Citibank Student Loans Alternatives to Consider in 2022

– Citibank Student Loans –

Citibank was one of the leading student loan providers in the United States, with student financing over millions of college fees. Although once offered, Citibank Student Loans advances are never again. Citibank student loans seem ideal for those families hoping to work with a big company with a large portfolio. 

Citibank student loans were once many; the corporation could readily provide private student loans.

Because Citibank also serviced many federal loans, your monthly checks may have been issued to Citibank rather than the US Department of Education (DOE).

Citibank Student Loans

Citibank Student Loans Overview

When the time comes to plan for college, most students will need to rely on a variety of financial aid scenarios.

Grants and scholarships are always the preferred methods of funding a college education, but even these can only go so far.

Federal loans can help to bridge some of the funding gaps, but with the rising costs of tuition, many students are finding it necessary to consider private lender loans.

Citibank, with its 200 years of experience, can act as a prime lender for all of your educational loan needs.

As a private lending institution, they offer student loans with very attractive interest rates and repayment plans.

Their plan is perfect for students struggling to fund their college education.

Citibank can also administer all of your Federal education loans as well, making it easier to manage all of your college finances.

Citi Student Loan Servicing Fined by the CFPB

Regardless of the evacuation of all the understudy advance action, Citi’s understudy advance story doesn’t finish there.

Citibank Student Loans

Tragically, for the two clients and Citi alike, the Consumer Financial Protection Bureau (CFPB) fined the moneylender for illicit understudy advance overhauling rehearses.

Thus, Citi needed to pay a $2.75 million dollar fine and return $3.75 million to influence borrowers.

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Citibank Student Loans: What Happened? 

In 2010, Citibank stopped its CitiAssist student loans and sold most of the loans to its competitor called Discover.

Citibank still offered some student loans until 2017, when the lender completely stopped serving college loans. The lender sold all such loans to another competitor; First mark Services. 

Selling the loans to another company does not mean that the borrowers are free from their obligations. The borrowers should still pay for their Citibank student loans.

If you are one of those students and want to decrease your obligations, keep reading our guide for help.

Saving for College and Choosing Loans

Many students and parents of students simply lack the financial savvy necessary to make the best decisions regarding their student loans.

For this reason, Citibank makes critical information available to their customers. Students and parents have access to abundant information on saving for college and shopping for the right type of student loans.

Alternatives to Citibank Student Loans

Although verifying an understudy credit through Citibank is impossible.

There are many other private understudy advance moneylenders out there who give advances to qualified borrowers needing a monetary guide.

1. SunTrust Student Loans

SunTrust is a budgetary administration organization that offers clients a wide scope of items.

It also includes financial records, contracts, individual advances, and understudy credits. Clients of the Custom Choice Student Loan and Union Federal Private Student Loan can borrow up to $65,000.

Graduate Business School Loan clients can borrow up to $95,000 over seven or ten years. All advances as of now offer variable loan costs as low as 4.25% and fixed financing costs as low as 5.25%.

2. Discover Student Loans

As one company that purchased a portion of Citibank’s loans, it makes sense to include this lender on the list. Discover is notable for its credit products.

They offer undergraduate and graduate loans and several concentration-specific products like MBA, health professional, and law loans. Their rates and terms vary based on loan types.

Discover’s undergraduate and graduate loans currently have variable interest rates as low as 4.24% 1 and fixed interest rates as low as 5.99% 1.

Undergraduates have up to 15 years for student loan repayment while graduate borrowers have up to 20 years.

3. Sallie Mae

Sallie Mae usurped a noteworthy segment of Citibank’s advances and kept in mind that they were never again the main credit servicer in the country.

Like Discover, they offer undergrad and graduate credits just as various focus explicit advance items. They additionally give parents credits and even advances for K-12 learning.

Sallie Mae’s undergrad and graduate advances can cover most of an understudy’s scholarly costs.

Borrowers can expect advance terms between 5 – 15 years with variable rates right now as low as 4.25% and fixed financing costs as low as 5.49%.

4. CitiAssist Loans

The CitiAssist student loans from Citibank are specially designed to meet the funding needs of various types of students.

CitiAssist loans are available for undergraduate college students, graduate students, law students, students pursuing degrees in healthcare, and even K-12 students.

Their student loan is that the lending institution has the flexibility to offer the most benefits possible. Citibank assures the lowest interest rates possible.

That is flexible repayments, no payments until after graduation, and no limits on the number of loans. Most students who receive Federal funds often require other student loans to help them cover the full cost of college.

Benefits of the CitiAssist Loan

The CitiAssist Loan Program from Citibank offers many distinct benefits to its student borrowers.

 

When used as a supplement to other forms of student financial aid, Citibank’s loan programs can help students realize their goal.

Citibank’s CitiAssist Student Loans all offer the following benefits:

  • Very low-interest rates.
  • The ability to apply online often receives an immediate response.
  • The ability to borrow up to the full cost of tuition, less previously received financial aid.
  • Flexible payment options as students may opt to defer repayment until after graduation. 
  • No minimum borrowing limits as students can borrow a small amount of money as they need.
  • With consistent repayment, students can lower their interest rates by up to 0.75%.
  • Possible tax deductions on accrued interest, subject to state regulations.

Students considering a private lender loan can depend on Citibank for some of the most competitive education loans. 

5. Discover – The Lender

As mentioned, Citibank sold many of the loans to Discover. Discover currently offers different student loan types.

These categories include undergraduate loans, graduate loans, loans for law students, health professionals, residency, relocation or review, etc.

This Citibank student loan alternative offers multiple advantages. First, even students who lack credit scores can qualify for debt because the lender provides different cosigner options.

Cosigners can guarantee repayment for borrowers with low to no credit performance. Besides, student loans have lower interest rates.

Borrowers in need of such attractive loans can apply online and receive the loan in a short time. While studying, the students are not required to make payments.

If a borrower agrees to Auto-pay to ensure monthly loan payments, he/she can receive a small interest rate reduction.  There is no minimum limit for the loans, which means students could borrow as little as they want. 

6. College Ave Student Loans

College Ave is our top choice for private student loans, making it a great Citibank student loan alternative.

The lender offers loans for undergraduates, graduate programs (including health professions), career training, and parents of students attending college.

7. Earnest

Earnest is an online lender offering student loans and student loan refinancing and is another great alternative if you were hoping to get a student loan from Citi.

The company has a loan product for undergraduates and students attending different levels of graduate school.

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Finding the New Servicer of your Citibank Student Loans

In most cases, your new Citibank student loans servicer will contact you with information about where to send payments and how to manage your student loan account online.

If this isn’t the case, you need to do a little hunting on your own.

Tracking your federal student loans is fairly straightforward.

You can use your FSA ID to log in and view information about how to contact your servicers and how much you owe them.

If you filed a FAFSA after May 2015, you already have your ID. If you don’t have an ID, you can create one on the FSA website.

Once you have your FSA ID, go to the FSA website and click toward your “Aim Summary.”

Once you do that, you can see information about the servicer, lender, and guaranty agency, though don’t forget that payments should be made to the servicer.

You can also contact the servicer about changing your repayment plan or other issues.

As a college student searching for Citibank Loans, we are convinced that this article was informative and educative; do well to click on the share button and kindly drop your comment below.

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