PRIVATE STUDENT LOAN CONSOLIDATION 101

With private student loan consolidation, you may be able to lower your monthly payments and qualify for a reduced interest rate, but here's some other basic information you should know.*

What is private student loan consolidation?

Private student loan consolidation can combine all of your eligible private student loans together into a single loan and may reduce your monthly payments. This credit-based loan has competitive interest rates and repayment terms, which may help you keep some extra money in your pocket every month by possibly reducing your student loan payments. Federal student loans are not eligible for this program.

Who can qualify for private student loan consolidation?

You can apply for Chase Private Student Consolidation Loan any time after graduation.

What kind of loans can I consolidate?

You can consolidate any eligible private student loans in good standing that were used for your qualified education expenses. These can be any private Chase student loans, private student loans from another lender or a combination of the two.

How can consolidation help me manage my debt?

Student loan consolidation offers you many benefits to help manage your education-related debt. Here are a few of them:

  • A single monthly loan payment on one bill
  • Competitive interest rates
  • No penalties for prepayment, so you can repay your loan early at any time

Is there a downside to consolidation?

Although student loan consolidation can simplify and reduce your monthly student loan payments, there are some situations you should be aware of:

  • If you are close to paying off your student loans, it may not make sense to consolidate or extend your payments
  • Extending the years of repayment for your loans may increase the total amount you have to pay in interest

 

*Important Information: Chase Private Consolidation Loans are subject to credit approval, receipt of a completed and signed loan application/promissory note, verification of application information and acceptance of loan terms. Only private education loans that are in good standing from eligible Title IV schools may be included. Federal education loans are not eligible under this program. Minimum loan amount is $7,500, with a cumulative borrowing limit of $150,000, based on credit eligibility. Other terms and conditions apply. Please contact us for details on eligibility criteria.

Chase does not sell these loans to another lender.

Student loan consolidation may extend your repayment term, increasing your overall financial obligation. However, your monthly loan payments may be reduced. You can choose to prepay principal with no prepayment penalties, which reduces the overall cost of your loan.

This information was current as of 02/01/2010 and is subject to change. Contact Chase for the most up-to-date product terms.

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