CalEdge Loan Program Launched: Offers New Low Interest Rate Loans for California Students.SAN FRANCISCO--(BUSINESS WIRE)--July 8, 1998--Helping California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). students cover the costs of a college education is the goal of the CalEdge(SM) Loan Program recently launched by Chela che·la n. pl. che·lae A pincerlike claw of a crustacean or arachnid, such as a lobster, crab, or scorpion. [New Latin ch Financial USA, Inc., a San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden education finance company, and the California Educational Facilities Authority (CEFA CEFA Closed-End Fund Association CEFA Comitato Europeo per la Formazione e l'Agricoltura CEFA Central European Fair Alliance CEFA Certified EFFAS Financial Analyst (European Federation of Financial Analysts Societies) ). CalEdge is a credit-based, fixed interest rate loan for students attending participating California colleges and universities. Carol L. Coffman, president of Chela Financial USA, says, "CalEdge loans are specially designed to meet the needs of students for an affordable loan to supplement other sources of aid, such as federal grants and guaranteed student loans. CalEdge has a low rate that is fixed, giving students the assurance of knowing it will never go up." -0-
Special features of CalEdge loans include:
-- A 7.8% fixed rate for students who make payments of principal and
interest or interest only while in school, and 8.25% for those
who defer payments until they graduate or leave school
-- No application fee
-- A low 5% origination fee
-- Loan limits that cover the cost of education less other aid
-0- CalEdge loans are available exclusively through the financial aid offices of participating schools. California four-year public and private nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. colleges and universities are eligible to participate. The program is managed by Chela Financial USA and funded by proceeds from tax-exempt bonds Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. issued by CEFA, a department of the California State Treasurer's Office. Interested schools and students can contact Chela Financial at 1-800-347-4352. Coffman remarks, "Both Chela Financial and CEFA have long-standing long-stand·ing adj. Of long duration or existence: a long-standing friendship. long-standing Adjective existing for a long time ties to California schools, and we're pleased to join together to offer this exciting new education loan program. CalEdge was structured to respond to school requests for a fixed rate loan. It is one of many new products Chela Financial is developing to make higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. more affordable and accessible to students and families." Chela Financial USA is part of the Chela Financial family of nonprofit companies that provide financial access and assistance to students pursuing a postsecondary education. Chela Financial has made over $2 billion available to more than 525,000 parent and student borrowers since its first bond financing in 1984. CEFA is a public agency of the State of California, organized to provide support to California private and public colleges and universities in helping students finance their educational costs.
CONTACT: Chela Financial USA
Marilyn McKay, 415/283-2817
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