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Donna
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| Posted: Sat Apr 09, 2005 9:22 pm
Post subject: Student Laon Consolidation |
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Rates are going up July 1st.
Done a bit of research on consolidation and have 99.9% decided on
Citibank for my lender.
Anyone have feedback regarding their customer service, account
accessibility, etc.?
They offer a 1% interest reduction after 48 payments made on time. By
selecting the graduated payment option, the borrower can make multiple
payments each month and reach that number of payments sooner.
I like the website and have student loans with them already, and find
that they will also consolidate loans from other lenders.
Would appreciate other's insight as to my choice.
Thanks in advance!
donna |
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Donna
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macois
Joined: 11 Oct 2005
Posts: 4
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| Posted: Tue Oct 11, 2005 3:52 pm
Post subject: Federal Student Loan Consolidation Options |
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The lender is not usually important in federal consolidation as they will generally outsource the servicing to a servicing company. Big lenders like Citibank will generally sell your loan anyway so it may end up moving several times.
Look around. All lenders offer the same terms as they are dictated by the federal government. Where lenders differ is in the "Borrower Benefits" offered.
Joe |
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Search Student
Joined: 05 May 2006
Posts: 2
Location: Phoenix Arizona
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| Posted: Fri May 05, 2006 11:31 pm
Post subject: |
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| Sorry if I am reviving an old thread here, I just saw this one on a Google search and thought I could chime in with some insights. Different lenders have different borrower benefits. A 1% drop after 4 years of on time payments is not the best option- most lenders provide the same drop after only 3. Most also provide a .25% auto drop for auto debit, and some provide a 1% discount right off the bat. The Citibank deal outlined in this thread isn't actually a very aggressive deal. Seems like they are keeping most of that premium and pocketing it. I would search the web and compare each lenders' discount programs to see which one will fit your needs best. Most of us have numerous packages to choose from. |
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pretygirl
Joined: 07 Aug 2009
Posts: 2
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LindaC
Joined: 20 Oct 2009
Posts: 2
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| Posted: Tue Jan 19, 2010 6:09 am
Post subject: Re: Student Laon Consolidation |
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| Donna wrote: | Rates are going up July 1st.
Done a bit of research on consolidation and have 99.9% decided on
Citibank for my lender.
Anyone have feedback regarding their customer service, account
accessibility, etc.?
They offer a 1% interest reduction after 48 payments made on time. By
selecting the graduated payment option, the borrower can make multiple
payments each month and reach that number of payments sooner.
I like the website and have student loans with them already, and find
that they will also consolidate loans from other lenders.
Would appreciate other's insight as to my choice.
Thanks in advance!
donna |
Most students have two kinds of student loans - private and federal. Because the federal loans are underwritten by the government, they get a lower rate. So it's in your best interest to consolidate each group separately.
If your total student debt is at least $7,500 and you're in the grace or repayment periods, you may be eligible for Federal loan consolidation. Consolidating your loans, will retain a core deferment as usual. As of July 1, 2006, Federal law prohibits joint students loan consolidation with your spouse. Read here: http://www.goarticles.com/cgi-bin/showa.cgi?C=553580
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payday loans |
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