CHASE SELECTSM
HEALTH PROFESSIONS PRIVATE LOAN FAQs

A Chase Select Health Professions Private Loan is a credit-based private student loan that has been certified by your school's financial aid office. It can be used for qualified education-related expenses and can fill the gap for expenses that exceed federal loans or other aid. Contact your financial aid officer for more information.

The annual maximum borrowing limit can be up to the yearly cost of education (minus any aid received), as determined by your school's financial aid office. The minimum loan amount is $500. The cumulative student loan limits vary depending on the healthcare discipline you are studying. Contact your financial aid officer for more information.

Students pursuing the following healthcare disciplines are eligible to be approved for Chase Select Health Professions Private Loans:

Discipline: Allopathic
Osteopathic
Dentistry
Podiatry
Optometry
Pharmacy
 Veterinary Medicine
Physicians Assistants
Physical Therapy
Occupational Therapy
Chiropractic
Nursing
Audiology
Clinical Psychology
Dental Hygiene
Dietetics/Nutrition
Epidemiology
Speech-Language Pathology
Allied Health
Public Health
Other Health Profession Disciplines
Aggregate
(lifetime) loan limit,
maximum:		 $250,000
Annual
loan limit,
minimum:		 $500

Eligible borrowers must:

  • Be enrolled in a Chase Health Education Program-participating school at least half time
  • Be a citizen or permanent resident of the United States (applies to both borrower and cosigner)
  • Have a United States address (no P.O. Boxes)
  • Be at least 18 years of age or other age required by applicable law (applies to both borrower and cosigner)

    Benefits include:

  • 0.25% interest rate reduction for having monthly payments automatically deducted from your bank account (ACH) by Chase
  • Cosigner release available after making 36 consecutive on-time payments—borrower must request and meet certain credit criteria at the time of request
  • No origination or repayment fees

Benefits are subject to change.

The interest rates are based on borrower and (as applicable) cosigner credit rating. The rates range from the Prime Rate minus 1.00% to Prime plus 5.50%. The Prime Rate is a variable rate that is updated on the first day of each quarter (January 1, April 1, July 1, October 1) using the index found in The Wall Street Journal on the first business day of the preceding month, rounded to the nearest 0.01%.

Call a Chase Health Education Program Specialist toll-free at 1-800-211-6730 Monday - Friday between 8 AM and 7 PM Eastern.

Federal student loans, like Stafford and PLUS loans, usually have lower interest rates than private student loans and may include government-subsidized interest payments during qualifying periods of enrollment and deferment. Federal loans have standard rates and fees that don't vary by lender, though borrower benefits may. Chase provides funds for federal student loans but also offers the Chase Select Health Professions Private Loan. Private loans are designed to supplement federal loans when federal loans aren't enough to cover the entire cost of your education.

You should always exhaust your federal student loan options before applying for private loans.

*Important Information:
Private Loans—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 Health Professions Private Loan, can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of education. Private loans are subject to credit approval, receipt of a completed and signed Application/Promissory Note and other required documentation, and verification of income and enrollment. The 0.25% interest rate reduction for ACH is available to borrowers who arrange with the loan servicer to automatically deduct monthly payments from their bank account. The interest rate reduction will begin when automatic principal and interest loan payments start and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate may return to the non-discounted rate if automatic payments are canceled, rejected or returned for any reason. The interest rate reductions will not lower the monthly payment amount but instead will reduce the interest that accrues, thereby reducing the total amount repaid and the loan term. Upon request by the primary borrower, cosigners are eligible to be released from the loan if any 36 consecutive payments of principal and interest are paid on time after graduation. The borrower must meet credit criteria at the time of the cosigner release. Other terms and conditions apply. Benefit programs are subject to change. This information was current as of 05/01/2008.

Chase may sell your loan to another lender, but the terms and conditions of your loan will not be affected by the sale. For further information, please go to www.Chasestudentloans.com/saledisclosure. This information was current as of 06/02/2008.