In the United States, Chase Bank is one of the largest retail lenders. Each year, this bank issues private student loans to thousands of students. In fact, the bank is known for its tendency to lend money to students when they have exhausted other options like federally backed student loans. While these loans are usually generous, they do come with some drawbacks. Typically, they will have a higher interest rate than federally backed loans and the interest on them will likely begin to accrue immediately.
When Are Checks Delivered?
If you have been approved for one of these loans, you can expect it to arrive in 14 days or less, which is based on the date that it was approved. It’s important to make sure that your loan application papers are complete when you fill them out and that all of your information is up-to-date. This will help ensure that there are no hitches approving your loan, which would slow down the arrival of your Chase private student loan check.
Check Cashing Provisions
In many cases, the Chase private student loan check you receive will be issued to you. You will need to convert the funds to cash before paying your tuition. The amount of funds paid by these type of checks is usually large. If you are receiving more than $2000, you will probably have to cash it at a Chase Bank branch. Nonaffiliated banks or check cashing services are not likely to give you cash for this type of check.
Chase usually prefers to disperse funds to individuals who are student loan customers by using direct deposit. If you apply for a private student loan from Chase and get accepted, it may be beneficial to open an account there as well. By accepting disbursements via direct deposit, you may reduce processing time by a couple of business days. Also, you may be able to have those funds directly deposited towards your tuition if your educational institution allows this.
Financial Aid Departments Receiving Funds
If the financial aid department at your educational institution allows you to pay your tuition via direct deposit, it may allow them to remove any type of hold on your account. Direct deposits are usually smoother than most other ways of making a transaction. While not every educational institution allows direct deposit, if your school does, it may be best to use this method.