Frequently Asked Questions
What is a Chase Private Education Loan?
A Chase Private Education Loan is a credit-based loan that can be used for any qualified education related expense. A Chase Private Education Loan may be just the solution you're looking for when it comes to financing college. Our competitive interest rates and convenient application process give you a fast, easy way to get the loans you need. As the loan is credit-based, you can not be turned down for making too much money or having other financial aid. As a leader in education financing, Chase offers one of the most competitive private education loan programs in the country, designed with your needs in mind.
What are the eligibility requirements?
Here's what you need to be eligible for an Undergraduate / Graduate Private Education Loan:
* An undergraduate or graduate student 18 years of age or older (19 in Nebraska and Alabama, 21 in Mississippi and Puerto Rico) in a degree or certificate program
* Enrolled at least half-time as determined by your school
* Attending a Chase-approved school
* Meeting the guidelines below (a co-signer is typically necessary for undergraduate students to qualify, but is not required to apply):
o You and/or your co-signer, if any, are creditworthy
o You must be a U.S. citizen or permanent
Note: An approved school is any accredited degree-granting institution of higher education approved by Chase.
Are there any fees or credit requirements to apply?
Yes. Origination fees vary.
For undergraduates
Origination fees range from 0.00% to 4.99% depending on the repayment option selected and creditworthiness of the borrower and co-signer (if any).
For graduates
Origination fees range from 0.00% to 4.99% depending on the creditworthiness of the borrower and co-signer (if any).
View repayment examples.
How much can I borrow?
The annual maximum borrowing limit is the lesser of $40,000 or the estimated annual cost of education.
What educational expenses does the loan cover?
A Chase Private Education Loan is an ideal way to supplement Federal loans. It provides the loans you need for college or graduate school and any education-related expenses, including tuition, books, housing and more. The loans can even be applied toward a new personal computer for school use. The loan may also be used to cover past-due balances.
When does repayment begin?
Repayment varies depending on the loan type and whether you're an undergraduate, graduate, or continuing education student.
For undergraduate students:
* For immediate repayment loans, payment of principal and interest begins approximately 45 days after the last disbursement
* For loans with deferred principal and interest, repayment of principal and interest begins 6 months after graduation (or if student ceases to be enrolled at least half-time prior to graduation, repayment of principal and interest begins 6 months after that event)
* For loans with deferred principal payments, interest payments begin approximately 45 days after the loan's first disbursement and payments of principal and interest begin approximately 45 days after graduation (or if a student ceases to be enrolled at least half-time prior to graduation, repayment of principal and interest begins approximately 45 days after that event)
* $25 minimum monthly payment (view repayment examples).
For graduate students:
* Repayment of principal and interest begins 6 months after graduation (or if the student ceases to be enrolled at least half-time prior to graduation, repayment of principal and interest begins 6 months after that event.
* $25 minimum monthly payment (view repayment example).
Can I choose my payment due date or change it?
Once the payment due date is established, the date cannot be changed. However, you have the option to make a payment at any time before the due date.
Can I make more than the minimum loan payment each month?
You may prepay all or any portion of you loan at any time without penalty. Prepayment can significantly reduce the total amount of interest paid over the life of the loan.
Are there any fees or penalties associated with early repayment?
No. You can repay your Chase Private Education Loan early without a penalty or fee.
What are my deferment options?1
Deferment options differ depending upon the student's status (view repayment examples).
For undergraduate students:
* Immediate Interest Only (Defer Principal)
Pay only interest for up to 4 years while continuously enrolled in school (5 years if enrolled in 5-year degree program). Repayment of principal and interest then begins within, 45 days after graduation or withdrawal from school.
* Defer Principal and Interest
Make no payment for up to four years while continuously enrolled in school (5 years if enrolled in 5-year degree program). plus 6 months after graduation. Repayment of principal and interest then begins within, 180 days after graduation or withdrawal from school.
Pay principal and interest in a fixed monthly amount beginning within approximately 45 days after funds are disbursed.
For graduate students:
* Defer Principal and Interest
Up to 4 1/2 years (8 1/2 years in the case of medical students) including grace period while continuously enrolled in school.
* Medical Students
Request a deferment after graduation for up to four years while completing an internship or residency, as long as the total deferment does not exceed the program maximum of 8 1/2 years including grace period.
For continuing education students:
* Principal and interest are automatically deferred
* Repayment begins the earlier of the dates which are (i) 6 months after the student graduates or earns a certificate, (ii) 6 months after the student ceases to be enrolled at the school, or (iii) 2 years after the date of the last loan disbursement
* If the student is not enrolled in a degree or certificate program, repayment begins either (i) 6 months after the end of the academic period to which the loan relates or (ii) 6 months after the student ceases to be enrolled at the school, whichever is earlier.
How can I apply?
You can apply online for a Chase Private Education Loan right now. Or, contact a Chase loan consultant toll-free at the number above .
1. Interest continues to accrue during deferment and will be added to the principal balance of your loan quarterly.
Further information
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