Do you teach in an Alliance District? Do you have private student loan debt? A new program from the State of Connecticut could save you up to thousands of dollars over the life of your loan by allowing you to refinance existing private student loan debt.
Important to know
- The program offers a 3% interest rate subsidy on Alliance District Teacher Refinance Loans, and teachers will continue to receive the 3% interest rate subsidy as long as they continue to teach in an Alliance District public school and maintain a current Connecticut Educator Certification.
- 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.
- Teachers can refinance any amount between $5,000 and $25,000.
- Eligible teachers must have a FICO score of at least 580 and a debt-to-income ratio less than or equal to 50%.
“I really hope teachers in Alliance Districts will take advantage of this new state program to lower their student loan burden,” says CEA President Kate Dias.
“I’m an Alliance District teacher and I know that some of these districts can’t compete with their wealthier neighbors when it comes to salaries,” she adds. “I thank the governor and legislature for creating this program—it’s so important to level the playing field and allow our Alliance Districts to recruit and retain dedicated and diverse teachers.”