There are four. Education One Loans can be used for Undergraduate/Career Education (including Technical and Trade Education), Graduate/Professional Education, Continuing Education, and K-12 Education. Please see the individual loan types or answers to other Frequently Asked Questions for more details.
You may receive from $1,500 - $35,000 per year based on cost of attendance at the school, your credit ability, and loan type. There is a cumulative (lifetime) maximum of $130,000.
Borrowers must be U.S. citizens, nationals, or permanent residents. Borrowers must be creditworthy. International students may apply with an eligible U.S. co-signer. Students who do not meet credit, income, and/or employment guidelines should also apply with an eligible co-signer who does meet these requirements. A co-signer can be a parent or any other eligible adult sponsorÑlike another relative, spouse, or friend. For K-12 Education loans, borrowers may be eligible parents, guardians, relatives or other adult sponsors.
There is an origination fee that is determined by the loan program, repayment option, credit history, and whether a co-signer is included. (Including a creditworthy U.S. co-signer may reduce the origination fee.) This fee can range from 3.0% - 10.5% and is added to and financed with the loan amount. There is no repayment fee. For more information about this fee, click here.
The interest rate for Education One is based on the London Interbank Offered Rate (LIBOR) plus a margin based on the loan type. LIBOR moves in smaller increments than the Prime Rate, and rate changes have been similar to those of the United States Treasury Bill. This rate is adjusted monthly based on the one-month LIBOR published in The Wall Street Journal on the first business day of the immediately preceding calendar month. For more information and the current interest rate.
Creditworthy students, parents or other adult sponsors may receive Education One loans. Borrowers must be U.S. citizens, nationals, or permanent residents. International students may apply with an eligible U.S. co-signer. Students who do not meet credit, income, and/or employment guidelines should apply with an eligible U.S. co-signer who does meet these requirements.
Each state has a minimum age requirement for entering into contracts. For most states, it's 18.
Most students will need a co-signer to qualify for an Education One loan. Creditworthy students may apply without a co-signer if they meet all three of these requirements:
- Employed full-time for the previous 2 years with the same employer or working in the same field, and continuing that full-time employment while attending school, and
- Have at least 2 years credit experience, and
- Be a U. S. citizen or a permanent resident of the United States for the previous 2 years.
Students who do not meet these requirements may apply with an eligible U.S. co-signer. Including a creditworthy co-signer may also reduce the origination fee Ñ even for students who qualify on their own.
No. You may apply for an Education One loan at any time.
When you call or apply online, please have this information available: Full name, Social Security Number, date of birth, permanent home address and years at that address, own/rent and monthly housing payment, home phone, employer and how long employed, business phone, occupation/position, gross annual income, and a reference. If a co-signer is applying with you, the co-signer will also need to provide the same information. All applicants will be asked if they have ever defaulted on an education loan or declared bankruptcy.
One proof of enrollment must be provided for the loan period for which you are applying before final loan approval. Acceptable proof of enrollment includes:
- A copy of the tuition bill from the school, OR
- A copy of the acceptance letter from the school verifying enrollment, OR
- A copy of the registration schedule from the school printed with the student's name
One proof of income must be provided before final loan approval. If applying with a co-signer, the co-signer must also provide this information. Acceptable proof of income includes:
- A copy of a current paycheck stub with year-to-date earnings, OR
- A letter from the employer on company stationery listing hire date, full-time status, hours worked and salary, OR
- For self-employed individuals, tax returns complete with all schedules and signed for the last two years, OR
- For retired individuals, 1099 forms for the last two years
If during the application process you find your school is not listed as a participating school, please contact us by phone at 1-888-289-3133 or through our online contact form. Please provide the name and address of your school, a phone or fax number, and, if possible, the name of someone at the school who might like to receive information about the Education One loan program. We will then contact the school about participation and notify you as to the result.
Undergraduate/Career Education and Graduate/Professional Education students must be enrolled at least half-time. Students who are enrolled less than half-time (part-time) at any participating school will receive the Continuing Education loan, regardless of school type or education program.
Apply online for more funds if you have not reached the annual maximum amount for which you're eligible. Or you may apply by phone at 1-866-440-6295.
You may apply for an Education One loan or check the status of a loan online at any time. You may also check your loan status through our automated system by
calling
1-888-289-3133.
For telephone pre-approval, customer service representatives are available at
1-866-440-6295 8 AM - 8 PM Monday - Friday, and Saturday 9 AM - 5 PM Eastern Time. Extended hours until 11 PM are available Monday - Friday during the peak months of July, August and December.
For assistance with a loan in process, customer service representatives are available at 1-888-289-3133 8 AM - 8 PM Monday - Thursday, and Friday 8 AM - 5:30 PM Eastern Time.
The fax number is 1-800-704-9407. Please remember to include your income and enrollment verification with your signed application/promissory note.
Chase
Education One Loans
31 St. James Avenue, 6th Floor
Boston, MA 02116
- 0.25% interest rate reduction is available for borrowers who elect to have monthly principal and interest payments automatically transferred from a savings or checking account.
This interest rate reduction will begin when automatic principal and interest payments start, and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate will return to contract rate if automatic payments are cancelled, rejected, or returned for any reason.
- An additional 0.25% interest rate reduction is available upon request to borrowers whose first 36 payments of principal and interest are paid on time.
At any time prior to the 36th on time payment, the borrower must elect to have monthly principal and interest payments automatically transferred from a savings or checking account, and continue to make such automatic payments through the 36th payment. The 0.25% reduced interest rate for achieving 36 on-time payments will not return to contract rate if, after receiving the benefit, the borrower discontinues automatic payments.
The lender and servicer reserve the right to modify or discontinue borrower benefit programs at any time without notice.
