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Citibank CitiAssist Undergraduate Loan

Rating: 1/2
Website: www.studentloan.com
Phone Number for New Applicants:  (800) 788-3368
Hours of Operation:  M-F 8am-11pm ET


Interest Rates
  • THIS IS A VARIABLE RATE LOAN.  Interest rates will change during life of loan based on changes to the Prime Rate (to see current Prime Rate, click here)
  • Current Starting Interest Rates between 3.63% and 9.38%
    • Range in terms of index:  3-month LIBOR + 3.25% to 3-month LIBOR + 9.0%
  • Rates effective April 1, 2011

Loan Fees

 

  • Origination/Repayment Fees:  None
  • Late Payment Fees:  $15
    • Timing: 10 days after the due date, a payment is considered late
  • Returned Payment Fees:  Not available
  • Forbearance Fees:  None

Repayment Terms

 

  • Standard Repayment Term:  20 years
  • Interest-only payments required while borrower is in school:  No
  • Prepayment Penalties:  None

Savings Opportunities

 

  • Auto-Debit Benefit:  0.25% interest rate reduction for signing up to make payments via auto-debit from your bank account

Co-signer

 

  • Although not required, a co-signer may reduce the interest rate the borrower receives for the loan and increases the chances of having the application approved
  • Co-signer Release:  Yes, after 24 consecutive months of on-time payments

Loan Amounts

 

  • Annual Minimum Loan:  $1,000
    • There is a one time minimum loan amount of $1,000.  No minimum loan amount is required on subsequent CitiAssist loans.
  • Annual Maximum Loan:  Cost of attendance less any other financial aid
  • Aggregate Maximum:  Varies by School

Application Process

 

  • Provides immediate response to online loan application:  Yes
  • Upon online credit approval, provides immediate "plain English" disclosure on interest rates and fees:  Yes

Loan Cancellation

 

  • Borrower may cancel loan within 15 days of receiving the Disclosure Statement
  • Review lender's Promissory Note for details on loan cancellation process

Promissory Note

 


Servicer

 

  • Citibank

Risks

 

  • Loan approval rates, which are not publicly available, may be low
  • Student Loan Corp. relies on a credit agreement with Citibank to finance their private student loan activities. This agreement expires in 2009.
  • This loan may not be dischargeable in bankruptcy

Survey

 

  • Once you have applied for a loan, please complete this short survey to tell us about your experience

Student Lending Analytics (SLA) is an independent research and advisory firm and is not a lender.  SLA receives NO compensation from any lenders for our ratings service nor for any referrals that they may receive through this website.  While SLA has made every effort to confirm each of the lender loan terms described above, it assumes no responsibility for typographical or other errors or omissions in the information provided.  SLA makes no representations or warranties about your eligibility for a particular loan.   SLA recommends that you carefully review each lender's loan application and promissory note for final loan terms, including Savings Opportunities.  Savings Opportunities may not be automatically available and you may not be eligible for certain Savings Opportunities.

 
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