Choosing immediate repayment can save you the most money over time. The repayment example below applies to students with Chase Select undergraduate, graduate or graduate health professions loans and is based on a student borrower who is approved with a cosigner, is enrolled in a four-year program and received a loan with a single disbursement. This example assumes a $10,000 loan with 20 years of principal and interest payments starting after the final disbursement, and is for illustrative purposes only.
Variable Rate Student Loan** | ||||
---|---|---|---|---|
Interest Rate | Annual Percentage Rate (APR) |
Estimated Monthly Payment Amount | Estimated Total Amount Paid (over 20 years) | |
Minimum starting | 3.30% | 3.30% | $57.04 | $13,690.68 |
Maximum starting | 8.40% | 8.40% | $86.42 | $20,738.56 |
Maximum allowable | 25.00% | 24.94% | $211.23 | $50,701.09 |
The Chase Select Private Student Loan's interest rate is based on the three-month London Interbank Offered Rate (LIBOR) Index, which is variable and adjusted quarterly.