Apply online or by phone at 1-866-440-6295 and you may receive pre-approval for a loan in minutes. The application process for Education One is fast and easy. Your pre-printed application will be sent to you either by mail or by e-mail, which you can then print from your PC. Return your signed application along with your income and enrollment verification either by mail or by fax to 1-800-704-9407. Once your qualified written application is received and verified (usually within 1 business day), your funds can be sent within 2 business days.
You may check your loan status online or by phone when you call 1-888-289-3133. The SSN is needed to access the information, and if the borrower applied online, the password the borrower created when applying is also needed.
Yes. Loan checks are normally sent by U.S. mail regular delivery. If you would like to arrange for overnight or second day delivery, please call 1-888-289-3133 and provide a credit card number for your account to be charged for the service.
One. Funds are sent directly to the borrower. In some cases (at the school's request), checks may be made co-payable to the school.
Upon request, co-signers are eligible for co-signer release if the first 48 payments of principal and interest are paid on time and at any time prior to the 48th on-time payment, the borrower elects to have monthly principal and interest payments automatically transferred from a savings or checking account and continues to make such automatic payments through the 48th payment.
The borrower must meet credit criteria at the time of the co-signer release. The co-signer release is available for Undergraduate/Career Education, Graduate/Professional, and Continuing Education loans.
Education One loans can be used for all education-related expenses including tuition, room and board, off-campus housing, living expenses, transportation, uniforms, books, fees -- even a computer and previous school fees.
Yes. Students do not need to be currently enrolled to borrow for a previous term if there are still outstanding balances.
Yes. Proof of enrollment must be supplied to receive a loan. Minimum loan amount is $1,500.
For the Undergraduate/Career Education loan, there are three repayment options:
- Immediate repayment of principal and interest, or
- Immediate repayment of interest only. Principal payments are deferred (postponed) while the student is in college for up to four years while continuously enrolled in a 4-year program (five years if continuously enrolled in a 5-year program), or
- Total deferment of both principal and interest payments for up to four years while the student is continuously enrolled in a 4-year program (five years if continuously enrolled in a 5-year program) plus a six-month grace period after the student graduates or ceases to be enrolled at least half-time.
- For the Graduate/Professional Education loan, both principal and interest are automatically deferred while the student is in school and during the six-month grace period after the student graduates or ceases to be enrolled at least half-time.
- For the Continuing Education loan (for students who attend less than half-time, regardless of school or education program), repayment begins based on the following:
- If the student is enrolled in a degree or certificate-granting program at the school, repayment begins the earlier of the dates which are (i) 180 days after the student graduates or earns the certificate, (ii) 180 days 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-granting program at the school, repayment begins the earlier of the dates which are (i) 180 days after the end of the academic period to which the loan relates, or (ii) 180 days after the student ceases to be enrolled at the school.
- For the K-12 Education loan, repayment of principal and interest begins 30-45 days after the loan is disbursed.
The repayment term is based on the total amount you borrow. The maximum repayment term is 20 years. For more information on the repayment term.
- Undergraduate/Career Education students who choose immediate repayment of both principal and interest or immediate repayment of interest only, begin repayment 30-45 days after the loan is disbursed. If both principal and interest are deferred, repayment begins 180 days (six months) after graduation or less than half-time school attendance.
- Graduate/Professional Education students begin repayment 180 days after graduation or less than half-time school attendance.
- Continuing Education students (those who attend less than half-time, regardless of school type or education program), begin repayment based on the following:
- If the student is enrolled in a degree or certificate-granting program at the school, repayment begins the earlier of the dates which are (i) 180 days after the student graduates or earns the certificate, (ii) 180 days 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-granting program at the school, repayment begins the earlier of the dates which are (i) 180 days after the end of the academic period to which the loan relates, or (ii) 180 days after the student ceases to be enrolled at the school.
- K-12 Education borrowers begin repayment 30-45 days after the loan is disbursed.
The minimum monthly principal and interest payment will be at least $25. Interest-only payments will be determined by the loan amount.
Yes, for Undergraduate/Career Education students who choose to defer both principal and interest while in school, there is a six-month grace period following graduation or from the time the student ceases to be enrolled at least half-time before repayment of principal and interest begins. For Graduate/Professional Education students whose principal and interest payments are automatically deferred while in school, there is also a six-month grace period following graduation or less than half-time school attendance before repayment begins. For Undergraduate/Career Education students who choose immediate repayment of interest only or immediate repayment of both principal and interest, repayment of interest or principal and interest begins 30-45 days after disbursement. Repayment for Continuing Education students begins based on the following:
- If the student is enrolled in a degree or certificate-granting program at the school, repayment begins the earlier of the dates which are (i) 180 days after the student graduates or earns the certificate, (ii) 180 days 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-granting program at the school, repayment begins the earlier of the dates which are (i) 180 days after the end of the academic period to which the loan relates, or (ii) 180 days after the student ceases to be enrolled at the school.
Yes. Undergraduate/Career Education students may choose to defer both principal and interest, or may choose to defer just the principal and make interest-only payments while attending school for up to 5 years, plus a six-month grace period. Principal and interest payments are automatically deferred for Graduate/Professional Education students while attending school for up to 5 years, plus a six-month grace period. Principal and interest payments are also automatically deferred for Continuing Education students while attending school for up to 2 years depending on the education program.
To reduce the total amount of interest you repay, consider making interest payments while the student is in college. You can also reduce interest costs by accelerating the repayment of your loan and reducing your loan principal and subsequent interest. One way to do this is to increase your monthly payment. The additional amount you pay goes directly to reducing the principal. With Education One loans, there is no prepayment penalty.
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