School-certified private loans
With the cost of school continuing to rise, school loans are becoming an important factor when you’re making decisions about your future.
Chase SelectSM Private Student Loans
Chase Select school loans are credit-based private school loans that need to be certified, or verified, by your school’s financial aid office. This private school loan can be used for qualified education expenses that exceed federal loans or other financial aid, including:*
- Tuition
- Living expenses
- Books
- A computer
The financial aid office will review your information and determine the amount for which you’re eligible. After your private school loan is approved and certified, your funds are sent directly to the school. That way you know your school expenses are covered.
Note: 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.
Features of Chase Select school loans
- In-school deferment repayment option available, which means there are no payments required while in school
- No origination or repayment fees
- 0.25% interest rate reduction for having monthly payments automatically deducted from a bank account
- Cosigner release after making 36 consecutive on-time payments of principal and interest, subject to terms and conditions
- Loans from $500 up to your cost of attendance (minus other aid) each year, but no more than the amount certified by your school
Note: Interest continues to accrue during in-school deferment and will be added to the principal amount of your loan upon entering repayment, which will increase the total amount paid for the loan.
Remember, federal student loans should always be used before private student loans, but before you look to loans, it’s important to search for scholarships and grants as a way to offset the cost of your education.
How to apply for a Chase Select school loan
To apply, you can contact a school loan specialist at 1-866-306-0868 or apply online.
Application tip: Although a cosigner is not necessary or required to apply for a private student loan, a qualified cosigner may help you get approved for a private student loan and possibly help you qualify for a better interest rate. A cosigner is responsible for paying back the school loan if the borrower fails to pay.
Why choose Chase for private school loans?
Chase has the knowledge and experience to guide you through your school loan decisions. The school loan application process is secure, so you can be confident that your information is protected. We have a knowledgeable team of Student Loan Specialists who can help answer your questions by e-mail or telephone. Once you leave school, Chase can also help you establish a solid financial future with numerous other financial services.
To apply for a Chase private student loan, visit ChaseStudentLoans.com.
*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, like the Chase Select loan, can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of attendance.
Chase Select 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.
The 0.25% interest rate reduction is available to borrowers in repayment who elect to have their monthly payments automatically deducted from a bank account by Chase. This interest rate reduction will begin when the borrower enrolls and begins having payments automatically deducted by Chase and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate will return to the non-discounted rate if automatic payments are canceled, rejected or returned for any reason or during periods of deferment or forbearance. The 0.25% interest rate reduction will not lower the monthly payment amount but will instead reduce the interest that accrues, thereby reducing the total amount repaid and the time in which the loan is repaid.
Chase services its Chase Select loans and does not sell them to another lender.
Upon request by the student borrower, cosigners are eligible to be released from the loan after any 36 consecutive payments of principal and interest are paid on time. The borrower must meet Chase’s established credit criteria at the time of cosigner release. Other terms and conditions apply. Benefit programs are subject to change.
Maximum annual loans up to cost of attendance, minus other aid, as certified by the school. Aggregate maximum loan limits apply.
This information was current as of 06/30/2010 and is subject to change. Contact Chase for the most up-to-date terms.
