Chase Select Private Student Loans
| Who Is the Borrower? | Eligible graduate students; borrower or co-borrower must be a U.S. citizen or permanent resident. |
| Interest Rate | Variable interest rate is indexed to the 3-month LIBOR rate as published in the Wall Street Journal. Rates are tiered and for borrowers with a co-borrower, range from 3-month LIBOR plus 3.25% up to 3-month LIBOR plus 9.25%. Rates for borrowers without a co-borrower range from 3-month LIBOR plus 5.50% up to 3-month LIBOR plus 8.00%. Rates are capped at 25%. Rates are reset quarterly. |
| Credit Criteria | Approval and interest rates are based on the student borrower’s and/or co-borrower’s creditworthiness as determined by Chase. |
| Fees | There are no origination, disbursement, repayment or default/insurance fees. |
| Minimum and Maximum Allowed | For most students loans are approved from $1,001 up to the total cost of education minus any financial aid, including any Federal Direct Stafford Student Loan. The maximum aggregate limit, including all the borrower’s other education debt, is $250,000. |
| Repayment Terms and Grace Period | Standard repayment of principal and interest in a fixed monthly amount and begins no more than 60 days after the final disbursement date. The maximum repayment period is 25 years for loan amounts of $30,000 or more. No prepayment penalties. |
| Enrollment Status | Students must be enrolled at least 6 credits per semester in a degree program. |
| Deferment Options | Options for interest-only repayment and deferment of principal and interest. Repayment of principal and interest begins 5.5 years after the first disbursement or 6 months after the student ceases to be enrolled, whichever occurs first. Hardship forbearance may be granted under certain circumstances. |
| Can Loan be Sold? | Chase states that it services its Chase Select Private Student Loans and does not sell them to another lender. |
| Other Borrower Benefits | An interest rate reduction of 0.25% is available to borrowers in repayment who elect to have their monthly payments automatically deducted from a bank account by Chase. Co-borrower release is available after 36 consecutive on-time payments. Loans to pay previous school fees are limited to the amount owed to the school. |
| Loans Offered for Residency, Relocation or other Expenses? | Not available. |
| How to Apply | Get more information and/or apply online: http://www.chaseselectloans.com
Call Chase at: 866-306-0868 or Student.Loans@chase.com |
This information is based on information provided by lenders identified in response to a Request for Information issued by Boston University. The terms and conditions of any loan may vary depending on, among other things, market conditions and your credit score. Proposed terms may have changed since lenders provided information to Boston University. You should contact the lender to obtain current terms and information. You should review any proposed terms and obligations carefully.
