Hi Heather,

I took out a Chase Private Student Loan as an undergrad, my only private student loan.

I’ve notice something very strange about this Chase loan: on the chase website and on the monthly statements generated for me, the account will show the original loan amount, as well as the current principle balance… but not the current outstanding interest owed!

By comparison, the sites managing my government loans (Mohela, ACS), are very clear on what my outstanding interest is, so I can see at a glance what I would need to pay off the loan.

I called Chase to learn more, and it turns out that they don’t display the interest owed on the loan anywhere on statements or online - you have to call every time you want to know what your total outstanding debt is, and they’ll tell you over the phone. This seems fishy to me: every other loan site makes it pretty clear, so why are these guys holding out?

Do you have any knowledge on the legality of this practice, or how commonplace it is? I feel like I have a right to documents showing periodic interest accrual, so I have a paper trail to keep them honest should they decide to ‘accidentally’ charge more interest.

Thanks,
Sam