Private College Student Loan

Why did they charge me for this in my student loan?

I got a private education loan from CHASE last week for the amount of $22K. I received the check, and I deposited into my checking account. I still haven't touched a penny from my deposit. Today I received my disclosure statement and it says I have a 6% rate but there is a $19,000 FINANCE CHARGE and it says that it is the dollar amount that the credit will cost me!!! So I have to pay $43K now. Since I haven't touched the money I wanna give it back and cancel it, because I was never aware of that finance charge. What would you recommend?

Public Comments

1. Call Chase and ask them what that is about. I'm guessing but I think it is just telling you if you pay it off in 10 years, 15 years, or whatever they told you then that's how much it will have cost over time with the interest and everything.