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Frequently Asked Questions of Undergraduate Private Education Loan

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

Repayment Examples of Undergraduate Private Education Loan

Repayment Examples

Chase knows that repayment terms need to be flexible depending upon the student and the situation. With three different repayment options for undergraduate students, Chase has ensured that repayment of the undergraduate loan will be easy for all borrowers.

Undergraduate Option 1
Deferred Principal and Interest Repayment

Make no payments for up to four years while continuously enrolled in school (5 years if enrolled in 5-year degree program). Repayment of principal and interest then begins within 180 days after graduation or withdrawal from school.
Undergraduate Option 2
Immediate Interest Only Repayment

Pay only interest for up to four 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.
Undergraduate Option 3
Immediate Repayment of Principal and Interest

Pay principal and interest in a fixed monthly amount beginning within approximately 45 days after funds are disbursed.
Undergraduate Loan Repayment Examples
Option 1:
Deferred Principal and Interest Option 2:
Immediate Interest Only Option 3:
Immediate Repayment of Principal and Interest
Amount Requested $10,000.00 $10,000.00 $10,000.00
Origination Fee 0.00% 0.00% 0.00%
Principal Amount of Loan $10,000.00 $10,000.00 $10,000.00
Interest Rate 5.50% 5.50% 5.50%
Term 240 months 240 months 240 months
Fund Date 07/01/2008 07/01/2008 07/01/2008
First Payment Date, Interest Only 08/07/2008
Deferment 48 months 48 months
Grace 6 months 6 months
Total Deferment 54 months 54 months
First payment date 02/07/2013 02/07/2013 08/07/2008
Repayment Terms
54 payments $45.96
185 payments $80.10
239 payments $85.91 $68.86
1 payment $86.78 $61.36 $67.46
APR as low as 5.50% 5.50%
APR during Deferment Period 5.04%
APR during Repayment Period 5.50%

These are examples of current program offerings based on student-only borrowers with excellent credit attending a four-year school and are subject to change. The interest rates used above are based on the Prime Rate. The current index is 5.0%, based on the value of the Prime Rate from the first business day of June of 2008. The interest rate and payments are variable and adjusted quarterly. The interest rate and APR will increase or decrease during the list of the loan if the Prime Rate Index increases or decreases. Using a qualified cosigner may reduce the interest rate by 0.50% from the rates above.

The margins can vary from 0.50% to 9.0% and the origination fees can vary from 0.0% to 4.99% based on the school type and borrower and cosigner (if applicable) creditworthiness.

These are examples of current program offerings and are subject to change.
Graduate Loan Repayment Example
Defered Principal and Interest
Amount Requested $10,000.00
Origination Fee 0.00%
Principal Amount of Loan $10,000.00
Interest Rate 5.50%
Term 240 months
Fund Date 7/1/2008
Deferment 24 months
Grace 6 months
Total Deferment 30 months
First Payment Date 02/07/2011
Repayment Terms
239 payments $78.33
1 payment $77.55
APR during Deferment Period 5.28%
APR during Repayment Period 5.50%

These are examples of current program offerings based on student-only borrowers with excellent credit attending a four-year school and are subject to change. The interest rates used above are based on the Prime Rate. The current index is 5.0%, based on the value of the Prime Rate from the first business day of June of 2008. The interest rate and payments are variable and adjusted quarterly. The interest rate and APR will increase or decrease during the list of the loan if the Prime Rate Index increases or decreases. Using a qualified cosigner may reduce the interest rate by 0.50% from the rates above.

The margins can vary from 0.50% to 9.0% and the origination fees can vary from 0.0% to 4.99% based on the school type and borrower and cosigner (if applicable) creditworthiness.

These are examples of current program offerings and are subject to chang
Further information here

OVERVIEW of Undergraduate Private Education Loan

Overview

Chase makes getting your student loan fast and easy. When it comes to your educational funding needs, you can't afford to wait. Chase has streamlined the loan process - so you can get the money you need quickly.
Eligibility

* You must be an undergraduate/graduate student 18 years of age or older.
* Undergraduate students must be enrolled at least half-time in a degree or certificate program at a Chase approved school. (For students attending less than half-time, please see the Chase Continuing Education Loan.)
* Graduate students must be enrolled at least half-time in a graduate or professional program at a Chase approved school . (For students attending less than half-time, please see the Chase Continuing Education Loan.)
* At least one applicant1 must be creditworthy and must be a U.S. citizen or Permanent Resident.

