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Posts: 11
Registered: ‎07-12-2014
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Chase Private Student Loan

I took out a loan for my classes in 2008. I am not entering law school as a first year full time student. I called Chase and told them that as a first year student per ABA regulations I am not allowed to hold a job. I told them that I cant make their payments of $1**.** currently and if they can reduce my payment for the time being, it would help. They absolutely refused and told me to get money from people I know, parents, friends etc. I explained that I cannot borrow upwards of $1500, thats just ridiculous. Anyway I am now in a situation that if I do not pay they will charge it off. I would very much like to pay, but I absolutely cannot afford it while not being able to hold a job. Does anyone have any experience with these situations? Any information would help.

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Re: Chase Private Student Loan

Does Chase offer any type of hardship or in-school deferrment that you can take advantage of?  Private lenders are not required to offer these benefits, but some will off them on a limited basis, so it is worth asking.

 

Also, are you forbidden from working at all?  I believe the ABA regulations prohibit students from working more than 20 hours per week when enrolled full-time, but maybe your school is more restrictive?  If your payments are only ~$1500/year, a very limited part-time job would let you earn enough.  You might even consider some "under-the-table" work like babysitting, lawncare, dog walking, etc.  just to make the payments.  If you are enrolling for the Fall, it's actually very doable to set aside $1500 from employment in the rest of July and August if you set your mind to it.

 

It is going to be a nightmare to let this loan default, do whatever you can to avoid it.  The amount of stress, frustration, fees and damage to your credit is not worth failing to make $1500 worth of payments each year.

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Re: Chase Private Student Loan

Apparently I used all my deferment time. If I had known I would have definitely made payments during undergrad. I am right now holding a job and saving up for payments during the year.  Im looking into under the table jobs just because the first year i am not allowed to work but the second year I will be able to work 20 hrs a week like you said. I filed a complaint with the AG of PA to lower my payment, hopefully we can work something out. Also working on filing something with the CFPB.

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Re: Chase Private Student Loan


Moe_2017 wrote:

Apparently I used all my deferment time. If I had known I would have definitely made payments during undergrad. I am right now holding a job and saving up for payments during the year.  Im looking into under the table jobs just because the first year i am not allowed to work but the second year I will be able to work 20 hrs a week like you said. I filed a complaint with the AG of PA to lower my payment, hopefully we can work something out. Also working on filing something with the CFPB.


To be honest with you, I would not plan on those complaints doing much for you.  Unless your lender is not following the loan agreement that you signed with them, there isn't really a basis for an AG or the CFPB to make them take a different course.  Unfortunately, even if you didn't understand the limited nature of the deferrment, if it was stated up front and you signed on the dotted line, you're stuck with that.

 

That said, ~$110 per month is a very reasonable loan payment compared to where many people find themselves with their private loans.  I would spend my time focusing on earning the $1500 to take care of that first year, and finding a few side-gigs to cover the minor expenses for your first year of law school.

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Posts: 11
Registered: ‎07-12-2014
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Re: Chase Private Student Loan

I thought about what you said and youre completely right. I decided to take steps to ensure I have the $140 every month for the payment just incase they do not lower the payment. I cancelled my meal plan because it is a luxury that I do not need, and also going to get used books because it will save me 200-400 dollars.

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