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**
Interest Rate Annual
Percentage
Rate (APR)
Estimated Monthly
Payment Amount
Estimated Total Amount Paid (over 20 years)
Minimum starting 3.30% 3.30% 41/2 years interest-only: $27.39
151/2 years principal & interest: $68.60
$14,278.52
Maximum starting 8.40% 8.39% 41/2 years interest-only: $70.01
151/2 years principal & interest: $96.37
$21,726.61
Maximum allowable 25.00% 24.84% 41/2 years interest-only: $208.33
151/2 years of principal & interest: $214.52
$51,150.39

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.

 

*The 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, have a loan with a single disbursement and that the interest rate stays the same over the life of the loan. 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. 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 three-month 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 publication date. If the Index is no longer available, we will choose a comparable index. Any increase may result in a higher payment amount. Rates may vary depending on the creditworthiness of the borrower and cosigner, if applicable, and other factors.

 

Student borrowers and cosigners are equally responsible for repayment of the loan.