Chase Student Loans Alternatives to Consider for 2020
Chase Bank no longer offers student loans, and prior Chase student loans are now serviced by Navient. This guide tells you what to know if you were a Chase borrower, as well as some Chase student loan alternatives to consider.
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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.
What many don’t know is that Chase Bank used to offer a student loan program, but that was a short-lived endeavor. The bank started offering student loans to current Chase customers in 2012, and in 2013, it made the decision to stop offering Chase student loans altogether.
Chase still provides a variety of products and services to its customers, but previous student loan borrowers with Chase have been moved to a different servicer. Here’s what you need to know about Chase student loans if you were a previous customer, as well as some alternatives to consider.
In this review:
- What Happened to Chase Student Loans?
- What If I Already Have a Chase Bank Student Loan?
- Alternatives to Chase Student Loans
What Happened to Chase Student Loans?
With the rapidly rising cost of higher education, many financial services companies have opted to get into the student loan market.
Although federal loans still make up the majority of student aid, private student loans have become a viable choice when federal loans aren’t enough.
While Chase Bank had made some headway in the space, its decision to pull out of the market in 2013 came as a bit of a shock.
Chase offered three explanations for no longer offering private student loans, or servicing federal student loans. These included increased competition from other financial services companies, tougher regulatory scrutiny, and lack of growth in the market.
Chase Bank seems to have redirected its attention to other, possibly more profitable consumer products, such as credit cards. In addition to stopping its private student loan business, Chase also pulled out of the personal lending arena to focus its efforts elsewhere.
Chase Bank sold its loan portfolio to Navient, a student loan servicer better equipped and more willing to manage the student loan borrowers’ needs.
What if I Already Have a Chase Bank Student Loan?
Borrowers who had Chase Bank student loans when they sold the portfolio to Navient still had/have to repay their debt.
Borrowers should have received notice detailing the transfer, including information about Navient, contact information, 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.
More About Navient
Navient is one of the most prominent student loan servicers in the country, offering payment and loan management services to borrowers with federal and private student loans. Navient currently manages more than $300 billion in student loan debt, covering more than 12 million borrowers.
The company offers online servicing, help over the phone, and via mail. Borrowers who had Chase student loans that were transferred to Navient can now complete all their service requests, payments, repayment plan selections, and deferment or forbearance requests directly through Navient.
Refinancing Your Loans
If you would like to change your servicer from Navient to another lender, or would like to see if you could pay less on your original Chase student loan, you could look into student loan refinancing.
If you are approved to refinance your student loans (including those from Chase), you will receive a new loan with a (hopefully) lower interest rate and new repayment terms.
Like new private student loan lenders, refinance lenders will consider your credit history and income when deciding whether you are eligible and what your interest rate should be.
Our guide to the best student loan refinancing companies is a great place to start this process.
Alternatives to Chase Student Loans
For borrowers who are currently in search of a private loan to help fund their educational expenses, there are several alternatives to Chase Bank. The easiest place to start is to check out our Best Private Student Loans page or read on to learn more about some of our top choices.
Note that in order to be eligible for these private lenders, you will either need to have a good credit score or a creditworthy cosigner. If you don’t, you can check out our Student Loans Without a Cosigner page.
College Ave
Rates (APR)
1.49% – 12.99%
Loan Amounts
$1,000 – 100% of school-certified cost of attendance
Repayment Terms
5, 8, 10, or 15 years
College Ave is our top-rated lender offering student loans for undergraduates, graduates, and parents—making it a great alternative to Chase student loans. You can prequalify for a loan without any impact on your credit score.
- Variables rates: 1.49% – 11.98%
- Fixed rates: 4.39% – 12.99%
- Rate reduction: 0.25% automatic payment discount
- Fees: Late payment fee of 5% of the unpaid amount or $25, whichever is less
- Cosigner release: After 24 on-time payments
- In-school repayment: Full principal & interest, interest-only, flat $25, or deferred payment
- Grace period: 6 months, but can apply for up to 6 more months
Earnest
Rates (APR)
2.74% – 12.78%
Loan Amounts
$1,000 – 100% of school-certified cost of attendance
Repayment Terms
5, 7, 10, 12, or 15 years
Earnest offers student loans to undergraduates and graduates and is another great option if you were hoping to get a student loan from Chase. You can check your eligibility in a few minutes without affecting your credit score. Earnest offers flexible repayment options such as allowing you to skip one payment a year and make biweekly automatic payments.
- Variables rates: 2.74% – 11.44%
- Fixed rates: 4.39% – 12.78%
- Rate reduction: 0.25% automatic payment discount
- Fees: None
- Cosigner release: Not available unless you refinance with the company
- In-school repayment: Principal & interest, interest-only, fixed $25, or deferred payment
- Grace period: 9 months
Ascent
Rates (APR)
3.17% – 14.92%
Loan Amounts
$1,000 – $200,000
Repayment Terms
5, 10, or 15 years
The information above is for the Ascent Cosigned Credit-Based Loan.
Ascent offers cosigned and non-cosigned student loans for undergraduates and graduates. If you don’t have a good credit score or cosigner, Ascent is a great option to consider. You can check your prequalified rates without affecting your credit score and earn a 1% cashback reward upon graduation.
- Variable rates: 3.17% – 13.92%
- Fixed rates: 3.98% – 14.92%
- Rate reduction: 0.25% automatic payment discount
- Fees: None
- Cosigner release: After 24 on-time payments
- In-school repayment: Interest-only, $25 flat, or deferred payment
- Grace period: 9 months
