Student Loans
in Banking, Insurance & Loans ·
Hello. I noticed a student loan option at Chase that I am interested in for my education. I was wondering if anyone here has significant experience with this process. Essentially, I need about 10,000 USD from them. Of course, you usually need a co-signer or steady employment to qualify. Since my parents are retired, they can't qualify for a loan on their small Social Security checks alone—I already checked—which leaves me without much creditworthiness.
But, as I mentioned, the Chase website states the following:
Insurance Instruments
Mandatory Insurance Instruments
A statement of consent for wage garnishment from the debtor or other regular income sources, issued by all parties to the loan and notarized by a notary public
A promissory note issued by all parties to the loan and notarized by a notary public
For loans exceeding 15,000 USD, additional credit insurance is required.
At least one creditworthy joint guarantor, or a life insurance policy for the borrower or joint debtor with a value equal to 5% of the loan amount.
Does this mean they don't require a co-signer for loans under 15,000? It sounds a bit silly to me. Someone could just take the money and move abroad and never look back, haha.
One more question: since there is some partnership between the university and Chase regarding these loans, is there any way the school could assist me with this whole process?
Thanks. 🙂
But, as I mentioned, the Chase website states the following:
Insurance Instruments
Mandatory Insurance Instruments
A statement of consent for wage garnishment from the debtor or other regular income sources, issued by all parties to the loan and notarized by a notary public
A promissory note issued by all parties to the loan and notarized by a notary public
For loans exceeding 15,000 USD, additional credit insurance is required.
At least one creditworthy joint guarantor, or a life insurance policy for the borrower or joint debtor with a value equal to 5% of the loan amount.
Does this mean they don't require a co-signer for loans under 15,000? It sounds a bit silly to me. Someone could just take the money and move abroad and never look back, haha.
One more question: since there is some partnership between the university and Chase regarding these loans, is there any way the school could assist me with this whole process?
Thanks. 🙂