Does Chase Bank offer student loan refinancing?

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While Chase Bank once offered private student loans and federal managed loans, it sold its portfolio to Navient in 2013. It no longer offers student loans or student loan refinancing. If you took out student loans before 2013, here’s what you need to know.

What Happened to My Chase Student Loans?

Chase once had a strong student loan branch among its products, but this major player in the banking industry left the student loan business in 2013. All of Chase’s loans have now been sold to Navient, one of the major loan departments. students in the United States. States.

When loans change agent, the details of the loan themselves do not change; the loan amount, interest rate and repayment term remain the same. The main change is for another company to take care of payments, customer service, and refund options.

Former Chase borrowers can contact Navient to inquire about their student loan status. Navient offers several ways to reach its contact page, including electronic forms and several toll-free numbers that vary depending on the type of student loan you have.

How To Find The Best Student Loan Refinance Lender

If you took out your student loans when interest rates were high or are looking for ways to adjust your monthly payments, refinancing may be a good option. Although Chase does not offer student loan refinancing, many other lenders do offer this service.

To find the best student loan refinance lender, consider these tips:

  • Get prequalified. Getting prequalified for a student loan refinance can help you assess your ability to qualify for loans with the terms and the new payment you want. You can also get prequalified online without a thorough investigation of your credit report, which puts you in a good position to make an informed decision before completing a full loan application.
  • Compare interest rates and loan terms. You should also take the time to compare several offers in terms of interest rates and loan terms. At this point, you can decide whether you want a fixed or variable interest rate and what repayment term will give you the best monthly payment for your situation.
  • Read reviews from lenders. In-depth student lender reviews can help you get an idea of ​​how each private student loan company works, along with their main advantages and disadvantages. While you are researching lenders, you can also find reviews based on user experiences with third-party websites like Trustpilot.

When should I refinance my student loans?

There are a few factors to consider before refinancing student loans with a private lender. This is especially true if you are considering refinancing federal student loans, as transferring them to a private lender would mean forgoing federal loan protection, income-driven repayment plans, and programs like loan-of-service forgiveness. public (PSLF).

Additionally, you should keep in mind that federal student loan payments are currently suspended until January 31, 2022. During this forbearance, interest rates are set at 0% for most federal loans, so you do not. therefore should not rush to refinance. If anything, you can continue to make payments on your 0% loans to reduce your balances and look for refinancing options later in the year.

That being said, it might be a good idea to refinance your student loans if:

  • Your credit score has improved or rates have dropped significantly.
  • You want to change your private student loans from a variable rate to a fixed rate.
  • You must reduce your monthly payment by extending your repayment period.
  • You have a plan to pay off your debt and you know you’ll never need to access income-based repayment plans or forgiveness options.

The bottom line

Chase student loans may be a thing of the past, but keep in mind that there are plenty of other loan services out there that have taken over the helm. In fact, many of the best private student loan companies offer incredibly low rates and flexible terms for people with good credit, but you will also find student loan options for bad credit if you look closely enough.

If you want to refinance, don’t settle for the first business you come across. Instead, compare vendor interest rates and loan terms, and make sure your new payment fits your budget and lifestyle.

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