Citiassist is a private loan that helps students with their college fee. It is a customized monetary program for undergrads, graduates, health professionals and law students. The loan is offered by CitiBank. This is a famous financial institution with loans for almost everyone. The young bank stepped into the financial industry in 1998. Ever since, it showcased great levels of performance and helped many people with their education. You can apply for the Citiassist student loan through www.studentloan.com.
In this short write up, you will get a comprehensive insight through the ins and outs of Citiassist student loans. Thanks to this you should have a general idea about the differences between Citiassist and other student loans.
What is the loan’s rate of interest?
Citiassist Student loan is a variable loan with ever changing rates of interest. Throughout the entire loan period, its interest rate would change drastically. Hence, you should be in close touch with the lender to know more about these changes. Generally, the interest would span between 3.63% and 9.39%. The ultimate interest rate is determined based on the 10-year Treasury note rate.
Does the loan have additional charges?
It is quite interesting to note that the customized student loan doesn’t have any repayment or origination fees. Borrowers who fail to repay their loans on time should pay a fine of 15 USD! Plus, the beneficial loan does not have any forbearance or returned payment fees. These are few features that differentiate the Citiassist student loan from many other monetary options.
How long will you repay the loan?
Moving on, the student loan comprises of a standard reimbursement period of 20 years. If you qualify for loan forgiveness, you should make only 120 qualifying monthly payments. All payments after this duration will be forgiven and relieved. It is quite interesting to note that the loan does not charge any interest when the borrower is in school. Also, there is no prepayment penalty involved in this loan.
Does the loan have special benefits?
Unfortunately, the Citiassist student loan doesn’t have useful savings opportunities. The only auto-debit benefit from this scheme is worth 0.25%! The auto debit scheme gives a discount of 0.25% to all borrowers, who make payments directly from their bank account.
What does the loan offer?
The Citiassist student loan offers borrowers a minimal loan amount of 1000 USD. The maximum loan amount will be equivalent to the cost of the educational program. Thus, the maximum will differ from school to school, program to program and year to year! You should read through the lender’s terms and conditions to know more about their current maximum loan amount.
How to make an application?
To apply for the Citiassist Student loan, you must fill an online application. The Bank will give you an immediate response when you apply. As your credit score gets approved, you will receive a disclosure with the loan’s monthly payments, fees and interest rates. Finally, you can cancel the loan within 15-days after receiving the disclosure report. The cancellation policy is mentioned clearly in the Promissory Note.