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Chase Student Loans Are Gone — Here’s What To Do Instead
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JPMorgan Chase is the biggest financial institution in the U.S. Its commercial banking arm, Chase Bank, offers many ways for customers to borrow and manage their money. Chase student loans used to be one of those products, but they were discontinued in 2013.
If you have Chase student loans or are interested in borrowing for college, here are your options now that the lender no longer offers these loans.
JPMorgan Chase used to fund both federal and private student loans. The financial institution offered private Chase student loans directly to borrowers and worked with the government as a servicer for federal student loans.
In 2012, Chase closed its student loans to all but existing Chase customers. In September 2013, it opted to discontinue Chase student loans altogether. There’s also no Chase student loan refinancing available.
Many borrowers hold Chase student loans that originated before 2013.
Originally, Chase managed the student loans it issued, but it has since discontinued its student loan servicing. Some Chase student loans were transferred to student loan servicers, while others were sold to student loan companies.
Where are my Chase student loans now?
If you had Chase bank student loans, the lender should have notified you of any change in ownership or servicing. This information is usually communicated by email and regular mail from your servicer. Review your records to see if you received any such alerts.
Lenders also report information on your student loan accounts to credit reporting agencies. Check your credit reports to see if a transfer of loans is listed and to find your new lender or servicer.
It’s almost certain that your Chase bank student loans are owned and serviced by the same company. In 2017, JPMorgan Chase finalized a deal to sell $6.9 billion in education loans to Navient. This portfolio of Chase college loans included both federal and private debt.
The transaction was announced in April 2017. Borrowers whose student loans were sold should have been notified of the change.
If your Chase private student loans were transferred from the bank before its deal with Navient, check your records and credit report to confirm their location.
According to a statement from Navient, “servicing contacts remain unchanged” for affected borrowers. However, the statement also said that “Navient anticipates converting the loans to its servicing platforms in the future and will provide multiple consumer-tested personalized communications at the appropriate time.”
So if your Chase college loan was sold to Navient, expect servicing to end up with Navient at some point.
If you’re on the hunt for college funding options, Chase won’t be an option, which can be especially disappointing for current Chase customers looking for education financing.
But many other lenders and servicers offer student loans. Here are four types of student loans to consider when you’re trying to pay for college:
- Federal student loans are one of the simplest ways to get the money you need for college. Submit a Free Application for Federal Student Aid (FAFSA), and the Federal Student Aid Office will evaluate your eligibility for student loans and other financial aid.
- Credit union student loans often provide low-cost private student loans with favorable terms for members. There might even be a college credit union affiliated with your school that you could be eligible to join. Check out LendKey, an online platform that can quickly connect you with credit unions that offer private student loans.
- Online student loans offer some great rates and above-average borrower protections. Check out the lenders we handpicked in our round-up of the best private student loans.
- Student loans from traditional banks still exist, even if you can’t get Chase student loans. Citizens Bank is one option. It has an online arm that offers student loans nationwide.
If, on the other hand, you’re out of college and are considering student loan refinancing, you’ll have to look elsewhere too. Unfortunately, Chase student loan refinance doesn’t exist.
As you research different kinds of lenders, be sure to compare student loan terms. Also, compare costs such as origination fees and student loan rates to ensure you’re getting your best deal. Pay attention to borrower protections too.
Although Chase student loans don’t exist, college students and their families can find smart alternatives for college financing. Finding the right lender will help you pay for college and manage student debt accordingly — from the first semester to graduation and beyond.