Citibank student loans are private loans designed to function in several categories so as to meet the financial needs of different types of graduate and undergraduate students. As it happens with all student loans in the private market, the interest rates are higher than for federal loans for instance. This means that Citibank student loans should become an option only if you don’t manage to get financial aid from other sources: scholarships, grants, federal loans and the like.
Anyone who’d like to apply for Citibank student loans should get his/her credit report and check it thoroughly for mistakes. The better your credit history, the higher the chances to get lower interest rates. The chances of approval and convenient interest rate increase if you get a co-signer. Your co-signer must have a good credit history, otherwise there’s no point in applying together. International students can only apply for Citibank student loans with a co-signer that has US citizenship or the right to permanent residence.
Citibank student loans allow the co-signer’s release after 24 consecutive repayments by the due date. Two other conditions for this release include the student’s US citizenship or residence and good credit history. Loan approval only takes place after the data in the forms are thoroughly verified. You must be enrolled at least half-time with a certified school and meet all the eligibility requirements. Once you get a loan contract with Citibank, it is important to clarify all the clauses in the contract and thus know your rights and obligations.
This means that you can get some interest rate reductions if you meet certain criteria. Find out everything about repayment, deferment and all the possible fees that apply to Citibank student loans for the full extent of the contract. Citibank student loans cover tuition, books and supplies, special equipment, room and board and special fees like late registration, parking permits and other similar expenses. Do not borrow more than you need because you will pay back an exorbitant sum. Closely evaluate your education expenses and see what other funding sources you can use.
If you have some savings or a current income, they could reduce the amount you take in the form of Citibank student loans. In case you qualify for Citibank Graduate Student loans then you may look further into the possibility of tax deduction for the interest rate. Two special types of private loans here are dedicated to Law and Health students. And each category of Citibank student loans comes with its terms and conditions.Mail this post