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Chase SelectSM Private Student Loan Repayment Example

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This repayment example applies to students with Chase Select undergraduate, graduate or graduate health professions loans. The pricing examples are based on a student borrower who applied with a qualified cosigner and is enrolled in a four-year undergraduate program.*

Repayment Option: Deferment Repayment Option: Immediate Repayment
Lowest Rate Highest Rate Lowest Rate Highest Rate
Amount Provided $10,000 $10,000 $10,000 $10,000
Origination Fee 0.00%($0) 0.00%($0) 0.00%($0) 0.00%($0)
Interest Rate**
(LIBOR + Margin)
3.94% (LIBOR + 3.40%) 9.79% (LIBOR + 9.25%) 3.94% (LIBOR + 3.40%) 9.79% (LIBOR + 9.25%)
Deferment Period 48 months 48 months 0 months 0 months
Principal Amount of Loan at Repayment $11,770 $14,399 $10,000 $10,000
Monthly Payment Amount
(Assuming variable rate remains constant)
$70.85 $136.47 $60.37 $95.46
Repayment Period
(Begins after deferral period,if any)
240 months 240 months 240 months 240 months
Annual Percentage Rate 3.84% 9.15% 3.94% 9.79%
Total Finance Charge $5,234 $18,350 $4,489 $12,907
Total Amount Paid $17,005 $32,749 $14,489 $22,907

**LIBOR Index of 0.54% is effective July 1, 2010.

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*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, like the Chase Select Private Student Loan, can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of attendance.

Chase Select 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.

These repayment examples may not reflect your specific interest rate and loan amount. Repayment examples assume that you attend an undergraduate school with a four-year program and have a single disbursement. The deferred example also assumes that you have a six-month grace period before beginning repayment. A Loan Approval Disclosure Form will be provided to you with your loan details after your application is approved.

**Interest rates are variable and may increase after consummation of the loan, but will not exceed the maximum rate allowed by Ohio state law, which is 25%. The rates used in these examples are based on a margin plus the London Interbank Offered Rate (LIBOR) Index and may vary. The rates will be calculated quarterly on the first day of each January, April, July and October by adding a margin to the three-month LIBOR Index published in the "Money Rates" section of The Wall Street Journal on the fifteenth day of the month prior to each of the months listed above, rounded to the nearest one-hundredth percent (0.01%). If The Wall Street Journal is not published or the three-month LIBOR Index is not given on that date, then the three-month LIBOR Index will be determined by using the immediately preceding published rate. Any increase will result in either a higher payment amount or more payments by extending your term. Rates may vary depending on the creditworthiness of the borrower and cosigner, and the school type. Rates will likely be higher for borrowers without a cosigner.

Immediate Repayment of Interest Only is another available repayment plan.

This information was current as of 08/06/2010 and is subject to change. Contact Chase for the most up-to-date terms.

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A qualified cosigner may possibly help you get a better interest rate on your Chase Select Private Student Loan.

A qualified cosigner may possibly help you get a better interest rate on your Chase Select Private Student Loan.

 
 

 

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