Choosing interest-only repayment can save you money, reducing the overall total cost of your loan.
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 4½ years of interest-only payments and 15½ years of principal and interest payments starting 6 months after the student borrower is no longer enrolled in school, and is for illustrative purposes only.
|Variable Rate Student Loan**|
|Estimated Total Amount Paid (over 20 years)|
41/2 years interest-only: $27.39
151/2 years principal & interest: $68.60
41/2 years interest-only: $70.01
151/2 years principal & interest: $96.37
41/2 years interest-only: $208.33
151/2 years of principal & interest: $214.52