A Chase Select loan is a credit-based private student loan that must be certified
by your school's financial aid office. It can be used for any qualified education
expenses when federal student loans, grants and other financial aid aren't enough
to cover the cost of attendance.*
Federal student loans have fixed interest rates and may include federally subsidized
interest. Additionally, they have many flexible repayment and deferment options.
Federal Stafford, PLUS and consolidation loans are now available solely from the
Direct Loan program. Private student loans, like the Chase Select loan, are designed
to supplement federal loans when federal loans and other aid aren't enough to cover
the entire cost of your education. You should always consider exhausting your federal
aid, grants or student loan options before applying for a private student loan.
Chase Select loans can be used for any qualified education expenses up to the cost
of attendance minus other aid, as certified by your school, including tuition, living
expenses, books and a computer.
The annual maximum borrowing limit can be up to the annual cost of attendance (minus
other aid), as determined by your school's financial aid office.* Aggregate maximum
loan limits apply.
The minimum loan amount that can be requested under this loan program must be greater
than $1,000, except if the student applicant's permanent residence is in one of
the following states, then the minimum loan amounts for this loan program are as
follows: Colorado, greater than $3,000; Indiana, greater than $3,500; Oklahoma,
greater than $4,600; South Carolina, greater than $3,400; and Wisconsin, greater
than $2,000.
School financial aid officers and Chase want to ensure that students are borrowing
responsibly. Schools will certify your need for a Chase Select loan and verify the
amount you are eligible to borrow. Chase requests that your school certify your
Chase Select loan to confirm that you are currently enrolled and that the loan does
not exceed the difference between the cost of attendance and other aid.
Federal law requires that before a lender may disburse a private student loan to
a borrower attending an institution of higher education, the lender must obtain
a completed and signed self-certification form from the borrower.
You can obtain the information for the self-certification form from your school's
financial aid office. You may also find this information in the financial aid award
letter that you received from your school.
To be eligible for a Chase Select Private Student Loan you must meet our credit
criteria and be:
- Enrolled in a degree or certificate program at a Chase Select-participating school
- A U.S. citizen or permanent resident, or an international student with a valid Social
Security Number applying with a qualified U.S. citizen or permanent resident cosigner
- The legal age of majority for the state of residence at the time of application,
usually 18 years or older (19 in Alabama, 21 in Mississippi and Puerto Rico)
There are no origination or repayment fees.
Repayment varies depending on the loan type, program and repayment option selected.
Repayment options for Chase Select loans
- Immediate repayment: You will begin making principal and interest
payments no more than 60 days after the final disbursement date of your loan.
- Deferred principal and interest: Principal and interest repayment
will begin the earlier of six months after graduation or when you are no longer
enrolled in school, or 5 ½ years after the first disbursement date. If you begin
a medical residency or internship during the deferment period, then subject to your
written request and to our approval, we may extend the deferment end date for a
period of up to six months after the date your medical residency or internship ends,
but in no case will it be more than 8 ½ years after the first disbursement date.
- Interest only: Interest-only payments will begin no more than 60
days after the final disbursement date. Repayment of principal and interest will
begin the earlier of six months after graduation or when you are no longer enrolled
in school, or 5 ½ years after the first disbursement date. If you begin a medical
residency or internship during the deferment period, then subject to your written
request and to our approval, we may extend the deferment end date for a period of
up to six months after the date your medical residency or internship ends, but in
no case will it be more than 8 ½ years after the first disbursement date.
Note: Interest continues to accrue during in-school deferment and
will be added to the principal amount of your loan upon entering repayment, which
will increase the total cost of the loan.
Yes. You can choose a deferment option when selecting from the following Chase Select
Private Student Loan repayment options:
- Defer principal and interest: The deferment end date will be the
earlier of six months after you have graduated or are no longer enrolled in school,
or 5 ½ years after the first disbursement date. If you begin a medical residency
or internship during the deferment period, then subject to your written request
and to our approval, we may extend the deferment end date for a period of up to
six months after the date your medical residency or internship ends, but in no case
will it be more than 8 ½ years after the first disbursement date.
- Interest only: Interest only payments will begin no more than 60
days after the final disbursement date. The deferment end date will be the earlier
of six months after you have graduated or are no longer enrolled in school, or 5
½ years after the first disbursement date. If you begin a medical residency or internship
during the deferment period, then subject to your written request and to our approval,
we may extend the deferment end date for a period of up to six months after the
date your medical residency or internship ends, but in no case will it be more than
8 ½ years after the first disbursement date.
- Immediate repayment of principal and interest: Repay principal
and interest in a fixed monthly amount beginning no more than 60 days after the
final disbursement date.
Note: Interest continues to accrue during in-school deferment and
will be added to the principal amount of your loan upon entering repayment, which
will increase the total cost of your loan.
Once your payment due date is established, the date cannot be changed. However,
you may make a payment at any time before the due date without penalty.
You can prepay all or part of your loan at any time without penalty. Prepayment
can significantly reduce the total amount of interest you'll pay over the life of
your loan.
No. Repay your Chase Select loan at any time without a penalty or fee.
Apply online or contact a Student Loan Representative toll-free at 1-866-306-0868.
If eligible, you can electronically sign your loan application/promissory note online,
download and print it or request that we mail it to you. If you choose to sign paper
documents, you will need to complete and return the forms, along with the required
verification materials, by fax or mail.
We will also send you a letter or e-mail indicating what additional information,
if any, is needed to evaluate your loan application.
|
