CitiAssist Graduate Loan
| Who Is the Borrower? | Eligible graduate students; borrower or co-borrower must be U.S. citizen or permanent resident. |
| Interest Rate | Variable interest rate is indexed to the 3-month LIBOR rate. Rates are tiered and range from 3-month LIBOR plus 3.25% up to 3-month LIBOR plus 7.50%. There is no interest rate 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 | There are no origination, disbursement, repayment or default/insurance fees. |
| Minimum and Maximum Allowed | Loans are approved from $1,000 up to the total cost of education minus any financial aid, including any Federal Direct Stafford Student Loan. The maximum aggregate limit for total education debt (which includes the CitiAssist Graduate Loan) is $150,000. |
| Repayment Terms and Grace Period | 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 half time. |
| Deferment Options | Borrowers can defer payments of principal during the in-school and grace periods. Gradaute students have an in-school period up to 4 years with a 6 month grace period. No minimun enrollment is required. The student qualifies for an in-school deferment if they are enrolled at least half time. |
| Can Loan be Sold? | CitiAssist states that Citibank, N.A. has agreed to sell the CitiAssist Loans it originates to Discover as part of Discover’s acquisition of the Student Loan Corporation, however they will continue to be serviced by Citibank (South Dakota), N.A. |
| Other Borrower Benefits | The borrower gets a 0.25% interest rate reduction when payments are withdrawn through Citi’s auto-debit service and the borrower agrees to receive only electronic statements. |
| How to Apply |
Get more information and/or apply online: www.studentloan.com/privatestudentloans/applynow.htm Call Citibank at: 800-STUDENT. |
This information is based on information provided by lenders identified in response to a Request for Information issued by Boston University. The terms and conditions of any loan may vary depending on, among other things, market conditions and your credit score. Proposed terms may have changed since lenders provided information to Boston University. You should contact the lender to obtain current terms and information. You should review any proposed terms and obligations carefully.