Note: An approved school is any accredited degree-granting institution of higher education approved by Chase.
Deferment2

Defer payments until after you graduate! Deferment options differ depending upon the student's status.

For undergraduate students:

* Defer Principal and Interest
Make no payments for up to four years while continuously enrolled in school (5 years if enrolled in 5-year degree program). Repayment of principal and interest then begins within 180 days after graduation or withdrawal from school.
* 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 school principal and interest then begins plus approximately 45 days after graduation or withdrawal from school.
* Immediate Repayment of Principal and Interest
Pay principal and interest 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 in 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.

Loan Process

Here's how the loan process works:

* To request your loan, apply online or call the number above, toll-free.
* Once your application is submitted, you can be conditionally approved in as little as 60 seconds!3
* Download your loan documents online or we can mail them to you.
* Complete, sign and return (by fax or mail) your pre-filled loan documents and the required verification documentation materials.
* Once these documents are received, your application will be processed as quickly as possible ... we can mail your funds to you in as little as two days if you qualify.

Loan Servicing

Chase Student Loan Servicing, LLC is pleased to service your loan. We pride ourselves on providing accessible and personalized service together with convenient telephone access to your account information. Shortly after your loan is processed and funded, we will contact you with your repayment information.

If you have any questions about your new loan, please contact one of our customer service representatives at customerservice@collegeloansite.com or call the number above, toll-free Monday through Friday, 8AM to 5PM (EST).

1. You may need a co-signer since this is a credit-based loan.

2. Interest continues to accrue during deferment and will be added to the principal balance of your loan quarterly.

3. Subject to verification of application information.
Further Information

Financing News: - "Education Loan for Undergraduate Private Education"

Undergraduate Private Education Loan

* Overview
* Repayment Examples
* Frequently Asked Questions

Get Money When You Need It Most
When you need help with college expenses...

Chase offers a Private Education Loan Program that provides up to $40,000 per academic year to cover any of your education related expenses. We make getting your money fast and easy and make no payments until after graduation!
Loan Amount up to $40,000 per academic year ... up to $150,000
Processing Time preliminary approval in minutes on the phone or Web
Repayment Begins 6 months after graduation with most repayment options
Interest may be tax-deductible1
Web Application Apply quickly and easily online
No payments until after graduation2

Get the money you need now ... and choose a repayment term that doesn't begin until after graduation (see repayment examples). Apply today to take advantage of our competitive interest rates.

Remember, you can use the Chase Private Education Loan for any qualified education-related expenses including:

* tuition
* living expenses
* books
* computer equipment
* even past-due tuition bills

It's up to you! But don't wait to apply, take care of your college expenses now!
Apply now!

There are no complicated forms or lengthy interviews. Best of all, this is a credit-based loan so your request won't be denied for making too much money or having other financial aid. Simply apply online or call us at the number above, toll-free.

1. Consult your tax advisor regarding the deductibility of interest.

2. May not apply to Continuing Education students.

More information see here

- Repayment Plans for Federal education loans

There are four main repayment plans for Federal education loans, consisting of Standard Repayment and three alternatives. Each of the alternatives has a lower monthly payment than Standard Repayment, but this extends the term of the loan and increases the total amount of interest repaid over the lifetime of the loan.

Types of Repayment Plans

The repayment plans are as follows:

* Standard Repayment. Under this plan you will pay a fixed monthly amount for a loan term of up to 10 years. Depending on the amount of the loan, the loan term may be shorter than 10 years. There is a $50 minimum monthly payment.

* Extended Repayment. This plan is like standard repayment, but allows a loan term of 12 to 30 years, depending on the total amount borrowed. Stretching out the payments over a longer term reduces the size of each payment, but increases the total amount repaid over the lifetime of the loan.

