Chase College Loans: What You Need To Know

Chase Bank, one of the largest banks in the United States, stopped offering student loans a few years ago. Chase sold its remaining student loan portfolio to Navient in April 2017, and any student loan that Chase previously owned is now owned by Navient. While Chase no longer offers student loans, it previously had a profitable student loan business, making $15.8 billion in profit from lending student loans in 2009.

Chase no longer offers student loans

Before its exit from the student loan business, Chase offered both federal and private student loans. The bank also provided student loan refinancing and consolidation services. However, these services have also been discontinued.

The discontinuation of Chase's student loan program may have been influenced by the Health Care and Education Reconciliation Act of 2010, which changed the way student loans were administered. The act aimed to reduce costs associated with student lending by having loans issued directly by the Federal Government. As a result, private lenders like Chase had to play a different role in educational financing, and worthy credit became a requirement to secure loans from them.

While Chase no longer offers student loans, there are alternative options available for those seeking educational financing. These include federal student loans, credit union student loans, and online student loan lenders. Federal student loans, in particular, are recommended as they generally have the best rates and special benefits, such as loan forgiveness. Additionally, credit union student loans often provide low-cost private student loans with favourable terms for members.

For borrowers seeking flexibility and competitive rates, College Ave is an excellent alternative to Chase student loans. College Ave offers a straightforward application process and customizable loan options, allowing borrowers to tailor their repayment terms to fit their budget and financial goals. Earnest is another alternative that allows borrowers to customize their monthly payments and loan terms.

Chase private student loans must be refinanced with a different lender

Chase no longer offers student loans or refinancing for student loans. The bank exited the student loan business in 2013 when it sold its portfolio to Navient. Navient is now transferring student loans to MOHELA.

If you have a Chase student loan, you can check who currently services it by contacting Maximus, MOHELA, or Conduent Education Services. If you don't feel up to contacting these servicers, you can check with the U.S. Department of Education. If your Chase student loan was also federal, call the Federal Student Aid Information Center at 1-800-433-3243 and ask who owns your loans.

If you want to refinance your Chase private student loan, you will have to do so with a different lender. Student loan refinancing is when you combine some or all of your federal and private student loans into a new private loan through a private lender or bank. By doing this, you may be able to lower your interest rate, lower your monthly payment by extending the repayment term length, or release a co-signer from your existing student loan—depending on the terms of the new loan.

Before refinancing, it is important to consider the potential downsides. For example, if you refinance federal student loans into a new private loan, you will lose the benefits of having federal student loans, such as eligibility for loan forgiveness. It is recommended that you get prequalified for refinancing to gauge your ability to qualify for loans with the terms and new payment you want. You can also compare interest rates and loan terms from multiple lenders to make an informed decision.

Federal student loans are the best option for funding your education

Chase Bank used to offer federal and private student loans, but it no longer does so. However, Chase Select Private Student Loans may still be available to students who have exhausted other types of financial aid for college. If you have an existing Chase student loan, you can make payments to one of three servicers: Maximus, MOHELA, or Conduent Education Services.

Although Chase Bank no longer offers student loans, federal student loans are a great option for funding your education. The U.S. Congress sets the federal student loan interest rates each year, and while these may vary, they are fixed once you receive the loan funds. For example, for the 2024-25 school year, the interest rate for a Direct Subsidized Loan was 6.53%. Federal student loans also come with clear grace periods and forbearance options, providing predictable repayment schedules.

Additionally, federal loans offer benefits such as loan forgiveness under specific programs, income-driven repayment plans, and the option to qualify for deferment or forbearance in certain circumstances, like job loss, health issues, or returning to college. The Department of Education also provides federal grants and work-study programs, which can further assist in funding your education.

To access federal student loans, you need to complete the Free Application for Federal Student Aid (FAFSA). The colleges you've been accepted to will then determine your financial aid package, which may include a combination of loans, grants, and scholarship funds. Before receiving the loan funds, you'll also need to complete entrance counselling to understand how student loans work and manage your repayment expectations.

College Ave is a good alternative to Chase student loans

Chase Bank is no longer in the business of offering student loans to college students. The bank used to provide private student loans, but it has since exited this line of business.

What sets College Ave apart is its commitment to transparency and customer service, which is similar to what Chase customers appreciated. College Ave has a strong reputation for ease of use and flexible terms, making it a top choice for those seeking a reliable and adaptable student loan provider.

In addition, College Ave's loans are customizable, with options for both traditional and career schools. The company won Bankrate's award for best student loans for graduate students due to its flexibility and competitive student loan interest rates. College Ave also offers short-term loans for those who want to pay off their balance quickly.

Overall, College Ave is a solid alternative to Chase student loans, providing borrowers with the flexibility and competitive rates they need to finance their education.

Chase student loans are now owned by Navient

Chase no longer offers student loans to college students. The bank discontinued its student loan program in 2013 and transferred its student loans to other loan servicers, primarily Navient.

Navient owned Chase student loans from 2017 to 2024. Navient is a mega-loan servicer that manages at least $300 billion worth of student loan debt for around 12 million borrowers across the United States. The company provides technology-enabled education finance solutions to simplify complex problems and help millions of people achieve success.

However, in 2022, Navient sold its federal loan portfolio to Maximus, a government loan servicing company. As a result, the loan servicers currently owning Chase student loans are split between Maximus, MOHELA, and Conduent Education Services.

If you have a Chase student loan, you can make payments similar to how you would for any other debt. You can log into your student loan servicer's app or website to make payments or send a check in the mail or pay over the phone with a debit card. If you are unsure about who your loan servicer is, you can check with the U.S. Department of Education or call the Federal Student Aid Information Center at 1-800-433-3243.

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