Private education loan certification
Private education loans can either be school-certified or non-certified. This is something you should consider before applying for a private education loan.*
School-certified private education loans
A school-certified private education loan requires your school to verify the education loan amount and certify that you are enrolled in the school and that the loan is being used for qualified education expenses.
Your lender will forward a request to your school for certification of your enrollment, the loan amount you are eligible for (cost of attendance minus other aid), and the requested disbursement dates. After your application is approved and your school returns the verification, the private education loan funds will be sent directly to your school. Schools usually apply funds directly to tuition and fees due for the term and disburse any excess funds to the student. You can use those funds to pay for books, living expenses, a computer and other qualified education expenses.
Depending on your school's volume, it could take as little as a few minutes or as long as several weeks for the school to certify the private education loan. Contact your financial aid office for more information.
For a smooth certification process, one of the best things you can do is to make sure your school has your most current information (current address, telephone number, etc.). Incorrect information could affect your ability to receive the loan.
Visit ChaseSelectLoans.com to learn about the school-certified Chase SelectSM Private Student Loan program.
Non-certified private education loan
A non-certified private education loan is not based on your school's verification of your enrollment and eligibility. This means that the school does not need to certify the loan, but you may still be required to provide proof of enrollment directly to your lender. With this type of private education loan, the funds are sent directly to you, not the school. You can use the funds to pay for any qualified education expenses including tuition, living expenses, books, fees and even a computer. Chase Student Loans does not offer a non-certified private education loan.
*Important Information: As students determine the best way to finance their education, they should consider the full range of student financial aid options available. Private loans can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of attendance.
Chase does not sell its private student loans to another lender.
Chase private student loans are subject to credit approval, receipt of a completed and signed loan application/promissory note and self-certification form, verification of application information, acceptance of loan terms, and school certification of loan amount and student’s enrollment at a Chase-participating school.
This information was current as of 06/30/2010 and is subject to change. Contact Chase for the most up-to-date terms.
