Never Use Chase Student Loans

[wehberb]

Just to let anyone know. If you select to pay for undergraduate school with a private student loan from Chase and end up going to Medical School (which is the case in my situation) they require you to repay the loan regardless if you are a full time student with $0 income. I'm an M3 and I am (well parents) are paying my loan payment while I am still in school. They have a 5 year clause regardless of what you are doing in order to pay the loan. My first one kicked in during Nov. and my next one will kick in too. Looks like I'll be on the hook for two loans during school with $0 income. I hope none of you did a MS program! Lucky it was a 4+4 route in my case.

They will not allow the loan to be in forbearance unless you are in residency.

STAY AWAY FROM CHASE! They are criminals and liars! I reported them to the consumer protection bureau because of the runaround they were giving me and the multiple stories I heard. Needless to say, when residency is over, they will never handle ANY of my financials, EVER!

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[Silent Cool]

Just to let anyone know. If you select to pay for undergraduate school with a private student loan from Chase and end up going to Medical School (which is the case in my situation) they require you to repay the loan regardless if you are a full time student with $0 income. I'm an M3 and I am (well parents) are paying my loan payment while I am still in school. They have a 5 year clause regardless of what you are doing in order to pay the loan. My first one kicked in during Nov. and my next one will kick in too. Looks like I'll be on the hook for two loans during school with $0 income. I hope none of you did a MS program! Lucky it was a 4+4 route in my case.

They will not allow the loan to be in forbearance unless you are in residency.

STAY AWAY FROM CHASE! They are criminals and liars! I reported them to the consumer protection bureau because of the runaround they were giving me and the multiple stories I heard. Needless to say, when residency is over, they will never handle ANY of my financials, EVER!

I have chase and that has not been my experience. You need to request that your school send an in-school deferment form to Chase loans. They have their own company form for this. Let me know if you need more info.

 

[wehberb]

Do you have private student loans that are older then 5 years?

My school has sent my in school deferments and it doesn't matter any more.

It is now mid M3 year and this is why I now have to start paying. They deferred them during my M1 & M2 years due to full time status. They re-sent me the promissory note which I signed as a sophomore in undergrad which specifically states a 5 year automatic repayment regardless of status. I went through layers of management and hours of phone conversations.

I had the VP of student loans write me a letter personally due to the consumer complaint. They even told the US government that there was nothing they could do due to the terms of the loan.

If you have some trick up your sleeve please let me know. I'd like to use it.

Maybe the bankers should use their heads to think instead of their wallets. I'm all for common sense here and have no problem repaying my debt. I would love to hear how they expect a med student to pay loans while living on loans.

 

[Silent Cool]

Do you have private student loans that are older then 5 years?

My school has sent my in school deferments and it doesn't matter any more.

It is now mid M3 year and this is why I now have to start paying. They deferred them during my M1 & M2 years due to full time status. They re-sent me the promissory note which I signed as a sophomore in undergrad which specifically states a 5 year automatic repayment regardless of status. I went through layers of management and hours of phone conversations.

I had the VP of student loans write me a letter personally due to the consumer complaint. They even told the US government that there was nothing they could do due to the terms of the loan.

If you have some trick up your sleeve please let me know. I'd like to use it.

Maybe the bankers should use their heads to think instead of their wallets. I'm all for common sense here and have no problem repaying my debt. I would love to hear how they expect a med student to pay loans while living on loans.

huh, damn, NVM. I'm not sure what to say. Mine aren't that old.

 

[dpmd]

Do you have private student loans that are older then 5 years?

My school has sent my in school deferments and it doesn't matter any more.

It is now mid M3 year and this is why I now have to start paying. They deferred them during my M1 & M2 years due to full time status. They re-sent me the promissory note which I signed as a sophomore in undergrad which specifically states a 5 year automatic repayment regardless of status. I went through layers of management and hours of phone conversations.

I had the VP of student loans write me a letter personally due to the consumer complaint. They even told the US government that there was nothing they could do due to the terms of the loan.

