Chase Select Undergraduate Loan

Rating:
Website: www.chaseselectloans.com
Phone Number for New Applicants:  (866) 306-0868
Hours of Operation:  M-F 8am-9pm; Sat 8am-5pm ET

• THIS IS A VARIABLE RATE LOAN.  Interest rates will change during life of loan based on changes to the 3-month LIBOR rate (to see current 3-month LIBOR , click here).
• Current Starting Interest Rates between 4.14% and 9.79%
  • Range in terms of index:  3 month LIBOR +3.60% to +9.25%
  • Student-only pricing at 7.95%:  3 month LIBOR + 7.70%
    
• Rates in effect after July 1, 2010
  

• Origination/Repayment Fees:  None
• Late Payment Fees:  Lesser of 5% of the amount of the past due payment or $25
  • Timing:  15 days after payment due, a payment is considered late
• Returned Payment Fees:  $25 or such lesser amount as allowed by applicable law
• Forbearance Fees:  None

• Standard Repayment Term:  20 years standard, 25 years for loans greater than $30,000
• Interest-only payments required while borrower is in school:  No
• Prepayment Penalties:  None

• Auto-Debit Benefit:  0.25% interest rate reduction for signing up to make payments via auto-debit from a Chase checking or savings  account

• Although not required, a co-signer may reduce the interest rate the borrower receives for the loan and increases the chances of having the application approved
• Co-signer Release:  Yes, after 36 consecutive months of on-time payments

• Annual Minimum Loan:  $500
• Annual Maximum Loan:  Cost of attendance less any other financial aid
• Aggregate Maximum:  $120,000
  

• Provides immediate response to on-line loan application:  Yes
• Upon online credit approval, provides immediate "plain English" disclosure on interest rates and fees:  No

• Borrower may cancel the loan within 30 days of first loan disbursement to the school
• Review lender's Promissory Note for details on loan cancellation process 

• Sample Chase Promissory Note, May 2009

• Chase

• Loan approval rates, which are not publicly available, may be low
• This loan may not be dischargeable in bankruptcy
  

• Once you have applied for a loan, please complete this short survey to tell us about your experience

Student Lending Analytics (SLA) is an independent research and advisory firm and is not a lender.  SLA receives NO compensation from any lenders for our ratings service nor for any referrals that they may receive through this website.  While SLA has made every effort to confirm each of the lender loan terms described above, it assumes no responsibility for typographical or other errors or omissions in the information provided.   SLA makes no representations or warranties about your eligibility for a particular loan.  SLA recommends that you carefully review each lender's loan application and promissory note for final loan terms, including Savings Opportunities.   Savings Opportunities may not be automatically available and you may not be eligible for certain Savings Opportunities.