Complaint Rating:

Here's my nightmarish story about an attempt (still in progress) at getting a student loan.

In August of 2008, I found out that the financial aid I was to receive through my school was 1/4 what my need was as determined by the school. The school financial aid counselor told me that because of the credit crunch/crisis, they just hadn't received the funds they had needed to fulfill what I needed. So I decided to take the private credit route.

I first submitted my application with Chase online at the end of August. It is now the end of October and the end is nowhere in view.

The first indication of a problem was the right after I sent in my promissory note. I'd been told by their 800 number contact that once I faxed in my promissory note, it would take 5-7 days and they'd have my check sent out. Three weeks later, no check had arrived, so I called them up. I was told that for some reason, my loan had "gotten lost in the pile" and they'd rush to have it reviewed. One week later, I called to check on the status and they told me I had additional documents I had to send in; this first time it was a simple correction on my promissory note. One week after that I called to check the status and I had some more things to send in, this time I needed to send in proof of my permanent address. So I faxed that in and again waited. One week later, another phone call and, you guessed it, one more thing to send in.

This back and forth has now gone into the fifth round of just one more document they need. When I called tonight, not only did they tell me that I have to send in another document, but I have to get proof from my registrars office at the university to show that the amount I requested is a legitimate amount to pay for school. So now, all of a sudden, the amount I'd been approved for over 2 months ago is now in question and for all I know, they are going to deny the amount requested, assuming that after I send in the next document they need that nothing else is needed.

Bottom line, I am going to be changing banks. The customer service has been awful. The reps do not know the process of their banking loan process and can't answer simple questions like WHY DID YOU TELL ME THE FIRST TIME ALL THE DOCUMENTS I HAD TO SEND IN!!! So here I am, more then half way through this semester and I haven't received my much needed loan yet.

My recommendation is that you really get all your ducks in a row before applying for a student loan with Chase, then pull out your .308 rifle and blow them to pieces and go with another bank.