How Long Will It Take Me to Receive My Chase Private Student Loan Check?

Written by James Hirby and Fact Checked by The Law Dictionary Staff  

As one of the largest American retail lenders, Chase Bank issues many thousands of private student loans each year. In fact, the company is regarded as a "lender of last resort" for cash-strapped students and parents who exhaust their federally-backed student loan options. If you attend an expensive private institution or aren't eligible to receive funding through traditional loan programs, it's likely that Chase will provide you with a reasonably-priced loan. Although this loan is likely to be generously-sized, it may come with a few drawbacks. For instance, it's likely to begin to accrue interest immediately. In addition, it may carry a higher rate of interest than certain federally-backed loans. Since you might not have many other funding options, it's likely that you'll have to work within these constraints.

In most cases, your Chase private student loan check will arrive within two business weeks of your approval date. However, the exact timing of its arrival will depend upon several key factors. If you wish to expedite your check's arrival in anticipation of a tuition deadline, you'll need to ensure that all of your loan's application papers are accurate and up-to-date.

In addition, you may need to make provisions for cashing your check. Since your Chase private student loan check might be earmarked for your personal use, your educational institution's financial aid office might not be able to accept it in its original form. If you need to convert your check into cash, you may need to visit a local Chase branch. If the check's face value is more than $2,000 or so, it's unlikely that a check-cashing service or non-affiliated bank will agree to cash it.

It's important to note that Chase prefers its student loan customers to accept disbursements via direct deposit. If you sign up for a Chase bank account and permit the bank to make a loan deposit on your behalf, you might shave two or three business days off of your loan's processing time. Alternatively, you might be able to convince your educational institution's financial aid office to accept a direct electronic disbursement from the bank.

Although many financial aid departments frown upon accepting direct private loan deposits, yours might be willing to do so. If this is the case, it's likely that your institution will remove any "holds" from your account in anticipation of receiving the funds. This will smooth your transition into the semester and remove a key financial concern that might normally impede your academic performance.

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