Connecticut and Minnesota Create State Graduate Loan Programs After Federal Option Ends July 1

Connecticut and Minnesota introduced state-run graduate student loan programs this month after a federal option allowing students to borrow beyond standard limits ends July 1. Connecticut announced MyCHESLA Grad Loans on June 2. Minnesota followed with its SELF Grad Loan on June 15.

50%. The loans are scheduled to launch sometime in June and are planned to expand to all graduate and doctoral degree programs in the state. U.S. Institutions qualify, as do residents of Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island or Vermont who attend eligible Connecticut state or non-profit institutions. Co-signers must also reside in one of those eight states. 73%.

Rates are not based on credit scores, though borrowers with a co-signer receive lower rates. Select professional degrees carry a cumulative limit of $300,000; all other graduate programs are capped at $150,000. U.S. Citizens or permanent residents physically attending one of 35 participating Minnesota schools are eligible.

The list includes the University of Minnesota Twin Cities, University of Iowa and Iowa State University. Co-signers may not reside in Colorado, Connecticut, Maine or Puerto Rico.

Connecticut’s program covers master’s degrees in business management, marketing, health professions, engineering, computer and information sciences, legal studies and interdisciplinary studies. Eligible doctoral fields include engineering, physical sciences, education, mathematics and statistics, health professions, business management, marketing, legal studies, veterinary medicine, agriculture, animals and plants.

Minnesota’s program covers all graduate degrees or certificates beyond a bachelor’s and doctoral degrees in advanced dentistry, dentistry, medicine, pharmacy and veterinary medicine.