CHASE HEALTH
GRAD PLUS LOAN FAQs

A Chase Health Grad PLUS Loan is a federal loan that can supplement your Chase Health Stafford Loan. It can help to fill the gap between other aid you receive for school and the full cost of a healthcare education.

With a Chase Health Grad PLUS Loan, you can borrow a minimum of $500 and up to the cost of your education minus other aid received. Unpaid interest accrues and may be deferred until after graduation or the student drops below half-time enrollment. Deferred interest is added to the principal loan balance at repayment (following uninterrupted periods of grace and deferment).

In addition to general eligibility requirements for a Grad PLUS Loan, eligible borrowers must:

  • Be enrolled at least half time in an eligible program
  • Be a U.S. citizen or national, or eligible non-citizen, with a valid Social Security Number
  • Have a United States address (no P.O. Boxes)
  • Register with the Selective Service, if required
  • Maintain satisfactory academic progress once in school
  • Certify that you are not in default on a federal student loan and do not owe money on a federal student grant
  • Complete the Free Application for Federal Student Aid (FAFSA) * and receive a determination of eligibility for your maximum loan amount under the Federal Subsidized and Unsubsidized Stafford Loan Program
  • Certify, as part of the Federal PLUS Loan Application and Master Promissory Note, a statement of educational purpose
  • Not have adverse credit
  • Meet other Title IV program requirements—see your financial aid office for more information

0.25% interest rate reduction for having monthly payments automatically deducted from your bank account (ACH) by Chase

The Chase Health Education Program has no repayment fees for the Chase Health Grad PLUS Loan. There's a 3.0% origination fee that is forwarded to the U.S. Department of Education and a 1.00% default fee. However, the default fee may be waived by participating guarantors.

Chase Health Grad PLUS loans first disbursed on or after July 1, 2006, have a fixed interest rate of 8.50% (before borrower benefits) throughout the life of the loan.

Call a Chase Health Education Program Specialist toll-free at 1-800-211-6730, Monday - Friday between 8 AM and 7 PM Eastern.

Federal student loans, like Stafford and PLUS loans, usually have lower interest rates than private student loans and may include government-subsidized interest payments during qualifying periods of enrollment and deferment. Federal loans have standard rates and fees that don't vary by lender, though borrower benefits may. Chase provides funds for federal student loans but also offers the Chase SelectSM Health Professions Private Loan. Private loans are designed to supplement federal loans when federal loans aren't enough to cover the entire cost of your education.

You should always exhaust your federal student loan options before applying for private loans.

*Important Information:
Federal Loans—For loans that are guaranteed on or after June 1, 2008, the 0.25% interest rate reduction is available to borrowers in repayment who elect to have their monthly payments automatically deducted from a bank account by Chase. This interest rate reduction will begin when the borrower enrolls and begins having payments automatically deducted by Chase and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate will return to the non-discounted rate if automatic payments are canceled, rejected or returned for any reason or during periods of deferment or forbearance. The 0.25% interest rate reduction will not lower the monthly payment amount but will instead reduce the interest that accrues, thereby reducing the total amount repaid and the time in which the loan is repaid. Chase may sell this loan to the U.S. Department of Education, and the U.S. Department of Education may continue to honor this automatic payment interest rate reduction. Visit ChaseStudentLoans.com/rates for current interest rates. Generally, Stafford and Grad PLUS borrowers have up to 10 years (excluding periods of authorized deferment and forbearance) to repay their loans. New borrowers after October 7, 1998, whose total outstanding principal and interest in Federal Family Education Loan Program (FFELP) loans exceeds $30,000, may repay on a level or graduated repayment plan for a period that may not exceed 25 years. There are no penalties for early repayment of FFELP loans. Contact Chase to learn more about repayment term options. Terms and conditions apply. Benefit programs are subject to change. Loans are subject to submission of a completed application, credit approval and other required documentation and verification, as applicable.

This information was correct as of 07/07/08.