The examples below show the savings you may achieve by making payments while you’re still in school. They’re for illustration purposes only and assume a 5.00% interest rate. Keep in mind that the Chase SelectSM Private Student Loan has a variable interest rate and that your actual savings will vary depending on factors specific to your loan, including the interest rate.*

Immediate Repayment
Lowest Cost Option
Interest-only Repayment
Intermediate Cost Option
Deferred Repayment
Highest Cost Option
Loan amount $10,000 $10,000 $10,000
Interest rate/APR 5.00%/5.00% 5.00%/5.00% 5.00%/4.83%
Interest accumulated to be capitalized $0 $0 Year 1: $500.92
Year 2: $499.55
Year 3: $499.55
Year 4: $499.55
Six-month grace period:
Total: $2,245.91
Debt amount at start of principal and interest repayment
(includes capitalized interest,** if applicable)
$10,000 $10,000 $12,245.91
(includes $2,245.91 capitalized interest**)
Monthly payment while
in school and during any applicable grace period
$66.12 $41.70 $0
Monthly payment after exit from school $66.12 $77.23 $80.65
Total interest paid
(over 20-year loan term)
$5,867.79 $6,650.49 $9,354.97
(includes capitalized interest**)
Total amount repaid
(over 20-year loan term)
$15,867.79 $16,650.49 $19,354.97
Dollar savings
(compared to deferred repayment)
$3,487.18 $2,704.48 Not applicable

*The interest savings examples above are based on a 20-year, $10,000 loan with single disbursement and a 5.00% interest rate over the term of the loan. Assumes completion of a four-year school program, a 240-month repayment term and no interest rate reduction for enrolling to have payments automatically deducted from a bank account.

The deferred and interest-only examples also assume that you have a six-month grace period before beginning repayment of principal and interest. The interest-only example assumes a 240-month repayment term with 4½ years of interest-only payments and 15½ years of principal and interest payments.

The examples in the above chart are for illustration purposes only. Actual savings may vary depending on factors specific to your loan, such as the interest rate, loan size, number of disbursements and whether payments are made on time. Chase Select interest rates are variable, are based on a margin plus the three-month London Interbank Offered Rate (LIBOR) Index and may increase or decrease after consummation of the loan. The rates will be adjusted quarterly based on changes to the three-month LIBOR Index.

**Capitalized interest is the interest that accrues on your loan during periods of deferment and that is added to your loan’s principal balance at repayment.