About Connecticut FELP and Eligibility

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Commonly Asked Questions

Who is the borrower?
The student is the borrower. Generally, a student will also need a co-applicant who meets the income requirements. A co-applicant does not have to be a parent. A co-applicant will be equally responsible for repayment of the loan.

When should I apply for a loan?
There is no application deadline. A student should apply after he or she receives a financial aid award letter from a college and has determined the amount of additional funds needed.

What fees are required?
There is no application fee. Loan fees are limited to a non-refundable reserve fee equal to 3% of the loan amount. This charge is deducted from the loan prior to disbursement.

How will I receive my loan?
Loan proceeds are sent by electronic funds transfer (EFT) to the institution you are attending and credited to your student account, otherwise a check made payable to the student and to the school will be mailed to the institution.

How do I contact the loan servicer?
Borrowers and schools may contact the loan servicer Firstmark Services:

School Hotline - 888.756.0075
Borrower Hotline - 888.538.7378
Origination Hotline - 800.935.2275 (application and technical questions)

Correspondence Address:
P.O. Box 25410
Woodbury, MN 55125-0410

Overnight Mail Address:
2101B Wooddale Drive
Woodbury, MN 55125

Are there other, less expensive ways to borrow for college?
Students should determine if they are eligible for the subsidized Federal Stafford Loan Program before applying for a CT FELP loan.


Loan Features & Terms

Fixed interest rate loans made payable directly to the institution or student and co-applicant (if any)

No application fee

No application deadline

Loans from $2,000 up to the total cost of education per academic year (less other financial aid received), to a cumulative maximum total of $125,000

Loans for either current or prior year's educational expenses

Interest only payable while student is in school and for a 6-month grace period after student leaves school (up to a five-year maximum)

Principal and interest payable over an extended 140-month repayment term after the grace period ends

Fees limited to a 3% reserve fee, paid from the proceeds of the loan

No prepayment fee

Graduate and professional students may defer interest while in school and for a 6-month grace period (interest is capitalized annually)

Current Loan Rates

6.99% Fixed Annual Rate (simple interest)

Annual Percentage Rate (which accounts for 3% reserve fee) ranges from 7.37% to 7.51% over the life of the loan.

Low monthly payments of $5.83 per $1,000 borrowed during the in-school and 6-month grace period, and $10.47 per $1,000 borrowed during the 140-month repayment term for principal and interest.


Student Eligibility


CT FELP loans are available for undergraduate, graduate, and professional study.

A student must be enrolled in a degree-granting or certificate program on at least a half-time basis in an accredited non-profit college or university in Connecticut, or be a Connecticut resident attending an accredited non-profit college or university in the U.S.

A student must be making satisfactory academic progress.

A student and co-applicant(s) (if any) must be credit worthy, as determined by a commercial credit report.

A student and co-applicant(s) (if any) must have monthly installment payments amounting to 40% or less of monthly gross income.

A student or co-applicant(s) (if any) must have a minimum $20,000 gross annual income. There is no maximum income requirement.

The financial aid office of the college or university a student attends must certify the student\'s enrollment and cost of education. (After an application is approved for credit worthiness, the loan servicer will send the college/university a certification form.)

A student under the age of 18 should contact the Borrower Hotline 888.538.7378 for application instructions.

Citizenship - Borrower and Co-Applicant(s)
You must be a U.S. citizen, national or a permanent resident of the Republic of Palau . You are an eligible non-citizen if: 1) a registered permanent resident alien in the U.S. with an Alien Registration Receipt Card (1-151); 2 an alien with a 1-94 Arrival-Departure Record Card endorsed \"refugee\", \"adjustment applicant\", \"conditional entrant\", or \"indefinite parole\"; or 3) you have documentation from the Immigration and Naturalization Service that you have been granted asylum in in the U.S.
If you are not a U.S. citizen or national or if you are not a permanent resident of the Republic of Palau , but are a registered permanent resident alien or are in the U.S. for other than a temporary purpose, you may still qualify to receive loan assistance for non-foreign schools.

Persons in the U.S. for temporary purposes (example: persons holding F1 or F2 student visas or J1 or J2 exchange visitor visas) are not eligible to participate in the, program. You may not obtain CT FELP loan assistance to attend schools located outside the U.S. , the Virgin Islands, Puerto Rico, Guam, the Republic of Palau , the Commonwealth of the Northern Mariana Is., or American Samoa .