Chase Health Residency Loan

The Chase Health Residency Loan is a private student loan that can cover expenses—including travel for job interviews, relocation costs and exam prep courses—during your final year of school.

Benefits:

• Up to $15,000 available
• Cosigner release available
• 0.25% interest rate reduction for enrolling to make payments automatically from bank account
• Loan can be approved up to a year before and six months after anticipated graduation

Interest rate reductions:

• 0.50% reduction immediately at repayment — Make the first 48 payments on time and keep the discount
• 0.25% reduction for enrolling to make payments automatically from a bank account

The Chase Health Residency Loan may be used only once — even if less than the maximum amount is borrowed.

Repayment terms:

• Standard level 20-year repayment
• 12-month grace period before repayment begins
• Up to 48 months of residency deferment
• Interest can be deferred during school, grace period, residency deferment and hardship forbearance — Unpaid interest is capitalized at repayment
• Residency Deferment is up to 48 months (in 12-month increments)
• Hardship Forbearance is up to 12 months (in 3-month increments)

If you'd prefer to apply by mail, please download these forms:
Chase Health Residency Loan
Chase Health Residency/Internship Program Certification Form

*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 Health Education Private and Health Residency Loans, can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of education. Chase Health Education Private and Health Residency 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. Cosigner release is subject to certain conditions, including (i) the borrower must make 24 consecutive on-time principal and interest payments, and (ii) the borrower must be creditworthy at the time of the request to release the cosigner. Terms and conditions apply. Benefit programs are subject to change.

Upon request by the primary borrower, cosigners are eligible to be released from the loan if the first 24 payments of principal and interest are paid on time, or if any 36 consecutive payments of principal and interest are paid on time at any time after graduation. The borrower must meet credit criteria at the time of cosigner release. Other terms and conditions may apply.

For a $15,000 loan with a 0% origination fee, monthly payments would be $155.64 over 20 years with a variable Annual Percentage Rate remaining equal to 7.0%. Example assumes two disbursements with a 48-month deferment period and a 12-month grace period, and a 0.50% interest rate reduction at repayment. Rates may increase or decrease after consummation. Rates as of 1/01/08. This information was current as of 03/01/2008.

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