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If you’ve graduated from university in the past few years, chances are you have a high amount of student debt. Student debt typically has high interest rates, this is because it is typically not secured against any assets. What many students don’t realize is that they don’t have to be tied to these extortionate interest rates. Instead, they can use a range of different methods to refinance their loans at a much lower rate.

Chase is one of the largest banks in the United States – they’re a household name when it comes to consumer finance. While they offer student loans through their lending department, they don’t offer a direct refinancing program. But this doesn’t mean you can’t refinance your student debt using some of their other lending products. This review will explore student loan refinance at Chase.

Overview

Because they don’t offer a specific debt refinancing program, you have to get a bit creative if you want to refinance your debt at Chase. If you’re a homeowner, you have a few different options available to you. You can remortgage your house and use the cash to pay off your debt – mortgage interest rates are much lower than student loan interest rates. If you don’t want to do this, you can get a Home Equity Line of Credit by borrowing against your home as well – these also tend to have much lower interest rates. It will also simplify your payment commitments by consolidating your debt.

If you’re not a homeowner, you can apply for a traditional personal loan or credit card. You can then use this money to pay off your debt. You’ll want to ensure that the interest rates are lower than your current student loan. Also, some personal loans will require collateral.

Pros

  • Large bank with range of products
  • Local branches everywhere
  • Online application
  • Range of methods

Cons

  • No specific student refinance program
  • Need a good credit score to apply for financial products

    Verdict

    Although you will most likely need to get a bit creative to get a refinancing loan from Chase, it doesn’t mean it’s not possible. In fact, depending on your financial situation, Chase’s alternative methods of refinancing might actually be more beneficial for you. But as with many larger lender in the United States, you have to have an above average credit score to apply for most of their products. The major upside is that if you already bank with Chase, the entire process will be very easy!