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Frequently Asked Questions
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1. What is a Citi Private Consolidation Loan?
A Citi Private Consolidation Loan combines several existing private
student loans into one new loan. You can enjoy the convenience of one
loan, one statement and one lower monthly payment.
2. Is there any penalty or fees for prepaying
a Private Consolidation Loan?
No. There are no prepayment fees or penalties for early repayment of
a Private Consolidation Loan.
3. Are there any fees for obtaining a
Private Consolidation Loan?
Yes. You may be assessed a loan origination fee of between 0% and 3%
depending on your credit and that of your co-signer, if applicable. Review
your Private Consolidation Loan promissory note and approval letter to determine if there
is a fee.
4. What is the interest rate?
Private Consolidation Loans offer you a choice between a fixed or variable
interest rate. Credit histories for you and any co-signer may be used
as a factor in determining your eligibility for a loan. The interest rate charged is a reflection
of the credit score of the applicant and a co-signer, if applicable. Apply Online to
get a credit response in 3 minutes or less and see the interest rate for which you qualify.
You may be able to get a lower rate if you apply with a co-signer.
5. Is the interest rate a fixed rate
or a variable rate?
Lock in a fixed interest rate and know what your monthly payment will
be each month, or select a variable rate option. The choice is yours.
6. How do I know if I am eligible?
If you have one or more private education loans, you may be eligible
for a Citi Private Consolidation Loan.
7. What are the credit eligibility requirements?
You and/or your co-signer:
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Must be over 18 years of age. |
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Must be a U.S. citizen or permanent resident with an U.S. based
address. |
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Must have a combined minimum income of $18,000 ($1,500 per
month). Income and employment verification may be required. |
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Must be creditworthy. |
8. How do I determine if I should apply
individually or with a co-signer?
You may be eligible for a Private Consolidation Loan based on your
own credit, if you are a U.S. citizen or permanent resident, at least
18 years of age, and you have:
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A satisfactory credit history which includes at
least 12 months of borrowing, charging and repaying. |
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No liens, judgments, charge-offs, excessive 30, 60 or 90-day
delinquencies on any loans or revolving charge accounts, etc. |
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A minimum verifiable income of at least $18,000 per year ($1,500
per month). |
However, you may receive a reduced rate if you apply with a co-signer.
Note: Co-signers may be released from a loan if the borrower has made
the first 36 consecutive monthly payments on time, is creditworthy and is a U.S, citizen or
permanent resident at the time the release is requested.
International borrowers must always apply with a U.S. citizen or permanent resident co-signer.
9. Can I consolidate my loans while I
am attending school?
Yes. You can consolidate your private loans if you are still in school
and are within two years of graduating. Loans must be 90 days or more
past final disbursement.
10. Can I get an in-school deferment
on my Private Consolidation Loan?
If you are attending school at least half-time you will be eligible
for an in-school deferment on your Private Consolidation Loan. Keep in
mind that you will need to begin repaying your Private Consolidation Loan immediately upon
graduating, withdrawing, or dropping to less than half-time enrollment status. There is a
grace period of six months for borrowers who consolidate while in school. You can defer payments
while in school for up to six years and while in residency for up to five years.
11. How do I apply for a Private Consolidation
Loan?
Citi offers you three ways to apply for a Private Consolidation
Loan:
Apply & Sign Online
Apply & sign online using Citi’s Online Consolidation Loan Application. Let
our online application guide you through the application. It’s fast, secure and easy!
Download an Application (PDF ~176KB)
Complete instructions on how to fill out and where to send your application
are included. You must have the Adobe Acrobat Reader Software, Version 3.0 or greater, installed
on your computer in order to view and print the application.
Request an application be sent to you by mail
Use our online form to request an application be sent to you by mail.
12. What is the maximum/minimum loan
limit for a Private Consolidation Loan?
The maximum loan limit is $275,000, and the minimum loan limit is $7,500.00.
13. How do I check the status of my
Private Consolidation Loan Application?
To check the status of a Private Consolidation Loan Application, please
go to Applications in Progress, or call our Customer Service Department
at 1-800-967-2400, Monday – Friday, 8:00 a.m. to 11:00 p.m. Eastern Time to speak with
a Citi Customer Service Representative. TDD users can call toll free at 1-800-846-1298.
14. What if I forget to consolidate
one of my eligible student loans?
To add the loan to your existing Private Consolidation Loan, you will
need to complete a new application. The process is quick and easy when
you apply online, as much of the required information will be pre-filled with what we have
on file.
15. If I have already consolidated my
private student loans, can I enter into a new consolidation loan?
Once you have consolidated your student loans, you can only obtain a
new Consolidation Loan if you either have an eligible student loan that
was never consolidated or you get a new eligible student loan after the date of the original
consolidation.
16. Once my student loans are consolidated,
is there a way to “unconsolidate” them?
No. The original student loans are paid in full and cannot be recreated.
Once consolidation begins, there is no way to reverse the process
17. Should I keep making payments on
my private student loans while I’m waiting for my Consolidation Loan to be processed?
Yes, continue to make all regular payments. You will be notified by
mail when your Private Consolidation Loan has been completed. At that
time, you will also receive a repayment schedule, along with the specific terms for your loan.
18. How long will it take for my application
to be processed?
Depending on the number and type of loans you currently have, it takes
approximately 1 to 3 weeks for the Consolidation Loan application to
be processed.
19. When will I have to make my first
payment?
It’s usually due within 45 days after the consolidation has been completed. You will
receive a repayment schedule which identifies your payment due date,
along with the specific terms for your loan.
20. How long is the repayment period?
The repayment period is up to 30 years, plus any periods of deferment
or forbearance.
21. Are there any pre-payment penalties?
There are no pre-payment penalties.
22. Where can I find my private student loan information for the consolidation
application?
If you are in repayment, look on your most recent statement. If you are in grace or in a deferment/forbearance,
look on your disclosure statements that were sent to you when you obtained your loans. These items
should provide you with your account number and balance. If you have some of your loans through Citi,
you can check those loans online. When in doubt, call your lender to obtain the most up-to-date and
accurate information.
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Let us keep you informed along the way!
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Find out just how
much you can save.
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