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. Deferred interest is added to the principal 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

A 0.40% interest rate reduction at repayment is available for all students.

The Chase Health Education Program has no repayment fees or default 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.

Grad PLUS loans disbursed between July 1, 2008, and June 30, 2009, have an 8.5% fixed interest rate. This rate is reduced to 8.10% at repayment and for the remainder of the loan term.

Grad PLUS loans disbursed between July 1, 2006, and June 30, 2008, have an 8.5% fixed interest rate.

For Grad PLUS loans disbursed prior to July 1, 2006, the interest rate is variable, adjusted annually on July 1. The current rate for a Chase Health Grad PLUS Loan is 8.02%.

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 Chase Health Education Program loans that have a first disbursement date between June 1, 2008, and June 30, 2009, Chase will pay on behalf of the borrower all federally mandated origination fees for Chase Health Stafford Loans. In addition, for Chase Health Stafford and Grad PLUS loans that are originated and serviced directly by Chase under federal lender code 831216, Chase will pay all federally mandated default fees that are not paid by the guarantor on behalf of the borrower. Stafford loan borrowers will receive a 1.00% interest rate reduction, and Grad PLUS loan borrowers will receive a 0.40% interest rate reduction. The interest rate reductions will be applied automatically at the time the loan enters repayment and will remain in place for the remainder of the loan term or until loan default or loan consolidation. The interest rate reductions will not lower the monthly payment amount but instead will reduce the interest that accrues, thereby reducing the total amount repaid and the loan term. Terms and conditions apply. Benefit programs are subject to change. Loans are subject to submission of a completed application and other required documentation and verification. Grad PLUS loans are subject to credit approval and verification of application information. This information was current as of 03/01/2008.

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