Before consolidating student loans, a former student must determine whether they financed their education using federal loans, private loans, or a mixture of both. This conclusion may not be as easy to determine and certainly would not be determined merely by asking “whether the student received funding from Chase.” Although Chase currently only provides private loans, not too long ago they were also providing funds for federal student loans. The reason a student must determine how they financed their education is because a federal student loan and a private student loan cannot be consolidated together, but must consolidate separately.
A CHASE STUDENT LOAN CONSOLIDATION REVIEW
WHAT IS CHASE PRIVATE STUDENT LOAN CONSOLIDATION?
If a student has received a number of private loans to help finance their education, said student can (subject to credit approval) consolidate their private loans, as long as the collective amount of the loans they are looking to consolidate have a value between $7,500 and $150,000. Again, however, the ability to consolidate in this case is subject to one’s credit history.
Nonetheless, if a person qualifies for a Chase Private Student Loan Consolidation they will happily find that their multiple loans will be formed into a single consolidated loan with a single monthly payment. They may be unhappy to find, however, that the consolidated loan will forever float on a variable interest rate tethered to the market’s conditions.
WHAT IS CHASE FEDERAL STUDENT LOAN CONSOLIDATION?
In the past, if a student accepted a number of federal student loans to finance their education, regardless of whether they also accepted private student loans, Chase provided them the opportunity to consolidate their federal student loans into a single lump sum, where their multiple monthly payments would reduce a single loan payment every month. The Federal Student Loans, unlike the private loans, would comfortably rest on a fixed interest rate, and the consolidation would not require a credit check of any kind.
At this current moment in history, however, Chase no longer provides federal student loans. Instead, federal student loans are only available directly from the federal government.
TOP 10 PRIVATE STUDENT LOAN NETWORK CONSOLIDATION COMPANIES:
- Sallie Mae
- Citi Student Loans
- Wachovia Education Finance Inc.
- Wells Fargo Education Financial Services
- Bank of America
- JP Morgan Chase Bank
- Pittsburgh National Corp
- U.S Bank
- Discover Bank
WHAT ARE THE TYPES OF FEDERAL STUDENT LOANS?
- Federal Direct Consolidation Loans
- Federal Direct PLUS Loans
- Federal Direct Subsidized Stafford Loans
- Federal Direct Unsubsidized Stafford Loans
- Federal Perkins Loans
As a reminder, Chase no longer offers federal student loans of any kind, the above list included.
WHAT IS CHASE SELECT?
- A private student loan that Chase specifically certifies
WHAT ARE THE CHASE SELECT BENEFITS?
- Allows students to borrow up to the cost of attendance
- Allows students to borrow for the entire academic year (this annual amount must be certified by the school).
- The funds borrowed are sent straight to the academic institution
- The loans have zero origination or repayment fees
- In-school deferment repayment options (although interest continues to accrue during this time)
Remember, borrowing money is serious business so keep your business head while you are attending college. College is a great opportunity, but accepting loans, to put off its cost, commits you to take personal responsibility of your future finances, regardless of your success in school, or your success thereafter.
Hence, make as many intelligent decisions you can while you are in school.