Private and business banking juggernaut JPMorgan Chase has been in the banking industry since 1799 (in some form or another). Chase is everywhere, from investments to credit cards to auto loans to mortgages, with offices in 60 countries. They offer private loans for students in three types: Undergraduate, graduate and health professions, and each has its own rules and rates. If you bank with Chase, it’s very easy to link accounts with your student loan account. And in the Northeast, Chase is one of the most omnipresent banks out there, meaning if you have a question and want to speak to an actual person, in-person you’ll probably be able to find someone to help at one of the thousands of Chase branches.
Private Loan Name: Chase Select Private Student Loans
Loans for Which Students? Undergraduate, graduate and health profession students
Minimum/Maximum per Student: $500 – $120,000 for undergraduates, $500 – $180,000 for graduates, $500 – $250,000 for health education students
Rates: (varies depending on your credit history) 3 month LIBOR Index + a margin (margins from 3.25% to 9.25%)
Loan Fees: None
Repayment Terms: Up to 25 years, repayment starts after you finish school
Other Information: For undergraduate or graduate loans, you can be enrolled full or half time and still be eligible. If you have a cosigner (and if you have bad credit or no credit, you should get one to lower your interest rate), they can be released from the loan if you make 36 consecutive online payments. One way to do that is to have your loan payments automatically debited from your checking account, which will knock .25% off of your interest rate.
How to Apply/Contact: Apply online