|
The following information is designed to help you better understand the interest
rates associated with federal and private student loans offered by Chase.
Federal Loans
 Interest
rates on variable federal student loans are set by Congress. For loans issued between
July 1, 1998, and June 30, 2006, the rates are variable and change each July 1 based
on a formula related to short-term Treasury securities. Stafford loans are capped
at 8.25% and Parent PLUS loans may not exceed 9.00%. Interest rates on new federal
student loans first disbursed on or after July 1, 2006 have a fixed interest rate.
The variable federal student loan interest rates have been set for 2009-2010.
Effective July 1, 2009, through June 30, 2010, the new rates for
variable student loans are as follows for loans that were first disbursed between
July 1, 1998, and June 30, 2006:
Federal Stafford Loan Rates
|
Period |
Rate |
|
During school, grace and deferment periods |
1.88% |
|
During active repayment, including forbearance periods |
2.48% |
Federal Parent PLUS Loan Rate
|
Period |
Rate |
|
For all periods during repayment, including forbearance and deferment |
3.28% |
The rates for loans disbursed on or after July 1, 2008, will be
a fixed rate as follows:
Federal Stafford Loan Rates (undergraduate subsidized)
|
Period (includes loans in school, grace, deferment and repayment periods) |
Fixed Rate |
|
Loans first disbursed between 07/01/2008 and 06/30/2009
|
6.00%
|
|
Loans first disbursed between 07/01/2009 and 06/30/2010
|
5.60%
|
|
Loans first disbursed between 07/01/2010 and 06/30/2011
|
4.50%
|
|
Loans first disbursed between 07/01/2011 and 06/30/2012
|
3.40%
|
Federal Stafford Loan Rates (undergraduate unsubsidized and graduate)
|
Period |
Rate |
|
For all periods, including in-school, grace, deferment and repayment periods
|
6.80% fixed
|
Federal PLUS Rate
|
Period |
Rate |
|
For all periods during repayment, including forbearance and deferment |
8.50% fixed
|
Private Loans
Our private loan is based on the London Interbank Offered Rate (LIBOR). The
LIBOR index is variable and adjusted quarterly.*
School-Certified Private Student Loans
Chase SelectSM is a school-certified private student loan, which means
it requires your school to verify the loan amount and certify that you are enrolled
in that institution and that the loan is being used for qualified education expenses.
Your school must participate in this loan program in order for you to be eligible
to receive it.
Variable Interest Rate
for Chase Select
|
Month |
Current 3 Month
LIBOR Index
|
3 month LIBOR Index + a margin
(margins from 3.70% to 12.00%) |
January 1, 2010 - March 31, 2010
|
0.25% |
|
