Paying for college loans can be a tedious process. Even if you have been accredited with scholarship, you might need that extra money to fund your tuition fee or stationery expenses.
According to the Chase official information:-
- AES offers services for Chase Bank private student loan. Now you can query by:-
- Phone at 1-800-233-0557 in working days Monday to Friday and timing is 7:30 AM to 9 PM ET
- Online website: www.aesSuccess.org
- ACS offers services for Chase Bank federal student loan. Now you can query:-
- Phone at 1-800-835-4611 in working days Mon. to Fri. and timing is 8 AM to 11 PM ET
- Online website: www.acs-education.com
Applying for a private loan such as Chase, should be your choice only after you exhaust all kinds of Federal loans, such as the Stafford, the Perkins or the Federal Direct Plus Loan.
Private student loans are offered to those who have exhausted all other types of financial aid. American Education Services (AES) has been given the responsibility to service all student loans. These loans are available to undergraduates as well as graduate level students and even to those pursuing graduate-level medical programs. You should ensure before applying this type of education loan because you will never eligible for student loan forgiveness.
In order to be eligible for a student loan at this bank, you or your co-signer should have an account with the bank. This account can be in any form, such as savings account, checking account, deposit account, loan account or credit card account.
Once you prove your relationship status with the bank, you should also be enrolled in any certificate program or degree at schools supporting Chase Select loan program.
If you opt for a education loan, you will have to choose from three different repayment options namely – immediate, deferred and interest-only.
- Immediate payment saves you a lot of money in the long run as you would have paid the major chunk of the loan.
- Deferred payment eases the pressure of monthly payments while you are still in school. The amount can be repaid over the life of the loan.
- With the Interest-only option, the total outstanding amount is added to the principal balance and you are liable to pay once you leave school.
Some alternatives recommendation
As we know, Chase is a private lender that should be approached only in the end. There are several other private banks and institutions that provide student loan. Some of them are as follows:
- PNC – This bank offers undergrad, graduate and professional loans at a variable APR of 3.09% to 11.03% and a fixed APR of 6.26% to 12.99%. The maximum loan term is up to 15 years.
- College Ave Student Loans – The loan term offered by this financial institution is for 8, 10, 12, or 15 years. You can choose the period depending what suits your budget the best. It has a variable interest rate of 3.22% to 9.89% and a fixed interest rate of 5.24% to 11.76%.
- LendKey– It offers student loans only at fixed rates that range between 3.63% and 8.93%. The maximum term is 10 years for undergraduate and graduate loans. The rate of interest depends on your credit score along with the credit score of your co-signer. It also gives you discounts if you perform well in academics.
There are many such private players in the market who offer loans to the needy. It is advised to do a thorough market research before opting for a loan. You would not want to fall in to bad credit immediately after college. Only the loan that does not strain your budget should be your best bet.
It is recommended to file the Free Application for Federal Student Aid (FAFSA) before applying for any education loan. It is better to use all the grants and aids provided by the government before hunting for private loans such as Chase.