Paying for rising college tuition poses barriers for learners lacking resources or seeking to minimize student debt. As the third largest student lender, Chase offers borrowers a way to finance higher education goals through private student loans featuring competitive variable and fixed rates.
Chase offers private student loans to undergraduate, graduate, and professional students who are looking to pay for college expenses not covered by other aid. Chase student loans have variable and fixed interest rates, with options for deferred repayment while enrolled in school at least half-time. Borrowers need a creditworthy cosigner and will undergo a credit check.
Key features of Chase student loans include
- Fixed and variable interest rates currently starting at 4.25% to 13.24% APR
- No application or origination fees
- Option to defer repayment while in school at least half-time
- 0.25% interest rate reduction for autos pay
- Cosigner release available after 36 on-time payments
- Minimum loan amount of $1,000
- Loan terms of 5, 10 or 15 years
To qualify, students need to be enrolled at least half-time in a degree program at an eligible U.S. college or university. International students on temporary visas are eligible with a creditworthy cosigner who is a U.S. citizen or permanent resident.
Chase offers both federal and private student loans. Federal loans generally have lower interest rates and more flexible repayment options. Private loans like those from Chase can help cover any gaps in college funding but may carry higher interest rates. Students should maximize federal loan options first before turning to private student loans.
Chase offers private student loans to help undergraduate, graduate, and professional students pay for college costs not covered by other financial aid. Chase student loans have both variable and fixed interest rates, with options to defer repayment while enrolled in school at least half-time.
Eligibility for Chase Student Loans
To qualify for a Chase student loan, you must:
– Be enrolled at least half-time in a degree or certificate program at an eligible 4-year college or university, 2-year college, graduate school, law school, medical school, or vocational program.
– Be a U.S. citizen, permanent resident, or international student with a creditworthy cosigner (who must be a U.S. citizen or permanent resident).
– Pass a credit check. Most applicants will need a cosigner to meet credit requirements.
Interest Rates and Fees
– Interest rates range from 4.25% to 13.24% APR for Chase student loans.
– Rates are variable or fixed depending on the loan. Variable rates are based on the 1-month LIBOR index plus a margin of 2.25% to 11.74%.
– No application or origination fees.
– 0.25% interest rate reduction for setting up auto-debit payments.
Loan Amounts
– Minimum loan amount is $1,000
– Maximum loan amount is up to 100% of the school-certified cost of attendance minus other financial aid received
Repayment Options
– In-school deferment available while enrolled at least half-time
– 6-month grace period after graduating or dropping below half-time enrollment
– Loan terms of 5, 10 or 15 years for repayment
– Option to apply for cosigner release after making the first 36 monthly payments on time
Overall, Chase student loans can provide financing for college when federal loans are not enough. However, federal loans like Direct Loans typically have lower interest rates and more flexible repayment plans. Students should maximize federal borrowing options before turning to private student loans.
Loan Amounts
While federal loans cap annually, Chase sets credit-based limits up to the full cost of attendance minus other academic aid awarded. This provides sufficient funding for college or supplemental financing.
Interest Rates
Chase ties rates to either the 1-month LIBOR index or prime lending rate. Qualified applicants secure excellent pricing below competitors. Cosigners enable further discounts.
Deferral Options
Chase allows postponing payments up to 6 months after leaving college through an easy application. This grace period helps secure employment and income before oweing debt payments.
Rewards Benefits
Cardmembers earn cashback rewards redeemable towards paying down principal loan balances accelerating payoff timelines. Over $80 million got awarded historically just through this unique perk.
FAQs
Q: What credit score is required for Chase student loans?
A: Minimum is a 680 FICO score. 720+ scores get the very best rates under 3% with cosigners enabling even lower pricing.
Q: How do I apply for a Chase student loan?
A: Visit Chase’s education finance portal to prequalify and apply through a simple online application outlining school details, income, loan amount sought and more.
Q: Who qualifies for cosigner release?
A: After 48 consecutive on-time principal and interest payments, primary borrowers can apply to release cosigners from obligation. Additional stipulations restrict eligibility.
Applying through Chase for supplemental private student loans beyond federal borrowing allows financing college ambitions at reasonable rates.