Private College Student Loan

What do you think of the Chase Private Student Loan?

As a student... does it help?

Public Comments

1. Run from Chase! Chase is not your friend.
2. Cali You're going to hear from different people who have had different experiences with their lender. Most students who have had to deal with paying back educational loans are probably going to tell you that their experiences were extremely negative. To be honest, that's not really a consequence of the lenders - they really are pretty much all the same. An educational loan is often an albatross around the neck of a recent college graduate. It's easy to keep borrowing while you're in college, and the consequences of that borrowing aren't well understood. It's almost always a shock to graduates to find out just how much they owe, just how much they're going to have to pay each month, and just how long it's going to take to pay off all that money. When you finish school, you're faced with a lot of expenses. You need to move out of the dorms - find a job - probably move somewhere else - get new furniture - buy new clothes - get a car - maybe it's time to start thinking about getting married and having kids. With the economy the way it is, it's not always easy to find a job when you get out, and your salary may not be what you were hoping for. With all of these expenses and all of these pressures, the student loan becomes the mortal enemy, and it somehow becomes the lender's fault that it's now time to repay the loan. Students call their lenders with a tale of woe - but "the lenders just don't understand" that I "can't afford to repay this money now.". The lenders understand fine - but, you know - a deal's a deal. Now the lender is an "idiot" and they "don't get it" and they won't "work with you'. Don't worry about who you borrow from as much as you worry about how much you borrow. There are financial aid calculators all over the web - in fact, most lenders have a financial aid calculator right on their page. Do some "what if calculations", and see what it's going to cost you to borrow $10,000 or $20,000 or $40,000 or maybe even $80,000 today - and then do another calculation and figure out what kind of income it's going to take for you to manage that kind of monthly payment. Your student loan should not exceed 20% of your monthly net income. In other words, you need to be making $60,000 a year, straight out of school, to reasonably afford a $1000 monthly loan payment. The lenders aren't going to "cut you a break" or "feel sorry for you" when it comes time to repay - it doesn't matter which one you choose.. The responsibility is on YOU to borrow reasonably and carefully, so that when the time comes, you're not on here badmouthing YOUR lender, because they're IDIOTS who don't UNDERSTAND that you don't have that kind of money. Chase is a well-established, reputable lender. If they're willing to offer you a loan at reasonable terms, and you absolutely must have that loan, they are as good a lender as any. Good luck!