obama student loans forgiveness medical consolidate privet student loans

Chase Student Loans – What You Should Know

About Chase Student Loans

Chase Select is a private student loan program offered to undergraduate, graduate and graduate students who are going to gain career in health occupations. This student loan option is a great alternative for students who have exhausted other types of student financial aid like federal loans or college grants and or need extra money to cover their educational expenses. However, students are strongly encouraged to try to obtain federal student loans, grants or other sort of student financial aid first.

Chase Private Student Loans are provided by the JPMorgan Chase Bank, N.A., commonly known as Chase Bank. It is one of the leading commercial consumer banks of the United States. Chase student loans include different financial aid plans. Students can obtain financial aid alternatives such as Graduate Student Loans, College Student Loans, Parents Students Loans and even High School Student Loans. In addition, Chase Student Loans include Medical School & Health Education Loans offered to students who plan to enter the healthcare sector after graduation.

How to Apply for a Chase Student Loan

In order to apply for this student loan opportunity, first you have to complete and submit the FAFSA application for student aid, which will help the loan provider to evaluate your eligibility for this type of financial aid. The FAFSA or Free Application for Student Aid can be filled out online, on the Department of Education’s website. In addition, you will be asked to provide documentation related to your educational plans, current assets and your tax returns. Upon receiving your application the issuing authority will assess your capability to provide guarantee and your long term potential in returning the loan. It is not required to have a cosigner on your application; though having one can get the process of approval faster and may even get you a better interest rate.

Benefits of Chase Student Loans

The most important advantage of this type of student loans is that no repayment is required while you are still in school. You don’t have to return the amount borrowed while you are pursuing your education. Furthermore, these loan programs don’t call for any origination or repayment fees. They are also up to the cost of your studying plan, as certified by the school. Chase Student Loans are paid to your school directly.

Repayment Options

Chase Select student Loans Offer three repayment options: Immediate Repayment, Interest-Only Repayment and Deferred Repayment.

  • Immediate Repayment Plan –  Under this plan you have to make payments of principal and interest while in school, which may be beneficial in the terms of savings- it gives you the most savings when compared to other repayment options.
  • Interest-Only repayment Plan – You can choose to make interest-only payments while in school, which can save you money because it will help you to avoid having all the interest accrued on your loan balance (capitalized interest).
  • Deferred Repayment Plan – This plan is good for those who cannot afford to make payments while in school, you can opt to make no payments while in school. The main drawback of this repayment option is that it will increase the total cost of the loan, as compared to other repayment alternatives.

Applying with a Cosigner

Despite the fact that providing a cosigner is not necessary in order to apply for Chase student Loans, a creditworthy cosigner may increase the chances of approval, make the approval process faster and even help you get a better interest rate. The borrower must meet Chase’s minimum credit criteria and additional established cosigner release eligibility requirements at the time of the request for cosigner release.

Advice

Even if you opt for the deferred repayment alternative, making even small monthly payments while you are still in school will reduce the overall cost of your student loan and also can help you to graduate with less student loan debt. There are no early payment penalties, so you should consider making smaller payments before graduation.

Important Note

Effective July 1, 2012, Chase Select Student Loans will be available exclusively to Chase customers and employees. It will be required that either student borrower or cosigner are a Chase customer with a qualifying account or loan relationship, or be a Chase employee.

Tagged with:

Speak Your Mind

*