* Graduated Repayment. Unlike the standard and extended repayment plans, this plan starts off with lower payments, which gradually increase every two years. The loan term is 12 to 30 years, depending on the total amount borrowed. The monthly payment can be no less than 50% and no more than 150% of the monthly payment under the standard repayment plan. The monthly payment must be at least the interest that accrues, and must also be at least $25.

* Income-Contingent Repayment. Payments under the income contingent repayment plan are based on the borrower's income and the total amount of debt. Monthly payments are adjusted each year as the borrower's income changes. The loan term is up to 25 years. At the end of 25 years, any remaining balance on the loan will be discharged. The write-off of the remaining balance at the end of 25 years is taxable under current law. There is a $5 minimum monthly payment. Income Contingent Repayment is available only for Direct Loan borrowers.

* Income-Sensitive Repayment. As an alternative to income contingent repayment, FFELP lenders offer borrowers income-sensitive repayment, which pegs the monthly payments to a percentage of gross monthly income. The loan term is 10 years.

* Income-Based Repayment. The College Cost Reduction and Access Act of 2007 introduced income-based repayment as a more generous alternative to income-sensitive and income-contingent repayment, starting on July 1, 2009. Unlike income-contingent repayment and income-sensitive repayment, it is available in both the Direct Loan and FFELP programs. Income-based repayment is like income contingent repayment, but caps the monthly payments at a lower percentage of a narrower definition of discretionary income.

All six plans are available for student loans, but only the first three plans are available for parent loans.

Source: finaid.org

- Student Loan Network

Student Loan Network is here to help students and parents find the best student loans, including federal student loans, private student loans and student loan consolidation. Be sure to check out our student resources pages for financial aid tips, free downloads and the answers to all your financial aid and student loan related questions. For more information about student loan network, you can visit studentloannetwork.com.

Source: studentloannetwork.com.

- EdFed Private Loan Consolidation

EdFed private loan consolidation means combining your outstanding private education loans into one loan, including private loans used to cover educational expenses such as tuition, housing and/or other educational expenses. This is in addition to already consolidated private educational loans. Consolidating your private educational loans with EdFed allows you to lower your monthly payment significantly by lengthening the term of your loans, while receiving a low variable interest rate. This is possible even if your private educational loans are held by more than one lender or are of different types.

Source and more info: edfed.com

- Private Student Loan Consolidation

Private student loans cannot, in general, be consolidated with federal student loans. The low interest rates on federal consolidation loans are not available to private education loans. Nevertheless, there are several options for refinancing private education loans.

Since most private education loans do not compete on price, a private consolidation loans is merely replacing one or more private education loans with another. So the main benefit of such a consolidation is obtaining a single monthly payment. Also, since the consolidation resets the term of the loan, this may reduce the monthly payment (at a cost, of course, of increasing the total interest paid over the lifetime of the loan).

However, since the interest rates on private student loans are based on your credit score, you may be able to get a lower interest rate through a private consolidation loan if your credit score has improved significantly since you first obtained the loan. For example, if you've graduated and now have a good job and have been building a good credit history, your credit score may have improved. If your credit score has increased by 50-100 points or more, you may be able to get a lower interest rate by consolidating your debt with another lender. You can also try talking to the current holder of your loans, to see if they'll reduce the interest rate on your loans rather than lose your loans to another lender.

Source and more info: finaid.org

- Student Loan Consolidation

It is important to know a student loan consolidation before students apply for the loan in a loan company. A student loan consolidation loan, also known as school loan consolidation, is a refinancing program where you the borrower transform all your student loans into one loan with a fixed rate, one monthly loan payment and one lender!

Consolidation gives you the opportunity to reduce the size of your monthly payment by extending the standard 10-year repayment plan to 15 to 30 years. When combined with low Federally-mandated interest rates, student loan consolidation enables you to pay less per month, improving your cash flow.

Extending the loan for that length of time may actually increase your overall repayment amount over time. However, depending upon the determined fixed interest rate, the amount of loan balances outstanding and the monthly amount you choose to pay, your actual student loan repayment costs may be reduced with consolidation!

More information: studentbenefitservices.com