Private Student Loan Consolidation
Student loan consolidation from Chase Student Loans
Private student loan consolidation may allow you to combine all of your eligible private student loans into a single loan when you graduate or leave school.
Benefits of private student loan consolidation
The biggest benefit of private student loan consolidation is that it allows you to make possibly one private student loan payment every month by combining all eligible private student loans into one loan. You can consolidate your private student loans even if you have multiple lenders.
Consolidating can potentially lower your combined monthly payment by extending your repayment term.
In most cases, consolidating your private student loans will extend the repayment period beyond the repayment periods of the private student loans being consolidated. However, your monthly loan payment may be lower than your individual private student loan payments combined. Extending the loan term will likely increase the overall cost of your loan. You can choose to repay principal at any time with no prepayment penalty. Federal student loans are not eligible for private consolidation.
Why consolidate your private student loans with Chase Student Loans?
Chase Student Loans is one of the nation's leading providers of private college loans, so we have the knowledge to help you make the right choice about private student loan consolidation. The private student loan consolidation application process is secure.
If you need help, a Chase Student Loan Specialist can answer your questions.
Who can benefit?
Current students - Chase Student Loans can consolidate your private student loans after you graduate.
Recent graduates - If you've recently graduated, you can complete the student loan consolidation process just before your grace period runs out because repayment starts immediately after your private consolidation student loan is made.
Graduate students - Once you graduate, Chase Student Loans can help you consolidate your private undergraduate and graduate loans into one loan, so you could possibly have only one private student loan payment to make each month.
Parents - You can help your student understand the loan consolidation process and how they can benefit from it when they graduate. And if you used private loans to pay for your student's education, you can cosign for a consolidation loan for these as well.
Note: In most cases, consolidating your private student loans will extend the repayment period beyond the repayment periods of the private student loans being consolidated. However, your monthly loan payment may be lower than your individual private student loan payments combined. Extending the loan term will likely increase the overall cost of your loan. You can choose to repay principal at any time with no prepayment penalty. Federal student loans are not eligible for private consolidation.
Repayment of consolidated private student loans
The loan repayment term with Chase can be up to 30 years depending on the total amount of the loan. Repayment begins approximately 45 days after the private student consolidation loan is funded. If you consolidate during your grace period, repayment will begin immediately. So, you may want to wait until the end of your grace period before consolidating.
*Important Information: Chase Private Consolidation Loans are subject to credit approval, receipt of a completed and signed loan application/promissory note, verification of application information and acceptance of loan terms. Only private education loans that are in good standing from eligible Title IV schools may be included. Federal education loans are not eligible under this program. Minimum loan amount is $7,500, with a cumulative borrowing limit of $150,000, based on credit eligibility. Other terms and conditions apply. Please contact us for details on eligibility criteria.
Chase does not sell its private student loans to another lender.
In most cases, consolidating your private student loans will extend the repayment period beyond the repayment periods of the private student loans being consolidated. However, your monthly loan payment may be lower than your individual private student loan payments combined. Extending the loan term will likely increase the overall cost of your loan. You can choose to repay principal at any time with no prepayment penalty. Federal student loans are not eligible for private consolidation.
This information was current as of 06/30/2010 and is subject to change. Contact Chase for the most up-to-date product terms.
