Chase No Longer Offers Private Student Loans
JPMorgan Chase Bank, N.A., commonly known as Chase Bank, is one of the leading commercial consumer banks of the United States. Established in 1799, the bank has a history of providing innovative financial services to its customers and is a benchmark for other banks. With over 5,000 branches and around 16,000 ATMs, Chase Bank is one of the “Big Four” banks of the nation. As of October 2013, Chase no longer accepts applications for student loans.
Chase Student Loans Eligibility
Chase Bank was a leader in providing private student loans to students who wished to pursue higher education. They previously offered school-certified loans which schools reviewed and certified as Chase student loan applications. Funds were then sent directly to the school. The program also provided loans for graduate studies particularly related to health care professions. However, student loans are no longer offered by Chase.
Chase student loans were only available to Chase customers, therefore either the borrower himself/herself or their cosigner would have had an existing loan relationship or an account with Chase. Savings, checking and deposit accounts along with a credit card account and a current loan account were considered as qualifying accounts. The existing loan account could also have included a previously taken Chase student loan.
Chase Student Loans Repayment
Three repayment options were available to students who took out a Chase student loan. These are discussed in detail below:
In this plan, the student started making interest and principal payments while still in school. This saved the student a lot of money in accumulated interest.
Students who chose this repayment plan paid off their interest while in school and the principal amount and capitalized interest after they finished school.
This plan was often chosen by students who could not afford to pay off their loan amount while still studying. Principal and interest amounts were paid off after completion of studies. The total amount of interest that a student paid off under this plan would be higher in this case than both the other options.
In the past, Chase Student Loans provided students with ample financial aid to help meet their educational expenses. Unfortunately, Chase student loans are no longer available. It is advised to obtain as much federal aid before you choose to apply for any private student loans. If you do require a private student loan, although Chase student loans are no longer offered, you can easily compare loans from other lenders by using our Student Loan Comparison Tool.
Chase Education Loans offered students the benefit of higher borrowing limits. Students could borrow up to the entire cost of education including education related expenses such as books, stationary, accommodation, travel, etc. One of the most important features of Chase Education Loans was that they could be deferred, meaning students did not have to begin repayment until they had completed their education program. Moreover, Chase Education Loans had no repayment or origination fees.
What are the different types of Chase bank student loans, and where can I apply for them?
There were a number of Chase bank student loans, including private student loans, graduate student loans, medical school loans and health education student loans. Although Chase bank student loans are no longer offered, you can search for student loans that fit your financial profile by using our Student Loan Comparison Tool. Be sure to compare your loan options, and if you find the student loan that is right for you, you can apply for it through our site.
Can I cover all my education costs with Chase student loans?
Chase student loans were popular student finance solutions, as these loans were designed to help students through college so that they could pursue their academic dreams. Although these loans are no longer offered, you can cover all kinds of educational expenses, including tuition fees, books, travel, and board with other private loans that can be found using our Student Loan Comparison Tool.
- Chase may no longer be offering student loans, buy many other private loan options do exist. Know your options.
- SimpleTuition provides a free student loan search to help you understand all of the private loan options available to you.
- Once you research your options, we help you go to a lending partner of your choice to begin your application.
- Remember to exhaust other funding sources, particularly federal student loans before exploring private loan options.