Business Services Industry
Chase Offers Fee Waivers, Rate Reductions for 2008-09 Student Loans
Business Wire, Feb 4, 2008
INDIANAPOLIS -- Working to make college affordable, Chase today announced pricing--including fee waivers and rate reductions--for 2008-09 student loans.
"Most U.S. students and their families rely on student loans to help pay for school," said Danny Ray, president of Chase Education Finance. "Reducing fees and interest rates for qualified applicants will make it easier for them."
Chase will offer the following Federal Family Education Loan Program benefits for new loans originated to be held by Chase, with a first disbursement date between December 1, 2007, and June 30, 2009:
* Stafford loans: Chase will waive the borrower origination fee (for all Stafford loans) and the 1.0 percent default fee - even if the default fee isn't waived by the guarantor.
* Parent PLUS and Grad PLUS loans: Chase will waive the 1.0 percent default fee - even if the fee isn't waived by a guarantor.
* Stafford, PLUS and Grad PLUS loans: Chase will reduce the interest rate by 0.10 percentage points upon repayment - and for the remainder of the loan term - if Chase originates, services and retains the loan.
Chase will also offer the following benefits for Chase Select - Chase's school-certified private loan - for applications approved between June 1, 2008, and June 1, 2009:
* Borrowers approved with a qualified cosigner can receive an interest rate as low as 1 percentage point below prime.
* Borrowers approved without a qualified cosigner can receive an interest rate as low as 0.50 percentage points below prime.
* Borrowers will pay no origination and repayment fees.
* Borrowers who pay by auto-debit from a checking account will receive a 0.25 percentage point rate reduction.
About Chase
Chase provides students and their families with financial advice, as well as federal and private loans to help pay for higher education. Chase has relationships with schools and universities across the United States and manages $13 billion in student loans. Parent company JPMorgan Chase is a leading global financial services firm with assets of $1.6 trillion and operations in more than 50 countries. More information can be found at http://www.chasestudentloans.com/.>
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