Chase Does Not Offer Federal or Private Student Loans

Chase Bank does not make student loans. The bank does not originate federal student loans, and it does not offer private student loans to borrowers. If you are looking for a student loan through Chase, you will need to look elsewhere.

This is different from some other large banks. Wells Fargo, for example, stopped offering private student loans in 2020, but some regional banks and online lenders still do. The federal government makes federal student loans directly through the Department of Education, not through banks like Chase.

Key Takeaways

  • Chase Bank does not originate student loans of any kind — neither federal nor private.
  • Federal student loans come directly from the Department of Education, not from banks.
  • Private student loans are available from other lenders, including some online lenders and credit unions.
  • If you have an existing student loan, Chase may service it, meaning they collect payments on behalf of the original lender.
  • Chase does offer other products for students, including checking accounts with no monthly fees and debit cards.

Where to Find Federal Student Loans

Federal student loans are made by the Department of Education, not by banks. You explore through the Free process for Federal Student Aid (FAFSA), which is available at studentaid.gov. The FAFSA determines your financial need and connects you to federal loan programs.

The main federal student loan programs are Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans. Your school's financial aid office processes your FAFSA results and tells you which loans you may receive. The Department of Education then disburses the money directly to your school, which applies it to your tuition and fees.

You do not choose which bank or lender services your federal loan — the Department of Education assigns a servicer. That servicer collects your payments and handles questions about your account. Chase may be your servicer, but Chase did not make the loan.

Private Student Loans and Where to Get Them

Private student loans come from banks, credit unions, and online lenders — not from the federal government. These loans are based on your credit history and income, not on financial need. Interest rates and terms vary by lender and by your creditworthiness.

Lenders that currently offer private student loans include Sallie Mae, Earnest, SoFi, Discover, and various credit unions. You can compare rates and terms across lenders before you borrow. Private loans do not have the same protections as federal loans — for example, they do not offer income-driven repayment plans or automatic forgiveness programs.

Private student loans are usually a last resort after you have exhausted federal loans, because federal loans typically have lower interest rates and more flexible repayment options.

What Chase Offers Students Instead

While Chase does not make student loans, the bank does offer products designed for students. Chase offers a checking account called Chase College Checking, which has no monthly maintenance fee and no minimum balance requirement. The account comes with a debit card and online banking access.

Chase also offers a student credit card called the Chase Freedom Student credit card. This card is designed for students who are building credit for the first time. It has no annual fee and offers cash back on certain purchases.

These products help students manage money during school, but they do not help pay tuition. For tuition funding, you will need to use federal loans, private loans from other lenders, or other sources like scholarships or family contributions.

If You Already Have a Chase Student Loan Servicer Account

If you have a student loan and Chase is listed as your servicer, that means Chase collects your payments but did not make the loan. Your loan was made by the Department of Education (if it is a federal loan) or by another lender (if it is a private loan).

You can log into your Chase student loan servicer account to view your balance, make payments, and explore repayment options. If your loan is federal, you may be able to change your repayment plan through your servicer account. If you have questions about your loan terms or interest rate, contact your servicer — in this case, Chase — for details.

Frequently Asked Questions

Can I get a student loan through Chase online?

No. Chase does not offer student loans online or in branches. You can only get federal student loans through the Department of Education via the FAFSA, or private student loans from other lenders like Sallie Mae, Earnest, or SoFi.

Does Chase offer parent PLUS loans?

No. Parent PLUS loans are federal loans made by the Department of Education. You explore for them through the FAFSA. Chase does not originate these loans, though Chase may service them after they are made.

What if Chase is my loan servicer but I want to switch?

If your loan is federal, you cannot choose your servicer — the Department of Education assigns one. If your loan is private, you may be able to refinance with a different lender, which would move your loan to that lender's servicer. Contact your current servicer to ask about your options.

Does Chase offer any financial aid for college?

Chase does not offer scholarships or grants. The bank offers student checking accounts and credit cards, which help manage money but do not pay for tuition. For financial aid, look into federal grants, scholarships from your school or outside organizations, and federal loans through the FAFSA.