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 qualified education
expenses when federal loans, grants and other financial aid aren’t enough to
cover your 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
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:
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Enrolled in a degree or certificate program at a Chase Select-participating school
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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
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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 repayment option selected.
Repayment options for Chase Select loans
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Immediate repayment:
You will begin making principal and interest payments no more than
60 days after the final disbursement date of your loan.
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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 the 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 applicable, 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.
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