Citibank Student Loan Repayment
In order to start repaying your Citibank Student loans it is best to create an account at https://www.studentloan.com/index.htm
While you’re in school you won’t be able to pay anything on your loans. But because they are private loans interest will accumulate from the second your college receives the loan funds. As a result you may end up paying nearly twice as much as you borrowed, primarily because CitiBank’s interest rates change almost daily on these loans.
There are a number of ways you can get in touch with Citibank to pay them back:
• You or your cosigner can make payments via mail to:
The Student Loan Corporation
PO Box 688965
Des Moines, IA 50368
• They also offer an address in Sioux Falls, SD but if you mail that location it takes 3 weeks for payment to be processed.
• You can pay online. It allows you the option of paying what you owe for that month, a portion of what you owe for that month or the entirety of your loans.
• You can pay by phone by calling 1-800-967-2400 & navigating through the touch-tone system. It may take a few tries to get through as the navigation rarely takes you to the proper department & sometimes they even hang up on you. Make sure to repeatedly ask them to waive the fee they charge for paying over the phone, as they will charge you $40 every time if you don’t.
In addition to allowing you a few months after graduation before you have to pay they will also allow you up to 12 months of forbearance, as long as you fill out their forms & send them back. To receive forbearance or a deferment thereafter is nearly impossible & requires speaking with them over the phone.
There are no hidden charges with Citibank, other than the payment over the phone charge, but their interest rates aren’t set in stone. Interest rates can vary from 3.5% to 6% during the life of your loan.