Chase Bank Student Loans – In the year 2009, Chase Bank had a $15.8 billion dollars in profit from lending student loans, but it began shedding student loans in the year 2010 after Congress eliminated the Federal Family Education Loan program.
By the second quarter of the year 2013, Chase stopped issuing new loans, and in April 2017 it sold off its remaining portfolio. What happened? Without the option to issue federally guaranteed loans, Chase probably started to see student loans as a hazardous option.
Perhaps the increasing student loan delinquency rates led Chase out of the private lending game altogether. However, that’s not what Chase said as at then. Instead, representatives of the bank cited a reducing market for private loans as the reason it stopped issuing them.
Most students rely on Federal student loans, not the private student loans that Chase offered (although it also purchased some federally guaranteed loans).
in this article, my main focus is on the Chase students loan.
Products and Services
Chase Select Private Student Loans represent supplemental resources for students who have exhausted other types of financial aid for college.
The loans are made available to undergraduates, graduate students, and those individuals studying in graduate-level medical programs.
To qualify for Chase Select Loans, borrowers or their cosigners must be customers at the bank, maintaining ‘qualifying account or loan relationships.’ The lender describes these relationships as:
- Savings account
- Checking account
- Deposit account
- Existing loan account (including previously issued student loans)
- Credit card account
- Qualified applicants must also be enrolled in a degree or certificate programs at schools that participate in the Chase Select Loan Program.
Additional eligibility requirements:
- Each applicant must be a United States citizen or permanent resident, OR
- An international student with a valid social security number who is applying with a cosigner who is a U.S. citizen or permanent resident.
- At the time of application, each qualified borrower must be of legal age in the state where he or she applies.
Repaying Chase Select Loans
Chase borrowers qualify for three distinct repayment options: Immediate, interest-only and deferred.
Each repayment strategy carries advantages, so your personal circumstances dictate which is right for you.
Immediate repayment saves money, in the long run, because less interest accrues over the course of a loan’s life.
And by starting repayment right away, borrowers have opportunities to build credit while they are still attending school. Paying immediately also reduces overall student debt upon graduation.
Deferred repayment structures ease the pressure for borrowers while they are attending college, but the total amount repaid, over the life of a loan, exceeds the total obligation associated with immediate repayment.
When interest is not paid during college attendance, the outstanding amounts are added to the principal balance of the loan upon graduation, or whenever the borrower leaves school. Capitalized interest adds to student debt, and may lengthen repayment periods.
Federal Chase Student Loans
The Federal government offers a number of loans for students looking to finance their college education.
Chase can act as your primary lender for any of these Federal loans. While the loan is still underwritten and guaranteed by the government, Chase manages all of your days today loan activities.
By managing your Federal loans through Chase you can take advantage of their personalized service, while still reaping the benefits of a government secured student loan.
Chase can help you manage any and all of your Federal loans, including the Stafford Loan, Loan and the Federal PLUS Loan for Parents.
Chase can also help you manage your Federal Direct Loan Consolidation after you have graduated, combining any outstanding loans into one manageable monthly payment.
Managing your Federal loans through Chase allows you easy access to support staff and advice, while still taking advantage of the low fixed interest rates, payment deferment options and subsidies offered by the Federal government.
While Chase acts as the primary lender on your government loan, all Federal requirements and conditions must still be met in order to qualify for any particular Federal student loan program.
Private Chase Student Loans
Any college-bound student searching for financial aid should first look to the available Federal grant and loan programs before considering a private lender loan.
However, even if you have qualified for a Federal grant or a Federal loan, you will likely find yourself with a sizable amount of unmet need.
When this happens it is time to think about a private lender loan to help cover your outstanding college costs. Chase offers private student loans at competitive rates that may answer to your college financial needs.
Chase Graduate Student Loans
Chase also offers a Graduate Student Loan specifically designed to help graduate students cover the sizable costs of their continuing education.
These loans are predicated on your credit score, and graduate students can borrow up to the limit of the total college costs as certified by the university.
Deferred payment plans are available to eligible students though, as, with all private lender loans, interest will continue to accrue while you are attending school.
The Chase Graduate Student Loan has no origination fees or early repayment penalties, and interest rates are set by the lender.
When the time comes for you to make your way to college, you will need to look for financial aid from a number of different sources.
University grants, Federal loans, and scholarships may only take you part of the way there. When you need to augment your college fund with a private lender loan, Chase can assist you to find the money to cover the remainder of your college costs.
1. Can I Get a Student Loan Without a Cosigner?
Yes, you can. Federal loans don’t permit you to apply with a cosigner at all. When it comes to private student loans, you will need to meet credit score and other eligibility requirements to qualify.
Most undergraduate students cannot meet the credit score cut off; many don’t even have one yet. And even graduate students might have a tough time meeting the income requirements on their own.
You can always take your cosigner off your loan by applying for cosigner release or also refinancing your loan into your own name later on down the road.
2. Can I Pay for College Without Loans?
That depends on several factors. First, how much can you and your family afford to cover? If they can foot the whole bill, you are set.
However, chances are they can’t, given the high cost of school these days. If you’re low income, have good grades or are exceptional in extracurricular like sports or music, you might be able to qualify for a scholarship.
You also might be able to qualify for enough federal grants and work-study to cover the cost of your program.
3. Can I Get My Student Loans Forgiven?
You can, if you qualify for a student loan forgiveness program. It depends on what type of loan you have and your profession.
If you have federal loans, you can get full forgiveness after working for the government or a non-profit for 10 years.
You can also qualify for partial forgiveness if you work as a teacher. Moreover, you can have your student debt wiped clean after making 20 to 25 years of income-driven repayments.
You can sometimes get partial forgiveness for private student loans, usually through a program designed to help people in your industry handle student debt.
Medical professionals and lawyers typically have the most options, though it’s worth a quick search even if your industry typically doesn’t have a lot of student debt.
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