Citibank Student Loans
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Citibank offers a wide variety of federal and private loans. They offer for federal loans the Stafford loans, Graduate PLUS loans, and Parent PLUS loans. For private loans they have the CitiAssist Undergraduate and Graduate loans, CitiAssist Health Professions & CitiAssist Residency, Relocation, and Review Loans, and finally the CitiAssist Law & CitiAssist Bar Exam Loans. As you can see there is a loan for any type of student whether undergraduate or law student.
The Federal Stafford loan has a low fixed interest rate and also has an option that 0.25% of interest rate will be reduced when you enroll in their auto-debit payment program (this goes for all CitiBank’s Federal student loans). The Graduate PLUS Loan has a good interest rate and has automatic in school deferment and has minimal credit requirements. The Parent PLUS Loan also has a good interest rate and can postpone payments while your child is in college.
The CitiAssist Undergraduate and Graduate loans are used to help pull the slack when federal loans can’t help enough. These types of loans take about 20 years to pay off. There aren’t any prepayment fees, you can choose to pay interest for only 24 or 48 months if you desire, you can borrow up to $120,000 for an undergraduate and $150,000 for a graduate student. You don’t have to pay while you are in school or during the 6 month grace period after graduation.
The CitiAssist Health Professions & CitiAssist Residence, Relocation, and Review loans are for students pursuing advanced medical and dental degrees. These loans take up to 25 years to pay off. You don’t have to pay while in school, in residency, or during the 9 month grace period this loan offers, there are no prepayment fees, and you can opt for interest only repayment for 24 or 48 months.
The CitiAssist Law & CitiAssist Bar Exam Loans are for students pursuing advanced degrees in law. These loans take up to 20 years to repay. All private loans have a competitive APR. No payments during school or during the 9 month grace period that this loan also offers. Like the other two there are no prepayment fees and like the CitiAssist Health Professions & CitiAssist Residence, Relocation, and Review loans you can opt for interest only repayment for 24 or 48 months.
For the CitiAssist loans the interest rate and the fees that are charged are based on the applicant’s credit score. You can apply for a CitiAssist Loan on your own or with a cosigner (higher chance of approval with a cosigner).The cosigner may be released if the borrower has made 24 on time payments, is creditworthy and a US citizen or permanent resident. The interest on your loans may be tax deductible.
