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Guide to CitiBank Student Loans – What You Should Know

CitiBank private student loans are one of the best student loan alternatives available for college students and their parents. CitiBank student loans include CitiAssist ® Loans which are provided to undergraduate and graduate students and cover all college costs. There is also CitiBank student loan for law students and Health Professions Loan available.

CitiBank Student Loans Benefits

CitiBank private student loans are very popular among students and their parents because of their favorable borrowing conditions, such as the following:

  • Low interest rates with interest rate reduction of 2% for on-time online payments,
  • No application fees or early payment penalties apply,
  • No repayment while student is in school,
  • Citibank student loans can be utilized at almost any accredited college in the U.S.A.,
  • There is a deferment option available.

CitiBank Loans for Undergraduate Students

CitiAssist ® Loans are the best choice if you need assistance paying for your educational costs which are not covered by other types of student financial aid like federal student loans or college scholarships and grants. CitiAssist ® provides a competitive interest rate, flexible repayment term, and no required payments while in school.

CitiAssist ® Advantages

CitiAssist ® student loan for undergraduate students is designed for students who are enrolled in school at least half-time. It can be used to pay for tuition, books, or other school-related expenses when other sorts of financial aid fall short.

Undergraduate Students can benefit from this private student loan in several ways. Firstly, CitiAssist® Loans cover all college expenses and allow students to borrow up to $120,000 with the repayment time of 15 years. Secondly, you will be able to receive a 0.25% interest rate reduction when you enroll in CitiAssist ® auto-debit payment program. Furthermore, no payment is required while in school and during grace period. There is a grace period of six months after you finish the school.You can choose to interest while in school; there is no prepaying penalty. Note that any not paid interest will be capitalized to your principal loan balance when repayment begins.

With CitiAssist® student loans you can also take an advantage of safe and easy application process, handy online account management which helps you track your loan application, update your contact info or view disbursement information easily online.

CitiAssist ® Loan for Graduate Students

In case you are a graduate student enrolled in a graduate program at least half-time, then this private student loan may be the right for you. It offers a favorable interest rate, generous repayment conditions and no required payments while you are in school.  CitiAssist ® loans for graduate students offer a borrowing limit of $150,000 and a 20 yeas repayment period.

Their main benefits include:

  • Covering all of your college costs; you can borrow up to full cost of your education minus any other financial aid received,
  • 0.25% interest rate reduction when you enroll in CitiAssist ® auto-debit payment program,
  • No payment is required during your time in school and the grace period,
  • You can choose to interest while in school – there is no prepaying penalty,
  • Secure and easy application process, handy online account management helps access and manage your account easily online.

Application with Cosigner

Most of the undergraduate and graduate students need to apply with a creditworthy cosigner in order to meet the eligibility criteria for this student loan option. Applying with a cosigner usually increase borrower’s chances of application approval and helps in getting a lower interest rate. Applying with a creditworthy cosigner typically will increase your chances of application approval and will help you to get a lower interest rate.

Loan Limits

  • For each CitiAssist ® Loan a minimum loan amount of $1,000 is required,
  • The increasing amount you can borrow throughout your college is up to $150,000; this includes all other types of student loans.
  • Your school will be asked to certify or verify the amount for which you qualify which means that the final approved loan amount could be less than the amount that you requested.

Eligibility Requirements

To qualify for CitiBank private student loans, you must meet certain eligibility requirements:

  • You must be enrolled at least half-time in a graduate program at an eligible school,
  • You must be looking for a degree, no certificate programs,
  • You must be making acceptable academic progress, as defined by school,
  • You must be at least 18 years of age, 19 in Alabama and Nebraska, and 21 in Mississippi and Puerto Rico at time of loan application,
  • You must successfully pass a credit check.

For CitiAssist Loans, the interest rate charged is based on the your credit scores and other factors. You may apply for CitiAssist ® loan on your own. Nevertheless, if you do not have an established credit history you may apply with a qualified cosigner to increase your chances for approval and potentially receive a lower interest rate. International borrowers are always required to apply with a U.S. citizen or permanent resident cosigner.

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Guide to Astrive Student Loans – What You Should Know

Nowadays a wide variety of educational loans is assessable to college and university students, so they can complete their higher studies. These student loans include federal and private student loans. When federal student loans aren’t enough to cover all the educational costs, students usually seek for private loans.

One of the most popular private student loan lenders are Astrive student loans. They are similar to federal student loans: they also offer different repayment plans, the same six months grace period after graduation and the application process is very similar. The difference is in the amount you can borrow; under the federal student loan you can take a certain amount of loan, but the Astrive Student Loans offer more flexible loan amounts per student. Students enrolled in undergraduate programs can borrow a minimum of 3,000 dollars to 45,000 dollars per academic year. The maximum limit permitted is 75,000 dollars.

Repayment Plans

The Astrive Student Loans offers three repayment options. Under the first repayment alternative, you have to repay the full loan amount after graduation and you have to be considered at least as a part-time student. The second repayment option also requires at least a half time attendance and it allows you to pay only for the interest during your period in school. Under the last repayment plan, you can choose to pay off the lower amount of interest for your loan. The interest rates are variable, but the Astrive student loans do not include any penalty charges for early payments.

