College loans: Private college loans can provide money for college expenses
What’s the different between federal college loans and private college loans?
If, after you’ve checked for scholarships and grants, you decide you’ll need additional assistance paying for your education, it’s time to look to federal college loans. These are long-term loans with low fixed interest rates designed exclusively for those needing money to meet the costs associated with college education. You should always plan to look for federal college loan options before investigating private college loan sources. Private college loans are designed to supplement federal college loan programs.*
Federal college loans
The first college loans you should explore, after you’ve applied for grants and scholarships, are the federal loan options like Stafford, Parent PLUS and Grad PLUS loans. Federal college loans are the largest source of student loans in the country.
Features include:
- Low fixed interest rates
- Interest may be paid by the federal government while you’re in school, if eligible
- Flexible repayment and deferment options, including consolidation
Private college loans
A private college loan can be used to cover a variety of qualified education expenses. If you don’t qualify for enough federal college loans to cover your expenses, a private college loan may be your next best option.
Features include:
- Competitive interest rates
- Repayment that can begin after graduation
- Cosigner release option
College loan tip: You should be conservative and borrow wisely.
*Important Information: As students determine the best way to finance their education, they should consider the full range of student financial aid options available. Private loans can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of attendance.
Chase services its private student loans and does not sell them to another lender.
Chase private student loans are subject to credit approval, receipt of a completed and signed loan application/promissory note and self-certification form, verification of application information, acceptance of loan terms, and school certification of loan amount and student’s enrollment at a Chase-participating school.
This information was current as of 02/01/2010 and is subject to change. Contact Chase for the most up-to-date terms.
