Chase Student Loans

Am I Eligible for a Chase Student Loan?

To be eligible for a Stafford Loan, the student must:

Be a U.S. citizen or national, a U.S. permanent resident or eligible non-citizen, as applicable
Provide his or her valid Social Security Number
Be attending an eligible school, or accepted for enrollment, as at least a half-time student
If already enrolled, maintain satisfactory academic progress in his or her course of study according to the school's published standards
Have at least a high school diploma or the recognized equivalent of a high school diploma or the student must meet one of the following standards: The student must (a) be beyond the age of compulsory school attendance in the state in which the post-secondary school is located and (b) pass an independently administered ability-to benefit test that has been approved by the Department of Education. Or, the student must have-and may self-certify that he or she has-completed a secondary school education in a home school setting that is treated as a home or private school under applicable state law
Unless exempt, register with the Selective Service (male students)
Certify that he or she will use the loan funds only for educational purposes
Not be in default on any federal education loan or owe money on a federal student grant
Not have fraudulently borrowed a loan, provided information that caused his or her loan to exceed applicable annual loan limits during an academic year, nor knowingly exceeded an aggregate loan limit for the FFELP, FDLP, or Federal Perkins Loan Program
Not have had his or her eligibility for Title IV aid denied due to conviction of possession or distribution of an illegal drug within prescribed time frames
Not be incarcerated at the time funds are disbursed or delivered
Not be serving in a medical internship or residency program required of doctors of medicine, osteopathy, and optometry. Students who are serving in an internship as part of any other degree program (e.g., a dental or veterinary internship) are considered eligible students for purposes of Stafford loans and PLUS loans, as applicable

What Is the Interest Rate?

The interest rate for a Federal Stafford loan disbursed on or after July 1, 2006 is fixed at 6.8% (including periods when the borrower is in school, grace, deferment and repayment).

Variable rate Stafford Loans disbursed prior to 7/1/06 retain a variable rate capped at 8.25% and are subject to an annual rate change on July 1 for the life of the Stafford Loan.

Effective July 1, 2007 through June 30, 2008, the rates for variable Stafford loans first disbursed between July 1, 1998 and June 30, 2006 are as follows:

Federal Stafford Loan Rates

During school, grace and deferment periods: 6.62%

During repayment, including forbearance periods: 7.22%

How Will I Need to Pay My Loan Back Later?

Generally, the minimum annual payment must be the lesser of $600 a year ($50 a month) or the outstanding balance including interest.

Repayment begins 6 months after the student graduates, leaves school or drops below half-time status. Generally, the repayment period is 10 years (excluding periods of deferment and forbearance).