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Chase Bank offers both private and federal loans for students. These loans are available for both undergraduate and graduate students, as well as for parents who want to help pay for their children’s education. The loans have flexible repayment plans that allow you to pay back your debt in smaller increments if needed.
The biggest benefit of Chase Bank student loans is that they don’t require a credit check, which means you can get approved even if you have bad credit or no credit at all. This makes it much easier to qualify for the loan than with other lenders, so it’s definitely worth looking into if you’re having trouble getting approved elsewhere!
Chase Bank, the retail arm of JPMorgan Chase, is a global financial services institution best known for its credit cards, personal and business deposit accounts, and mortgages.
Chase also used to offer a student loan program, servicing federal loans and offering new private loans to Chase customers. In 2017, the company exited the student lending space altogether.
Here’s what you need to know about Chase student loans if you were a previous customer, as well as some alternative lenders to consider if you’re thinking about borrowing money for school.
Chase Bank stopped offering new private student loans to borrowers in 2013, only a year after they were first introduced, but still serviced both private and federal loans for a few more years. The bank said the decision was based on a combination of increased competition from other financial services companies, tougher regulatory scrutiny, and a lack of growth in the market.
In 2017, Chase Bank sold its $6.9 billion student loan portfolio to Navient, the largest student loan servicer in the nation. Of that portfolio, $3.7 billion loans were federal while $3.2 billion were private. At the time, Navient was deemed better equipped and more willing to manage borrowers’ needs.
In the years since, Chase Bank seems to have redirected its attention to other consumer products, such as credit cards. In addition to ending its private student loan business, Chase also pulled out of the personal lending arena to focus its efforts elsewhere.
Borrowers who had Chase student loans when they were transferred to Navient are still responsible for paying back their debt.
Borrowers should have received notice detailing the transfer, including information about Navient, contact numbers, and how to make payments on the loan from that point forward. If you had a Chase student loan, your interest rates, repayment term, monthly payment, and everything else should have remained the same.
Federal loan borrowers who were serviced by Navient had their debt balances transferred once again in January 2022. Navient canceled its federal servicing contract in December 2021 and sold its remaining federal loan portfolio to Maximus, an existing government loan servicing company. The loans retained their terms (including interest rate, repayment period, etc.) through the transfer.
Navient is one of the most prominent student loan servicers in the country, offering payment and loan management services to student loan borrowers. The company was formed in 2014, when Sallie Mae split into two separate entities: Sallie Mae Bank, which offers new student loans, and Navient, which services existing loans.
While Navient once serviced federal student loans, it canceled its federal loan servicing contract in December 2021 and now only manages private student loan debt.
Navient has also recently come under scrutiny as the result of a nationwide lawsuit, which it settled in January 2022. After five years of litigation with 39 states, Navient agreed to cancel $1.7 billion in private student loan debt for about 66,000 borrowers, and send checks (for approximately $260 each) to another 350,000 federal loan borrowers.
The company offers online loan servicing as well as assistance over the phone and online. Chase student loan borrowers who had their loans transferred to Navient can now complete all of their service requests, payments, repayment plan selections, and deferment or forbearance requests directly through Navient.
Refinancing can be a great way to adjust your existing student loans. With a refinance loan, also called a refi, you can:
If you would like to change your servicer from Navient to another servicer, or would like to see if you could pay less on your original Chase student loan, look into your options for student loan refinancing. Once you are approved to refinance your student loans (including those from Chase), you will receive a new loan—ideally with a lower interest rate and new repayment terms.
Like new private student lenders, refinance lenders will consider your credit history and income when deciding your eligibility and rate terms. While the requirements can vary from one lender to the next, refi loans typically require borrowers to have good credit and a strong history of income.
If you’re ready to compare lenders, check out our picks for the best student loan refinance companies.
For new student borrowers who are currently in search of loans to help fund their educational expenses, there are several alternatives to Chase Bank. It’s always wise to first check your eligibility for federal loans since they offer a slew of government-backed benefits in addition to fixed, competitive rates.
If you’ve already exhausted your federal loan options (or don’t qualify), turning to private funding is the next step. Since Chase was a private loan lender, here are a few of our top recommendations if you’re looking for private student loans with competitive rates and terms.
College Ave is our top-rated partner. They offer student loans for undergraduates, graduates, and even parents—making them a great alternative to Chase student loans.
College Ave student loans have either variable or fixed interest rates with a variety of payment options while you’re still in school. It also offers student loan refinancing, if you want to consolidate your loans down the line or snag a lower interest rate.
Here are some details about College Ave’s undergraduate loan:
As one of the biggest names in student loan funding, Sallie Mae offers a wide range of trusted loan products. Loans are available to undergraduates, graduate students, and even professional students while they’re studying for the bar exam or in a medical residency program.
Cosigners are required for most student borrowers, but they can be released after just 12 consecutive on-time payments. Loan repayment options include in-school repayment, flat monthly payment, or full deferment. Sallie Mae offers an autopay discount on your interest rate.
Here are some details about Sallie Mae’s undergraduate student loan:
Ascent offers cosigned and non-cosigned student loans, and is a great option for undergraduates and graduates to consider. If you don’t have a good credit score, your own income, or a cosigner, Ascent also offers outcomes-based loans for upperclassmen.
You can check your prequalified rates without affecting your credit score, and can even earn a 1% cash back reward on your loans upon graduation.
Here are some details about Ascent’s undergraduate cosigned student loan:
Discover might be best known for its credit card products, but it also offers a range of student loan options for undergraduates, graduates, post-grads, parents, and even borrowers looking to consolidate their existing loans.
There are multiple repayment options to choose from while you’re still in school, and Discover will even reward you with a 1% cash back reward on each loan if you get good grades. Cosigners should note that Discover-originated loans do not allow for cosigner release; the only way to remove a cosigner from one of these loans is to refinance the debt.
Here are some details about Discover’s undergraduate student loan:
A personal loan may not be the best option for your specific needs or creditworthiness. If that’s the case, consider common alternatives, including:
Here’s the answer: Chase does offer student loans! If you’re a student looking for a loan, Chase has an incredible program that can help you.
They offer loans with great rates and terms, so it’s easy to find one that fits your budget. Their customer service is also very responsive and helpful, so if you have any questions or concerns about your loan, they’ll be happy to help you out.