If you have some trick up your sleeve please let me know. I'd like to use it.

Maybe the bankers should use their heads to think instead of their wallets. I'm all for common sense here and have no problem repaying my debt. I would love to hear how they expect a med student to pay loans while living on loans.

So you borrowed money, knowing it would need to be paid back within 5 years (since it is on the promissory note I am going to say you knew, even if you didn't read it because that would just be your own stupidity) and now you say the company is bad/criminal/liars because they are expecting you to keep your promise. Interesting. Do you also run up big credit card debt and get mad at the credit card company for trying to get you to pay. But, but, I have NO INCOME, you cry. How the hell is that their fault? Quit your bitching and be glad your parents are covering things instead of you having to work out some sort of payment arrangement to avoid default (and thank your parents every time you pay for anything besides bare minimal rent and food since otherwise you would have to max out your med school loans, have multiple roommates in a cheap apartment, and give up coffee/cell phone/cable/internet/restaurant meals/etc in order to make those private loan payments)

 

[Gauss44]

Just to let anyone know. If you select to pay for undergraduate school with a private student loan from Chase and end up going to Medical School (which is the case in my situation) they require you to repay the loan regardless if you are a full time student with $0 income. I'm an M3 and I am (well parents) are paying my loan payment while I am still in school. They have a 5 year clause regardless of what you are doing in order to pay the loan. My first one kicked in during Nov. and my next one will kick in too. Looks like I'll be on the hook for two loans during school with $0 income. I hope none of you did a MS program! Lucky it was a 4+4 route in my case.

They will not allow the loan to be in forbearance unless you are in residency.

STAY AWAY FROM CHASE! They are criminals and liars! I reported them to the consumer protection bureau because of the runaround they were giving me and the multiple stories I heard. Needless to say, when residency is over, they will never handle ANY of my financials, EVER!

Good heads up!

I'VE HEARD THAT SOME BANKS HAVE BEEN DOING THIS TO JUST ABOUT EVERYONE LATELY. If they promised one thing, and delivered another. Or gave misleading information.

Regarding the other comments, there might be different terms on all of your loans too. Never exclusively trust what your financial adviser says. Read every word of promissory notes before you sign AND get a copy (so they don't change the agreement on you later - on accident or on purpose - and so you don't have to rely on incompetent customer service for that information).

If you apply online, make sure you can print every agreement you sign. I've heard that banks sometimes send you the wrong agreement and claim you signed something electronically that you did NOT sign. It's unclear whether that is deliberate or a result of being disorganized if it is happening in the first place.

If you apply on the phone, they will probably inform you that the call is recorded and will record any verbal agreement. They are not always willing to send you a copy of your agreement, but if they do, make sure it's the right one. Also, read your statements and online account to make sure all information is consistent with the agreement as you understand it. If not, write a letter to that effect immediately and save a copy. Possibly consult an attorney who specializes in this for a major discrepancy. You can find one by googling Martindale. Some attorneys will provide a free 30 minute consultation or short discussion so you can decide if they are worth hiring.


MEANWHILE, can you refinance or consolidate that loan into a new loan with more repayment options like deferments or forbearances?

 

[SKaminski]

so you borrowed money, knowing it would need to be paid back within 5 years (since it is on the promissory note i am going to say you knew, even if you didn't read it because that would just be your own stupidity) and now you say the company is bad/criminal/liars because they are expecting you to keep your promise. Interesting. Do you also run up big credit card debt and get mad at the credit card company for trying to get you to pay. But, but, i have no income, you cry. How the hell is that their fault? Quit your bitching and be glad your parents are covering things instead of you having to work out some sort of payment arrangement to avoid default (and thank your parents every time you pay for anything besides bare minimal rent and food since otherwise you would have to max out your med school loans, have multiple roommates in a cheap apartment, and give up coffee/cell phone/cable/internet/restaurant meals/etc in order to make those private loan payments)

+1

 

[DrMidlife]

The thread title should be "never sign a document you don't have time to understand."