The truth is, Chase bank student loans no longer exist. You still have to pay them — they’re just no longer with Chase.
Not only do they not exist, J.P. Morgan Chase no longer offers student loans, period. They may still be a leading lender in credit cards and checking accounts, but they no longer offer options to borrow money for school.
Chase actually has very few remaining offerings for student-based services. Services like chase student loan refinancing and chase student loan consolidation, have also ended when Chase closed its student loan division.
So if you had a student loan with Chase, here’s what you need to know.
Where did Chase bank student loans go?
Chase sold its student loan portfolio to Navient, a student loan servicer.
Although the majority of Chase student loans were transferred to Navient, you’ll want to confirm where your student loan ended up. As a borrower, you should have received notice of your new loan servicer and loan transfer.
American Education Services, now rebranded as Conduent Education Service, took over many of the Chase private student loans.
So what exactly happened?
In 2010, Congress allowed the federal government to directly issue student loans and eliminated the Federal Family Education Loan (FFEL) program. Under this program, private lenders like Chase could provide students with federal student loans.
This short-lived endeavor began profitably, but quickly became risky. In 2010, Chase could no longer act as the middleman. Profits fell for Chase bank student loans and Chase stopped issuing them in 2013. Eventually closing its student loan division in 2017.
In fact, the only current option for students is its college banking services for individuals ages 17 to 24.
What can you do with your student loans?
Chase’s student loan page doesn’t offer any advice or options for your student loans. And though you can’t refinance or borrow directly with Chase, you still have options for consolidation and refinancing your loans.
Chase bank student loans may have dropped off the map, but here are your options for federally-guaranteed or private student loans.
Options for federally-guaranteed student loans
Federal student loans carry more borrower protections than private student loans. If you have one of these student loans originally from Chase, you can:
- Consolidate your loans into a Direct Consolidation Loan
- Apply for an income-driven repayment plan
- Look into student loan forgiveness programs, including Public Service Loan Forgiveness
Chase student loan consolidation can help you better manage your loans. In addition, to secure federal protections, don’t refinance federal student loans into a new private student loan unless it’s necessary.
After refinancing with a private servicer, you’ll no longer be eligible for a range of forgiveness programs. Research the above options first to see if they’re helpful for your situation.
Options for Chase student loan refinance
If you have Chase private student loans with Navient and don’t love your new servicer or their rates, consider refinancing your private student loans.
Solid reasons for chase bank student loan refinance with a private student loans include:
- A fixed interest rate
- A lower interest rate
- A shorter loan term for faster pay off (ideally not a longer loan term to avoid paying more in interest)
- Working with a new loan servicer
Be sure to check your credit score, shop around for rates and compare products and services. This will help you secure the best loan payment for your chase student loan refinance.
Use our student loan refinancing calculator to get you started.
Actual alternatives to Chase student loans
If you’re still a college student and looking for additional education funding, here are some alternatives to pay for school.
Borrow federal or private student loans
Federal student loans should be your number one choice when funding your education. They offer the most options for repayment that fit your lifestyle.
If you’ve maxed out your federal student loans or are no longer eligible for federal loans, look to private student loans. Private student loan servicers look at your credit score and income when deciding whether to approve your loan application.
Start by comparing rates
Credit unions are another viable option for private student loans. They’re known for the benefits offered to members, including low interest rates.
Although there are no longer Chase bank student loans, some traditional banks, like Wells Fargo, still offer them.
Evaluate each lender’s terms, monthly payments and what it can offer you. Consider what you can afford to start paying back right away. Remember, there is no grace period associated with many private student loans.
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Keep your student loan debt manageable
The truth about student loan debt is that it’s necessary for some undergraduate and graduate students. Especially if your career, dreams and life center around your educational pursuits.
This requires funding — and student loans are a means to that end.
When looking at your student loans, keep in mind that you want them to be manageable and have a plan in place for paying them back.
Whether you’re taking on student loan debt right now or looking for a way to pay it off, Student Loan Planner can assist with making healthy financial decisions.