A Chase Select loan is a credit-based private student loan that must be
certified (or verified) by your school's financial aid office. Your school may
require you to complete the Free Application for Federal Student Aid (FAFSA) to
determine your loan eligibility. A Chase Select loan can be used for any
qualified education expenses when federal loans and other financial aid aren’t
enough.*
Federal student loans, like Stafford and PLUS loans, usually have lower
interest rates than private student loans and may include government-subsidized
payments. Federal loans have standard rates and fees, though borrower benefits
may vary by lender. Federal loans have fixed interest rates, while private
loans, like the Chase Select loan, typically have variable interest rates.
Chase provides funds for federal student loans but also offers private loans
like the Chase Select loan. Private student loans 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 exhaust 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. The
minimum loan amount is $500.*
*Maximum annual loans up to cost of attendance, minus other aid, as certified by
the school. Aggregate maximum loan limits apply.
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:
-
Enrolled in a degree or certificate program at a Chase-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
-
The legal age of majority for the state of residence at the time of
application, usually 18 years or older (19 in Nebraska and 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
-
Immediate repayment:
You will begin making principal and interest payments no more than 60 days
after the final disbursement date.
-
Deferred principal and interest:
Principal and interest repayment begins six months after graduation or when you
are no longer enrolled in school or, if requested and approved, nine months
after your graduate health professions residency is completed.
-
Interest only: Interest-only payments will begin no more than
60 days after the final disbursement date. Repayment of principal and interest
will begin six months after graduation or when you are no longer enrolled, or,
if requested and approved, nine months after your graduate health professions
residency is completed.
Note: Interest continues to accrue during deferment and will be
added to the principal amount of your loan upon entering repayment, which may
increase the total cost of your loan.
Yes. You can choose from the following Chase Select Private Student Loan
repayment options when you apply:
-
Defer principal and interest:
Make no payments while continuously enrolled in school or in a health
professions residency. Principal and interest repayment begins six months after
graduation or when you are no longer enrolled in school or, if requested and
approved, nine months after your graduate health professions residency is
completed.
-
Interest only:
Repay only your interest while continuously enrolled in school or in a health
professions residency. Interest-only payments will begin no more than 60 days
after the final disbursement date. Repayment of principal and interest will
begin six months after graduation or when you are no longer enrolled or, if
requested and approved, nine months after your graduate health professions
residency is completed.
-
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 deferment and will be
added to the principal amount of your loan upon entering repayment, which can
increase the total cost of your 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 any or all 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 Specialist
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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