3 alternatives to Chase Bank student loans

Why doesn’t Chase offer student loans anymore?

The reason Chase stopped offering student loans has to do with how federal loans work today. It used to be that the government would use a middleman company like Sallie Mae to issue government student loans. But in 2010, Congress allowed the government to directly issue student loans and quickly took over the student loan market.

This was good news to students: They now have access to a student loan that almost anyone could qualify for with rates and benefits that wouldn’t profit a private company. But it also meant that it was more difficult for lenders like Chase to compete.

Three years later, Chase shut down its student loan division after its student loan profits dropped from $6.9 billion before the change to $200 million. All existing Chase student loans have been sold to Navient, a loan servicer.

Chase student loan alternatives

Chase might have left the student loan game, but you still have other options. If you haven’t already filled out the FAFSA, you might want to do that before you look at any private lenders. There’s a chance you’ll qualify for a federal grant or work-study, which you don’t need to pay back. Beyond that, most private student loans are designed for students who already have federal loans and lenders recommend that you apply for those first.

Already have all the federal funds you’re going to get? Can’t qualify? Want to refinance? You might want to check out these providers as an alternative to Chase student loans.

CommonBond: Best for a one-stop shop

If you need a student loan, chances are CommonBond has you covered. You can borrow to pay for an undergraduate or graduate degree, get a loan specifically designed for an MBA or refinance your student debt. CommonBond even offers Parent PLUS refinancing, which lets parents refinance loans into the student’s name or just get a better deal on a Parent PLUS loan.

You might also like that your interest is going toward a good cause. Some of the profits from CommonBond student loans go to educational programs in the developing world. On top of that, CommonBond borrowers have access to helpful resources like unemployment protection and several in-school repayment options.

• How much you can borrow: $5,000 to $500,000
• APR: 3.31% to 9.74%
• Fees: No fees to apply
• Loan terms: 5 years to 15 years
• Cosigner: Yes

LendingTree: Best for a quick comparison

Need a student loan fast and don’t have time to prequalify for each. individual. lender? LendingTree is a connection service that can help you find a student loan that fits your needs from its network of lenders. All you have to do is fill out a quick online form and get to comparing. LendingTree has options with high limits, meaning that students who need a lot of funds might have better luck than on their own.

• • How much you can borrow:
  • APR: Starting at 3%
  • Fees: No fees to apply
  • Loan terms: Varies by lender
  • Cosigner: Yes

SoFi: Best for refinancing as a young professional

SoFi student loans are ideal for borrowers who have set out on a career path and want to get a better deal on their student loans. You’ll need good to excellent credit and a high income to qualify for SoFi’s lowest rates. But if you do qualify, you’ll get access to wealth advisors, career support and unemployment protection.

SoFi can be expensive if you don’t have strong credit and you need to have some income to qualify. As with other private lenders, you’ll lose federal benefits if you decide to refinance a federal loan.

• How much you can borrow: $5,000 to Full balance of your qualified education loans
• APR: Variable rates from 2.06% to 5.98%; fixed rates from 2.99% to 6.88%
• Fees: No fees to apply
• Loan terms: 5 years to 20 years
• Cosigner: Yes, but no cosigner release

Does Chase offer any similar loans?

Unfortunately, you won’t be able to find many student loan alternatives at Chase. It doesn’t offer personal loans or student credit cards. The only student-specific offerings Chase has is a college checking account, which offers students guidance on how to handle their finances. You could even earn $50 for signing up — but that won’t go far toward covering your college expenses.

One thing your family can do to help pay for college is take out a Chase home equity line of credit (HELOC) if they own a home. These lines of credit are backed by and based on the amount of equity your family owns in its home. Since it’s a secured loan, rates are similar to what you would’ve found with a Chase student loan, and you might be able to get as much funds as you need to pay for school.

Compare more student loan options

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Name	Product	Min. Credit Score	Max. Loan Amount
EDvestinU Private Student Loans		675	$200,000	Straightforward student loans for undergraduate and graduate students.	Get started More Info	Compare	loading Fetching your data...
CommonBond Private Student Loans		700	$500,000	Finance your college education through this lender with a strong social mission and terms that fit your budget.	Get started More Info	Compare	loading Fetching your data...
Edvisors Private Student Loan Marketplace		Varies by lender	Varies by lender	Quickly compare private lenders for your school and apply for the right student loan.	Get started More Info	Compare	loading Fetching your data...

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Bottom line

Chase offered some of the most competitive student loans out there for a brief few years. If you haven’t already applied for federal financing, you might want to do that before you look at private student loans. Otherwise, these are some alternatives to Chase student loans if you’re looking to refinance, compare offers quickly or for a one-stop shop for all of your student loan needs.

Want to learn more about the process of applying for student loans? Have questions about refinancing your existing student debt? Visit our guide to student loans and our page on student loan refinancing to get all of the information you need to make the best decision for you.

Frequently asked questions

• What if I already have a Chase student loan?

  Previously funded Chase student loans were sold to student loan servicer Navient. If you have questions about your loan or repayments, you can contact Navient directly.

• Can I get a student loan without a cosigner?

  You can. Federal loans don’t allow you to apply with a cosigner at all. When it comes to private student loans, you’ll need to meet credit score and other eligibility requirements to qualify.

  Most undergraduate students can’t meet the credit score cut off — many don’t even have one yet. And even graduate students might have a hard time meeting the income requirements on their own. You can always take your cosigner off your loan by applying for cosigner release or refinancing your loan into your own name later on down the road.

• Can I pay for college without loans?

  That depends on several factors. First, how much can you and your family afford to cover? If they can foot the whole bill, you’re set. However, chances are they can’t, given the high cost of school these days. If you’re low income, have good grades or are exceptional in extracurriculars like sports or music, you might be able to qualify for a scholarship. You also might be able to qualify for enough federal grants and work-study to cover the cost of your program.

  To learn about your options beyond student loans, talk to your school’s financial aid office.

• Can I get my student loans forgiven?

  You can if you qualify for a student loan forgiveness program. It depends on what type of loan you have and your profession. If you have federal loans, you can get full forgiveness after working for the government or a non-profit for 10 years. You can also qualify for partial forgiveness if you work as a teacher. Moreover, you can have your student debt wiped clean after making 20 to 25 years of income-driven repayments.

  You can sometimes get partial forgiveness for private student loans, usually through a program designed to help people in your industry handle student debt. Medical professionals and lawyers typically have the most options, though it’s worth a quick search even if your industry typically doesn’t have a lot of student debt.

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