Chase, which is about to take over $1.4 trillion in student loans as it looks to cut costs, is lowering its monthly interest rate by 25 basis points to 12.75 percent.
The move will help it compete more effectively with lenders that offer cheaper monthly interest rates, and will help lower the cost of its loans.
The company said that this will help to “lower student loan payments and allow for lower cost of living.”
The company is making this move as it seeks to keep costs down and help its businesses compete with those that offer better deals.
Chase said in a statement that it will be reducing the interest rate on the Chase Flex Loan by 25 percent over the next 12 months.
“Chase Flex is a competitive offer that offers a lower rate than other comparable student loans and offers a flexible repayment plan that allows you to refinance at a lower cost than other banks, with no minimums or fees,” the company said.
The new interest rate is the lowest Chase has seen in a long time.
The loan company has been raising its rate since January 2016, when it was about 2.7 percent.
Chase recently increased its monthly payment for its Flex loans by 25% to help pay down the costs of expanding the business.
The new rate is also a major shift in a company that has been struggling to make up for years of declining revenues.
Last year, the company reported a loss of $10.6 billion on $21.5 billion in revenues, or about 2% of its total.
It has been spending more than $100 billion on a $2.2 trillion investment in its U.S. operations.
But it also has been facing a growing cost of doing business in China, a region where the student loan industry has struggled to compete.
Last month, China’s central bank announced that it was moving to cut interest rates by 5 percentage points.
Chase, like other large banks, has said it wants to compete with the likes of Bank of America and Wells Fargo, but its ability to compete is also limited by a lack of infrastructure and competition from other lenders.
In the past, Chase has been reluctant to increase interest rates as its loan originations have increased.
But the company’s announcement that it would be lowering its interest rates was welcomed by student loan groups, who say it is the latest sign that it is getting ready to start cutting its costs.
In the statement, the bank said that its new rate will help the company compete better with lenders.
“Chases business is built on our ability to innovate and innovate fast,” the statement said.
“By reducing the cost and offering flexible repayment options, we will be able to better position ourselves to compete in a global marketplace.”
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