated with completing their coursework.
Some are unable to come up with funds for a laptop for an online course, reliable broadband internet, or transportation.
CBIA supports efforts to make postsecondary education more affordable and accessible, in whatever form works best for the individual to help achieve economic independence.
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