What happened to chase student loans?

Last fall, all the good newspapers around America were full of stories about the student debt crisis. No, it wasn’t bad news about how college tuition keeps on rising. It was all about how people were going broke because they owed so much in student loans. All kinds of articles were written on the topic, and as someone who writes and edits articles for a living there was a lot to think about and research. By now it’s an article of faith that people are leaving college with volumes of debt that will take years if not decades to pay off. But what does this really mean? And why is it happening? In this article we shall see What happened to chase student loans?

It’s official. Chase has canceled its $1000 bonus for student loan refinancing.

The increasing cost of higher education has created a growing student loan debt crisis in America. It is estimated that $1.2 trillion in outstanding balances are currently held by more than 44 million borrowers in the United States, with many struggling to keep up with their payments, leading to mounting defaults and delinquencies across all federal student loan programs. The growth in education loans began in the early 1990s when direct government loans, guaranteed loans and federally insured private loans became available for attending college, along with income-based repayment options for those already burdened with student loan debt. Student loans are normally a good thing, because although they can open up a lot of doors, (for example) they can also be the catalyst to getting started on saving money strategies. 

However, those same creations can come back to bite you if you don’t know how to tackle them with consideration to their effect on your overall finances. 

Chase announced that it was canceling all of its student loan refinancing offers, which had been running for several years. Those offers were based on a $1,000 sign-up bonus, which was given to new customers who refinance their student debt with the bank.

What happened? Chase is replacing that offer with a credit card promotion aimed at students and young professionals. If you’re under 30 years old and apply for one of these cards by November 3rd (and meet other requirements), you can get some pretty substantial rewards. 

The Consumer Financial Protection Bureau, which is the new consumer watchdog agency in America since the financial crisis, came out with a report on student loans that sent ripples all across America. The report said that student loans are saddling young Americans who have taken them to live below the poverty line and to get involved in illegal activities.

What happened to chase student loans?

Alternative that results in approximately a $1,000 bonus.

I’m going to discuss what happened and provide a similar alternative that results in approximately a $1,000 bonus.

First, Chase has now eliminated the $1,000 offer. The link is now dead and has been removed from their site. This offer was always targeted and I received a targeted offer a few weeks ago (although it may take longer than two weeks to receive one).

This was obviously an awesome deal but with this change you can still earn up to $300 by using mentioned techniques!

Do You Have Chase Student Loans?

If you have student loans from Chase, you can expect to receive a letter in the mail about this bonus.

It’s not clear if this is a limited-time offer or not yet, but it’s worth keeping an eye on just in case!

Which Chase Credit Cards Offer the Bonus?

In order to get the bonus on your Chase Sapphire Preferred, Sapphire Reserve, or Freedom Flex card you need to open a Chase checking account first. The bonus is up to $600 per year and it’s paid out in two $300 increments.

The Freedom Unlimited card also offers an 8-week 0% intro APR period on both purchases and balance transfers (although you’ll pay a 3% fee on each balance transfer).

If you’re interested in the Ink Business Preferred or Ink Cash cards because of their lucrative signup bonuses, keep in mind that they both require an investment of at least $5,000 during your first three months as a new cardholder. At this point we’d also like to remind everyone that these are rewards credit cards—that means they have a lot of potential perks but might not be right for everyone’s financial situation. It’s always best to make sure these types of tools will help rather than hurt your finances before applying!

How Did the $1,000 Work?

The program was available to eligible Chase student loan borrowers with at least $15,000 in student loans. The way the promotion worked is that you’d get a $100 bonus for every month you spent $500 on your card from March 1 through April 30, 2020. If you met those requirements, then you’d be eligible for two rounds of bonuses: one in June 2020 and one in July 2020.

The first round was an additional $100 after spending $500 during June. The second round was another $100 after spending another $500 during July. After those two rounds of bonuses were paid out, that was it—no more money would be added on top of what had already been paid out by Chase!

If you have significant student debt, you can still earn big bonuses like this by refinancing your loans.

The first thing to understand about this offer is that the student loan refinance bonus was only available for a limited time. If you didn’t act on it, then you missed out on a great opportunity to earn thousands of dollars in cash back rewards.

The second thing to know is that there are still ways to get something similar! You can take advantage of Chase Ultimate Rewards points offers and sign up for partner credit cards that give big rewards bonuses when using them at certain retailers, among other things. For example: if you open a Chase Sapphire Preferred card and spend $4K within three months ($8K total), they will give you 50K bonus points (worth $500).


Chase has canceled its $1000 bonus for student loan refinancing. This means that if you’re planning on refinancing your loans with Chase or another bank, you won’t be eligible for the $1,000 bonus. Another option is to take out a personal loan through your credit union or community bank. You can then use this money to pay off your student loans (you’ll need to pay off the entire balance). The amount you borrow will determine how much interest you pay over time, but it’s possible that you’ll end up paying less in interest than if you had just refinanced with Chase or another bank.