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 student loansChase 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:

Immediate Repayment

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.

Interest-only Repayment

Students who chose this repayment plan paid off their interest while in school and the principal amount and capitalized interest after they finished school.

Deferred Repayment

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.

Refinance your student loan

Final Verdict

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.

 

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