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Chase Cuts Student Loan Rates and Fees

One of the largest U.S. student loan lenders JPMorgan Chase & Co said it will cut student loan rates and fess Monday while the new federal law forces competitors to raise rates and fees. 

Here is an except from the Reuters.com article on the subject covering the specific student loan rate and fee cuts:

"Chase Education Finance said it will waive the origination fee on Stafford loans and the 1 percent default fee on Stafford, Parent PLUS and Grad PLUS loans.

It said it will also reduce the interest rate on all three loans by one-tenth of a percentage point if it makes, services and retains the loans.

The changes apply to new loans Chase makes and plans to retain between Dec. 1, 2007, and June 30, 2009, Chase said.

Chase also said borrowers who obtain school-certified Chase Select private loans can receive below-prime rates and will pay no origination and repayment fees for applications approved between June 1, 2008, and June 1, 2009."

Posted by nicod3mus on February 9, 2008 08:00 AM |

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