Essential Insights at a Glance
- Chase has completely withdrawn from issuing and refinancing student loans.
- Existing Chase student loans were transitioned to a different servicing company.
- Despite the transfer, borrowers retain the ability to refinance their student loans elsewhere.
Back in the day, Chase Bank was in the business of providing private student loans and handling federal student loan servicing. However, that chapter closed in 2017 when the institution sold its student loan portfolio to Navient. Today, Chase no longer grants student loans nor facilitates student loan refinancing. For those who obtained loans while Chase was active in this arena, the servicing responsibilities shifted from Navient to MOHELA in 2024.
How to Zero In on the Ideal Student Loan Refinance Lender
If you’re still stuck with student loans that carry steep interest rates or if reshaping your monthly installments sounds appealing, refinancing can be a savvy move. Although Chase no longer offers refinancing options, you’re free to explore alternative lenders who may tailor terms and payment plans better aligned with your current financial picture.
One savvy step before applying is getting prequalified online — a process that typically won’t ding your credit score — giving you leverage to weigh your options without commitment. From here, you’ll want to:
- Scrutinize the interest rates and loan conditions. Weigh fixed versus variable rates, and mull over repayment durations that best keep your monthly bills manageable.
- Delve into lender reputations. Reading customer feedback and lender reviews offers unfiltered insight into the service quality and flexibility you might expect.
When to Consider Refinancing?
It might be time to shop around if any of the following have changed since your original Chase loan:
- Your financial situation or credit profile has improved.
- You desire a more customized payment plan suited to today’s expenses.
- You want to lock in a lower interest rate amid falling market rates.
Keep in mind, however, that refinancing federal student loans into private ones means forfeiting benefits like income-driven repayment options and eligibility for certain loan forgiveness programs.
Chase’s Current Offerings for Students
While Chase no longer dabbles in student loans, it still supports students through a suite of financial products including:
- Checking accounts tailored for high school and college students
- Secured credit cards designed with young borrowers in mind
- Savings accounts crafted to help students build financial habits
Tracing the Fate of Your Chase Student Loans
Chase’s once-significant presence in the student loan sector dwindled when it exited the market in 2013. The company offloaded its portfolio first to Navient, a prominent loan servicer, and recently those loans migrated to MOHELA as of October 2024. If you haven’t received a notification about this transfer, logging into your Navient account or contacting the current servicer directly will offer the latest details.
Important to note is that switching loan servicers doesn’t alter fundamental loan terms — your balance, interest rate, and repayment schedule stay intact. The shift lies in who handles your payments, answers your queries, and manages repayment options going forward.
Quick Loan Portfolio Snapshot
As of 2023, Navient managed over 9 million student loans totaling approximately $130 billion in outstanding balances. MOHELA, serving millions of borrowers, is a nonprofit federal student loan servicer tasked with managing Direct Loans on behalf of the U.S. Department of Education.
Exploring Competitive Rates Beyond Chase
While Chase has stepped away from the chase (no pun intended), numerous lenders remain eager to offer competitive rates paired with flexible terms for borrowers boasting excellent credit. Even if your credit is less than perfect, refinancing remains an avenue worth investigating—though keep in mind that less stellar scores typically invite steeper interest rates.