Fed Financial
How does a Chase Student loan work? Is it a good deal?
I'm a 4th year college student at Louisiana State University and this year I am having financial problems resulting in me probably not having a way to pay my rent at my apartment. I've receieved many letters from my bank (Chase) informing me about the Chase Student Loan and how I can get up $40,000 a year or something and I was curious if this was a good deal or if the Chase student loans had a bad interest rate (I don't know what a good one is...) and other details. I have normal credit and am only 21 but I was thinking about going into Chase this week to ask them about the student loan. I'd probably need to take $5,000 out to pay rent this semester and I have 1 or 2 years left until I graduate. I've been receiving Stafford loans and Pell grants thus far because my parents don't make very much that that money covers books, students fees, etc... and I have something called T.O.P.S. which pays my tuition (it's specific to Louisiana). Any information or suggestions is appreciated
Public Comments
- If you can struggle without it, stay away. The interest accumulates until you graduate, unlike the Stafford. effectively the 5k could accumulate to over 7500 balance at graduation. Check another lender after you approach chase. If you miss 1 pmt w/chase, check how the interest is recalculated (25%?).
