Chase or T.H.E. as lender

[100041]

I've seen a number of these threads over the past few months, but unfortunately nothing that specifically compares these two lenders (Chase and T.H.E.). I've been trying to calculate the differences myself, but I have very little financial background. If anyone can point me to a website to help me calculate a loan repayment schedule, I would much appreciate it (the one I worked up in Excel doesn't match up with the no-bonus calculators I've seen).

Chase:
0.60% interest rate reduction for payments made automatically from a checking or savings account (ACH).
1.0% interest rate reduction after the first 12 scheduled on-time payments.
Additional 1.0% interest rate reduction after the first 36 scheduled on-time payments.
Students keep the two 1% interest rate reductions permanently after making the first 48 consecutive payments on time.

T.H.E.:
Immediate monthly credit upon entering repayment equivalent to reducing the outstanding principal by 1.3% annually (benefit is retained unless delinquent 60 days or more on a payment).

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[100041]

Oh, I should mention that it seems to me like Chase is a much better deal because it cuts your interest so low... but perhaps I'm reading that wrong? T.H.E., on the other hand, just makes it so you pay back 98.7% of what you borrowed, correct?

The other main benefit of T.H.E., which I've heard multiple times, is that there is no condition on it - you'll get it no matter how deliquent you are. Alternatively, Chase sets plenty of conditions... but how uncommon is it to be unable to make a payment, especially if it's direct-debited so you don't have to worry? Does pleading economic hardship (which I hear many residents do) invalidate those requirements?

 

[Jedix123]

I went with one of my preferred lenders that didn't charge the extra 3% for the stafford loan. Bank of AMerica. They seemed to be the most flexible.

 

[100041]

These are the two lenders that my school offers. Neither has origination fees or such. The only differences are those I listed above.

Oh, and I've since read that the 1.3% credit given with the T.H.E. loan is on the interest rate, not the principle.