It seems that every year the cost of college in the United States goes up. As if it already wasn’t expensive enough. If it’s difficult for you to afford college, your only are scholarships, grants, and of course student loans. Almost all banks offer student loans to current and prospective students. One such bank is Chase Bank.
Chase offers Federal Stafford Student Loans and as well as Private Student Loans. The Stafford Loans are usually given to you as a result of your FAFSA (Free Application for Federal Student Aid). Once your application has been processed, and if you are deemed eligible, you will usually get a letter in the mail explaining to you how much money you are eligible for and all the information that you will want to know, such as repayment options and interest rates. If you accept the loan, you have to sign a permissary note for the funds and send it in by mail. Some colleges are now giving you the option to sign the permissary not online, which helps to speed up the process. With the Chase Federal Loans, the check is sent directly to the school. Unless the bank decides to give you more than what your tuition costs, you will never see the money. If they do however give you extra funds, it will be refunded to you by your college after tuition is paid first. These loans require no repayment while enrolled at least part time, require no credit check, and offer a six-month payment-free grace period immediately following graduation.
You may find that after your Chase Federal Student Loan might not be enough to cover the cost of tuition, as well as other essentials such as books, school supplies, transportation, and food. That is why Chase also offers private student loans. These loans are a little more difficult to obtain however, especially with the banking and credit crisis that the country is now facing. In order to apply for this loan, just go to chase.com and fill in the online application there for their private student loan. The application process is fairly easy. They just want to basically know the same information that FAFSA does and credit card applications. The Chase Private Student Loan Application is however much shorter than FAFSA. You should be able to have it done in less than ten minutes. Then just submit it online and you should have a decision in less than a minute.
There is a credit check required for these loans, and let me warn you, if you are young college student applying, it is almost certain that you will get rejected unless you have a cosigner with good and established credit. Chase, along with all the other banks in the country are being extremely picky about who they lend money to now that the country’s banking system is in ruins. However, with a good cosigner, you stand a decent chance. Good Luck!
