Chase Bank recently announced they were offering 1st time borrowers at least four different loan repayment plans if they put down 10% of their total student loans balance, which equates to roughly $10,000. These 4 options offer borrowers flexibility in how much money goes towards paying back their debt each month. Here’s what we know about them…
**The Income Based Repayment Plan** requires a borrower to pay 15% of their discretionary income and 25% of their non-discretionary income. Borrowers who qualify can receive forgiveness after 120 monthly payments have been made.
**The Standard Repayment Plan** also requires a minimum payment of 15% of discretionary income and 25% non-discretionary. Unlike the IBR plan, borrowers under the SRA do not need to make monthly payments. However, if they don’t repay the full amount owed before the end of the five years, they’ll owe additional fees for the remaining balance. At the end of the 5 years, the lender will consider the borrower to be in default.
**The Graduated Repayment Plan** has three different levels of repayment based on the borrower’s current interest rate. If a borrower chooses level 2, they’ll pay 30% of their discretionary income per month until the entire balance is paid off. Level 1 requires a borrower to pay 17.5% of their discretionary income. Level 0 means no monthly payments are required.
**The Extended Repayment Plan** is a long term solution for borrowers who want to keep their repayment low, but still achieve financial freedom. Under the ERP a borrower can reduce the principal amount of their loan as long as they maintain an annual percentage rate below 9%. After ten years the loan becomes fully forgiven.
Refinancing Student Loans With Chase
This video goes over how you can refinance your student loans with chase…using their tools provided before interest rates go back up after the election.
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Refinancing Student Loans With Chase
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Refinancing Student Loans With Chase
We all know student loans can seem impossible to pay off, even when you have good paying jobs. But now we have a program that not only makes it easier to refinance your student loan debt, but it’s free! If you’re looking to get out of credit card debt, consolidate debts, lower interest rates, or just save money, check out Chase Ink. It’s fast, simple and FREE! Subscribe to Chase Ink so you never miss a video again! I’ve been waiting for my refund from the IRS since July 2016, and they actually sent me a check yesterday! I got all of the money back. How’d they do it? Simple! In fact, I’m about to charge the $1000 fee on my bank account right now! Let’s break down what happened 🙂
First, the CEO called to tell me my refund was coming, and I started getting messages showing that my refund was indeed coming. Then, he emailed to confirm everything, and email came. Finally, after almost 2 years, I got a phone call. At first, I thought something went wrong, so I responded late (will explain later). He told me that there was nothing wrong that they couldn’t fix, and everything would work out soon. My problem was fixed, and I received a check in the mail the next day using direct deposit. Who knew? So if you owe taxes, don’t give up! You can still get help. I learned some valuable lessons, but it’s okay. That’s why I created the video today.
Chase does offer traditional loans without crazy APR, but you do need to fill out a lengthy online application and hope financially that things go well. While the process did take longer than usual, it didn’t cost any extra money. I filled out the application before going live, and then when I launched the channel I paid the $125 processing fee. I had no problems paying this fee. It took about 4 days until it was deposited in my account.
The website is simple and could be improved. When I signed up, I was confused. No big deal, it’s a normal feeling. However, there should be a pop-up window telling you about the program and its terms. Once you click sign up, you’ll see a page explaining everything. There’s a link at the bottom of the page to review the entire agreement. Make sure you read it and understand it if you decide to get the service.
This is a great way to simplify your finances and focus on saving money instead of spending money. To be honest, I was skeptical that I could qualify for a low interest rate with my bad credit history. I asked my mom and she said I definitely could qualify due to the amount of money already owed. She’s always right!!!
So yes, I recommend this product, and think everyone deserves to save money. I wanted to show you guys how you can refinance your student loans with zero fees. And wait, it gets better…
If you use the link above to sign up, you will get $20 credited to your account. Just use that $20 to get started with Chase Ink!
Check out these links below to learn more about student loan refinancing:
Refinancing Student Loans With Chase
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Related Links ▼
- Studentaid.gov/understand-aid/types/loans
- Salliemae.com/student-loans/
- Discover.com/student-loans/
- Nerdwallet.com/best/loans/student-loans/private-student-loans
- Money.usnews.com/loans/personal-loans/personal-loans-for-students
- Credible.com/blog/student-loans/personal-loans-for-students/
- Govloans.gov/categories/education-loans/
- Forbes.com/advisor/student-loans/best-private-student-loans/
- Navyfederal.org/loans-cards/student-loans.html
- Wellsfargo.com/goals-going-to-college/loan-options/
- Whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/
- Ed.gov/category/keyword/federal-student-loans
- Myfedloan.org/
- Navient.com/
- Usa.gov/student-loans