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The following information is designed to help you better
understand the interest rates associated with federal and private student loans
offered by Chase.
Federal Loans
 Interest
rates on variable federal student loans are set by Congress. For loans issued
between July 1, 1998, and June 30, 2006, the rates are variable and change each
July 1 based on a formula related to short-term Treasury securities. Stafford
loans are capped at 8.25% and Parent PLUS loans may not exceed 9.00%. Interest
rates on new federal student loans first disbursed on or after July 1, 2006
have a fixed interest rate.
The variable federal student loan interest rates have been set for 2009-2010.
Effective July 1, 2009, through June 30, 2010, the new rates
for variable student loans are as follows for loans that were first disbursed
between July 1, 1998, and June 30, 2006:
Federal Stafford Loan Rates
| Period |
Rate |
| During school, grace and deferment periods |
1.88% |
| During active repayment, including forbearance periods |
2.48% |
Federal Parent PLUS Loan Rate
| Period |
Rate |
| For all periods during repayment, including forbearance and deferment |
3.28% |
The rates for loans disbursed on or after July 1, 2008, will be
a fixed rate as follows:
Federal Stafford Loan Rates (undergraduate subsidized)
| Period (includes loans in school, grace, deferment and repayment periods) |
Fixed Rate |
| Loans first disbursed between 07/01/2008 and 06/30/2009
|
6.00%
|
| Loans first disbursed between 07/01/2009 and 06/30/2010
|
5.60%
|
| Loans first disbursed between 07/01/2010 and 06/30/2011
|
4.50%
|
| Loans first disbursed between 07/01/2011 and 06/30/2012
|
3.40%
|
Federal Stafford Loan Rates (undergraduate unsubsidized and graduate)
| Period |
Rate |
| For all periods, including in-school, grace, deferment and repayment periods
|
6.80% fixed
|
Federal PLUS Rate
| Period |
Rate |
| For all periods during repayment, including forbearance and deferment |
8.50% fixed
|
Private Loans
Our private loan is based on the London Interbank Offered Rate (LIBOR). The LIBOR index is variable and adjusted quarterly.*
School-Certified Private Student Loans
Chase SelectSM is a school-certified private student loan, which means
it requires your school to approve the loan amount and certify that you are
enrolled in that institution and that the loan is being used for education
expenses. Your school must participate in this loan program in order for you to
be eligible to receive it.
Variable Interest Rate
for Chase Select
|
Month |
Current 3 Month
LIBOR Index
|
3 month LIBOR Index + a margin
(from 4.40% to 12.25%) |
October 1, 2009 - December 31, 2009 |
0.30% |
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