Law School Discussion

Nine Years of Discussion
;

Author Topic: Citibank private loan fees???  (Read 2255 times)

Fabyahluss

  • Guest
Citibank private loan fees???
« on: June 11, 2005, 01:49:01 AM »
Does anyone know if Citibank charges fees for their private loans? I know that they charge origination and guarantor fees if you go with them for your fed loans, but does anyone know what the case is for their private loans?

onepoint

  • Sr. Citizen
  • ****
  • Posts: 601
  • three down.
    • AOL Instant Messenger - nikepr0be
    • View Profile
Re: Citibank private loan fees???
« Reply #1 on: June 15, 2005, 04:47:21 PM »
i have a brochure sitting right in front of me that's labeled "citiassist undergraduate and graduate loans," and states in bold lettering "absolutely no fees, competitive rates."

credit           origination fee    repayment fee    interest w/ cosign    interest w/o cosign
------              ---------------       -------------          ------------------          -------------------
excellent          none                      none                    prime +.05%                 prime +.05%

good                 none                      none                    prime +1%                    prime +2%
 
fair                    none                      none                   prime +3%                   prime +4%
post-3L

my nickels worth

  • Full Member
  • ***
  • Posts: 59
    • View Profile
    • Email
Re: Citibank private loan fees???
« Reply #2 on: June 16, 2005, 03:49:32 AM »
I am using them--there are no fees.

I had a cosigner and got the excellent rate, too, with instant approval and limited hassle with the online application process.
BU--almost through One-hell

kdeevers

  • Full Member
  • ***
  • Posts: 62
    • View Profile
Re: Citibank private loan fees???
« Reply #3 on: June 16, 2005, 12:28:47 PM »
If you don't mind, can you tell me what your credit score was, and if you were approved without a co-signor and decided to go with a co-signor because of the cheaper rate.  I am looking to use them and really do not want to use a cosignor regardless of what the rate may be.

Ambs

  • Sr. Citizen
  • ****
  • Posts: 796
    • View Profile
Re: Citibank private loan fees???
« Reply #4 on: June 16, 2005, 12:55:07 PM »
I didn't use a co-signer and I got the excellent rate. I think my credit score is in the high 700's, or at least it was last time I checked. But I'm 25 and have a lot of credit history including a past student loan and a car loan, so that really helped my score.

I compared Access and Citibank and ended up going with Citibank. They both seemed really comparable.

my nickels worth

  • Full Member
  • ***
  • Posts: 59
    • View Profile
    • Email
Re: Citibank private loan fees???
« Reply #5 on: June 16, 2005, 06:49:19 PM »
If you don't mind, can you tell me what your credit score was, and if you were approved without a co-signor and decided to go with a co-signor because of the cheaper rate.  I am looking to use them and really do not want to use a cosignor regardless of what the rate may be.

My credit score was in the low-to-mid 600's...I'm only 21 and haven't had my accounts for 3 years (which seems to be a major threshold for creditors). I'm guessing Citi's cutoff is 650 or so and I just missed, but that's just a guess. I needed to have someone co-sign.

I know co-signing is a last resort (it was for me), but if it can lock in the lowest rate possible for 5 years worth of interest, I think it's worth it. Also, you have a couple options with this route: 1) You can always just go in on your own next year, and just have this year's loans co-signed, or 2) You can co-sign all 3 years--but Citi has a program (as do some other lenders), such that if you pay your 1st 24 payments on time, then the co-signor is released of all responsibility and the balance is transferred to your name for the remaining life of the balance (still with the same good rate).

In sum, if your score isn't in the high 600's or 700's, you very well might need one. Do your credit research thoroughly, if you haven't already. I made the mistake of assuming my "PLUS Score"'s that the reporting agencies were giving me were the true thing (they said I was in the 680-710 range); make sure you find out your actual FICO scores (this will cost $$).

hth
BU--almost through One-hell

Gin&Juice

  • Sr. Citizen
  • ****
  • Posts: 155
    • View Profile
Re: Citibank private loan fees???
« Reply #6 on: June 24, 2005, 03:05:33 PM »
I think ur info my be a little outdated, bc the interest for excellent ratings now is prime + 0%.  Which is what I received.

i have a brochure sitting right in front of me that's labeled "citiassist undergraduate and graduate loans," and states in bold lettering "absolutely no fees, competitive rates."

credit           origination fee    repayment fee    interest w/ cosign    interest w/o cosign
------              ---------------       -------------          ------------------          -------------------
excellent          none                      none                    prime +.05%                 prime +.05%

good                 none                      none                    prime +1%                    prime +2%
 
fair                    none                      none                   prime +3%                   prime +4%
"I'm Rich Biaaattcchh!!"

ErinKG

  • Full Member
  • ***
  • Posts: 90
    • View Profile
Re: Citibank private loan fees???
« Reply #7 on: June 24, 2005, 04:33:11 PM »
I'm pretty sure the interest rate is dependent upon the school you are attending. At L&C, the lowest rate from Citibank is Prime+.25.

Erin

cam108

  • Sr. Citizen
  • ****
  • Posts: 463
    • View Profile
Re: Citibank private loan fees???
« Reply #8 on: June 25, 2005, 02:55:57 PM »
How do you find out your FICO score? I paid for a credit report and score but the score I received was the PLUS score. I went through experian for this, if that helps.
HUSL 1L

ErinKG

  • Full Member
  • ***
  • Posts: 90
    • View Profile
Re: Citibank private loan fees???
« Reply #9 on: June 27, 2005, 01:19:55 AM »
Try myfico.com, but remember that the score you see will not be the exact same one that the lenders will see. There are specific scoring algorithms for different types of loans.

Oh, and usually the scores are pretty similar between the 3 credit bureaus. If you received a good score from Experian, your other scores will most likely be good as well.

Erin