Chase is one of the prominent financial institutions in the US that provides student loans and student loan consolidation. Chase employs experts who are able to assist scores of students every year in pursuing higher education. It offers a secure, easy and quick application process. Chase student loans enable students to understand the various options with respect to student loans.

Types of Chase Student Loans

• Federal consolidation loans
• Private consolidation loans
• Federal Stafford loans
• Federal Grad PLUS loans
• Private student loans

Federal student loans are offered by the government and can be funded by private lenders like Chase. Private lenders offer similar student loans that have lower interest rates with extended repayment periods. The private student loans offered by Chase can be used for approved education-related expenditures. They are offered in varied forms and can be opted for when the money offered by federal loans is not enough to take care of the full fees for higher education and when they need to be consolidated during repayment.

Student Loan Consolidation from Chase

Student loan consolidation from Chase is offered to combine all existing private loans into a single loan with a low interest rate. It is easy to repay the loan as a single payment every month. Chase takes care of servicing these private student loans and does not sell them to another financial institute or lender. These loans require credit approval along with a completed and signed Application/Promissory Note and verification of application information.

Consolidating Federal student loans do not require for any kind of credit check. However, it does require a minimum balance of $7,500 with a cumulative borrowing limit for private student loans of $150,000, based on credit eligibility. With the help of student loan consolidation from Chase, the repayment period can be extended so that the overall financial obligation can be increased. With this, the monthly loan payments can be reduced and the principal can be prepaid with no penalties. Being able to prepay means the overall cost of the loan reduces drastically.

Keep in Mind

• Federal Student Loans can be consolidated, but federal and private student loans should not be consolidated into a single student loan consolidation program. If you consolidate them together, you lose the benefits of forbearance and deferment with the federal loans.
• Similar to other debt consolidation loans, student loan consolidation payments should be done by a single lender who will pay the earlier creditors for all initial loans.
• For Federal Student Loans Consolidation, the minimum balance is $7,500 and it must be done within the six month grace period or when the loans are in repayment.
• Based on the balance of the loan, student loan consolidation will have an extended repayment period.
• The repayment plan should enable balance of monthly payments and result in a good credit rating.
• Student loan consolidation has a maximum interest rate of 8.25%.
• There are no additional charges involved in processing the student loan consolidation.
• After the consolidation is approved, it cannot be undone as the loan amount will have already been paid to the previous creditors.