Chase Bank Student Loans Are No Longer Available

You might know Chase Bank for its credit cards, lines of credit, mortgages, checking and savings accounts, and other financial products today. They’re also the commercial banking part of the US infamous financial institution, JPMorgan Chase. But once upon a time, Chase Bank also serviced and funded student loans for US students.

Chase Bank was a federal student loan distributor and servicer, issuing programs such as the Stafford Loan and PLUS Loan. It also offered private loans like the School-Certified Private Loan and Non-Certified Private Loans, both of which depended entirely on the school’s rate of participation in the program, and educational expenses.

Chase was a popular loan resource for students for a while, though some people are wondering what happened to Chase student loan servicing. But something happened in 2013 that stopped students from obtaining the Chase school loan.

Read on to learn more about the Chase student loan, Chase student loans interest rate, why the Chase Bank student loans halted, and more in our Chase student loan review.

Why Are Chase Bank Student Loans No Longer Available?
Where Are Chase Bank Student Loans Now?
Alternatives to Chase Student Loans
Customer information

Why Are Chase Bank Student Loans No Longer Available?

You might be wondering, "why did Chase stop student loans?" Especially if you're one of the 4.6 million families who made Chase student loan payments, even after they stopped in 2013.

First, here’s a bit of context:

JP Morgan and Chase serviced and provided both federal and private student loans, working with individuals as well as the federal government. In 2012, Chase stopped servicing federal student loans, and in 2013, they discontinued all private student loans, except for already existing customers. They no longer offer student loan refinancing, either.

Why did Chase Bank student loans come to an end? According to JP Morgan and Chase, there were three reasons:

Increased competition
Greater regulatory burden
Minimal business growth

Many believe Chase Bank moved onto more lucrative financial services, like credit cards and mortgages. Chase Bank’s second rationale, greater regulatory burden, impacted their profit margins on student loans so greatly that they decided to pursue other areas of business.

Where Are Chase Bank Student Loans Now?

If you took out a Chase Bank student loan, it’s likely with another student loan lender or student loan servicer.

In April 2017, Navient and JPMorgan Chase reached a deal in which Navient purchased Chase Bank’s $6.9 billion student loan portfolio, which included both private and federal loans. Some loans went to other lenders as well. If your Chase Bank student loan changed servicers or lenders, you would have received an email saying so. Don’t worry — the Chase student loans interest rate will stay the same with your new servicer.

If you can’t find an email record, check your credit report. Anytime a student loan changes lenders, the new lender reports the acquisition to the credit bureaus.

Alternatives to Chase Student Loans

If you’re seeking a student loan for your college education, you won’t find one at Chase Bank. However, there are plenty of other alternatives.

1. Earnest

Earnest Loan Specifications
Variable Rates	0.99% - 11.44%
Fixed Rates	2.99% - 12.78%
Fee	N/A
Cosigner release	Only through refinancing
Repayment Rules While In School	Principal and interest; interest only; fixed $25; deferred payments
Grace Period	9 months

Earnest is a popular student loan lender that supports both graduate and undergraduate students with their studies. They offer a wide range of repayment options, including skipped payments and automatic bi-weekly payments.

2. College Ave

College Ave Specifications
Variable Rates	0.99% - 11.98%
Fixed Rates	2.99% - 12.99%
Fee	The lesser of the following: 5% for late payments; $25
Cosigner release	After 2 years of timely payments
Repayment Rules While In School	Principal and interest; interest only; fixed $25; deferred payments
Grace Period	6 months, with the option to extend

College Ave offers flexible student loans to students, as well as for parents. This lender offers 4 repayment options, and allows students to pick their loan terms; however, they also require a cosigner.

3. Ascent

Ascent Specifications
Variable Rates	1.50% - 9.58%
Fixed Rates	2.97% - 11.44%
Fee	N/A
Cosigner release	After 2 years of timely payments
Repayment Rules While In School	Interest only; fixed $25; deferred payments
Grace Period	9 months

Ascent is a great student loan option for both students with or without a cosigner. They also offer 1% cash back rewards when you graduate!

Conclusion

If you took out a Chase bank student loan, don’t worry! It’s likely that your loan is simply with a different servicer. For alternatives to the Chase school loan, check out some other alternatives listed above, as well as on our Best Private Student Loans webpage.