Citi Student Loans cater to a diverse range of students, including undergraduates, graduates, and health professional students, offering a viable solution for financing their college education. Despite being a relatively young bank, established in 1998, Citi compensates for its short history with an extensive network of locations and a wide array of offerings, covering student loans, checking, and savings accounts.
Citi Student Loans Overview
Citi Student Loans present an inclusive opportunity for undergraduates, graduates, and health professional students to secure financial assistance for their college expenses.
Established in 1998, Citi may be a young bank, but it boasts an extensive network and a comprehensive range of services, including student lending, as well as checking and savings account options.
Citi Student Loans Application Guide
Loan Selection:
When opting for private lender loans, students are advised to explore all federal government educational loan options. Citibank efficiently manages the Federal Family Education Loan Programs, assisting students in acquiring and managing federal loan packages.
Federal Education Loans Administered by Citibank:
- Federal Direct Stafford Loan
- Federal Direct Plus Loan for Parents
- Federal Direct Plus Loans for Graduate and Professional Students
- Federal Direct Consolidation Loans
Citi Student Loan Requirements:
- U.S. Citizenship or Permanent Residency
- Enrollment in a Qualifying Degree Program at Least Half-time
- Good Credit History
- Meeting Income and Debt-to-Income Ratio Requirements
- Completed FAFSA
Citi Student Loan Servicing Fined by CFPB
Despite removing student loan activities from their website and product catalog, Citi faced consequences from the Consumer Financial Protection Bureau (CFPB) for improper student loan servicing practices. This led to a $2.75 million fine and a $3.75 million refund to affected borrowers.
Benefits of CitiAssist Loan
Citibank's CitiAssist Loan Program provides substantial advantages for students:
- Extremely low-interest rates
- Online application with quick responses
- Borrow up to the full cost of tuition, minus previous financial aid
- Flexible payment options, including deferment until after graduation
- No minimum borrowing limits
- Interest rate reduction with regular repayment
- Potential tax deductions for accrued interest based on state laws
Citi Student Loans Refund and Alternatives
Citi's student loan portfolio underwent changes in 2010 and 2017, involving sales, buybacks, and government involvement. Borrowers affected by the CFPB fine received refunds between $47 and $250.
Alternatives: While Citi student loans are no longer available, other private student loan lenders, such as SunTrust, offer various loan options for qualified borrowers.
Frequently Asked Questions
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Options with Citi Assist Student Loans: Citi Assist loans cover undergraduate, health profession, law, and graduate loans to assist students in meeting their financial needs.
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Benefits of Citi Financial Student Loans: Citi financial student loans offer deferred repayment during the study period and are open to international students with a U.S. cosigner.
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Citi Student Loan Consolidation: Citi's consolidation program allows students to streamline multiple payments into one with a potentially lower interest rate, though it's advisable to explore other options.
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Flexibility of Citi Student Loan Payment Plan: Citi offers specialized loans with repayment schedules ranging from 15 to 20 years, starting after the completion of education. Flexibility depends on discussions with Citibank's customer service.
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Types of Citi Student Loans: Citi provides various options, including Citi Assist Undergraduate & Graduate Loans, Citi Assist Law & Bar Exam Loans, and Citi Assist Health Professions Loans, each with varying eligibility, financing amounts, and repayment periods.
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