Who Is the Borrower? |
Eligible non-degree students; borrower or co-borrower must be U.S. citizen or permanent resident. |
Interest Rate |
Variable interest rate is indexed to the prime rate as published in the Wall Street Journal. Loan rates are tiered and "best" tier borrowers get loans at the prime rate plus 1.00%. Rates range up to prime plus 7.5%. There is no interest rate is cap. Rates are reset quarterly. |
Credit Criteria |
Approval and interest rates are based on the student borrower's and/or co-borrower's creditworthiness as determined by Citibank. |
Fees |
The CitiAssist Undergraduate Loan origination fees range from 0% to 6%. Fees are based on the credit-worthiness of the borrower and co-borrower. There are no disbursement, repayment or default/
insurance fees.
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Minimum and Maximum Allowed |
Loans are approved from $1,000 up to the total cost of education minus any other financial aid. The maximum aggregate limit is $120,000. |
Repayment Terms |
Standard repayment of principal and interest begins immediately. The maximum repayment period is 20 years. No prepayment penalties. |
Enrollment Status |
Students must be enrolled at least part time. |
Deferment Options |
Borrowers can defer payment of principal during the in-school and grace periods. Undergraduate students have an in-school period up to 10 years with a 6 month grace period. No minimum enrollment is required. The student qualifies for an in-school deferment if enrolled at least part time. Hardship forbearance may be granted under certain circumstances. |
Can Loan be Sold? |
Citibank does not generally sell its private loans to third party lenders. On occasion they may securitize private loans. In such securitization transactions Citibank generally continues to service the portfolio for the life of the loan. |
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Other Borrower Benefits |
The borrower gets a 0.25% interest rate reduction when payments are withdrawn through Citi's auto-debit service and the borrower agrees to receive only electronic statements. Co-signers may be released from the loan if the borrower has made the first 24 consecutive monthly payments by the due date, is creditworthy and is a U.S. citizen or permanent resident at the time the release is requested. |
How to Apply |
Apply online.
www.studentloan.com/schools/bu
Call CitiAssist at 800-967-2400.
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