Astrive Student Loans Eligibility

To qualify for the Astrive student loans, potential borrower must meet some requirements, such as credit score, cosigner on student loan application, school information and other.

Credit Score

The most important condition is your credit score. To be eligible for this type of student loan, you must have at least twenty one months of an established credit history.

Cosigner

Since the majority of college students haven’t got credit history, the large number of them applies for Astrive private student loans with a cosigner. Cosigner must have a good credit history and he or she can be a family member or person you know well. Having a cosigner can be helpful in the terms of getting a good line of credit, usually with lower fees and rates. In addition, having a cosigner on your application may help to attain Astrive loan in the short amount of time; you can have your student loan approved in just five business days.

Other requirements

To be eligible for Astrive student loans, you will need a proof of enrollment; you will have to provide the name of the school you are going to attend as well as your student status. You must have at least a half-time status in order to qualify. In addition, you will need to provide the proof of income, citizenship status, etc.

Astrive Student Loans Benefits

Students can benefit from taking Astrive student loan of loan in a number of ways. Firstly, the loan application process is easy and approval process doesn’t take long. Secondly, this student loan covers all other educational operating expenses which are not covered with other types of student financial aid. And l, it includes procedure for loan deferment and a deduction in loan repayment options as well as some other services.

Astrive Lending Suspension

Unfortunately, similar to many other private student loan programs, the Astrive Student Loans has been affected with the unstable financial circumstances. As a consequence, the Astrive Student Loan program is incapable to accept a new student loan application as of November 3, 2008.

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Understanding How Student Loans Can Affect Your Credit Score

Due to the increasing cost of higher education nowadays millions of students in the USA take one or more student loans to cope their educational expenses. And there is a growing number of students today who find it difficult to pay off their student loans. Educational loan is probably one of the largest debts most of the students have ever had. How you deal with your student loan can have a huge consequence on your credit rating and, given that your credit rating establishes how much you can borrow in the future, on your financial future as well.

You cannot declare bankruptcy for federal loans; these loans still have to be repaid. Going into default with student loans will affect your car loans, mortgage application, etc. However, keep in mind that it isn’t your student loan that has an effect on your credit score, but the way you handle it. How you manage your student loans today will affect your credit score for years to come.

What Is the Credit Score?

Your credit score plays very important role in financial terms. Essentially, it gives a reflection of your financial responsibility to diverse creditors and lenders, to put it in other words, it helps them estimate the level of risk you present as a borrower to them. For instance, if you don’t pay your bills on time, it sends a message that you lack a financial responsibility.

How Your Credit Score is Calculated?

  • Payment History – Your capability to pay your bills on time without fail makes up 35 percent of your credit score.
  • Credit History – 15 percent of your credit score is depending on the length of time you have been using credit.
  • Amount Owed – The amount of debt you owe makes up 30 percent of your score.
  • New Credit – At 10 percent, frequency of new lines of credit opened is also considered.
  • Types of Credit – Also at 10 percent, the different types of credit cards you possess affect your credit score.

How to Effectively Handle Your Debts

Your credit rating stands for the debts you have and your repayment history. The key for a good credit rating is to make regular payments on time and repay the debts as soon as possible. Here are some useful guidelines to help you successfully cope with your student loans and debts.

Early Student Loans Repayment

Repay your loans as soon as possible. The repayment period for most of the student loans is about 10 years and the monthly amount you have to pay is based on this timeline. If you find that you can afford to make these payments, increase your monthly payments and repay your student loan in the shorter period of time. Not only that paying more than minimum payment will help you repay your loan faster, but also will positively affect your credit score.

Refinancing Student Loans

Refinancing your student loan can be of assistance in getting a low interest rate. In addition, with lower monthly payments, you will be able to pay off your loans on time which will positively affect your credit rating.

Making Regular Interest Payments

In case you have taken an unsubsidized federal or private student loan, you may be required to make interest payments while you are still in school. Include this amount into your monthly financial plan and make your payments in time. If you can, try to avoid deferring interest payments after graduation, when they are going to be added to the principal amount of your loan.

Making the Use of a Grace Period

Student loan borrowers usually have a benefit of 6 to 9 months-grace period after graduation, before they are required to start repaying their loans. This time is designated to let them find a job and to gain a regular income. In case you find a job before during the grace period, it is strongly recommended to put some money aside and make larger payments, which will help you to repay your loan faster.

Avoiding Failure to Make Payments

If you find that you have difficulty making the payments of your student loan, the best idea would be to contact your loan lender immediately and try to work it out together. If your lenders find you communicative and cooperative, they will be more willing to help you find the solution. If you are not able to pay the full amount, make effort to pay smaller payments instead. If you miss your payments, your loan will be considered delinquent. This will come as a negative mark on your credit report.

After you start repaying the loan again, your credit score should improve, but your skipped payments will still appear on your record.

Avoid Defaulting on Your Student Loans

If you fall to make your loan payments, your student loan will become delinquent Successive failure to make loan payments or extensive delinquency may lead into student loan default. Default comes about after 270 days of non-payment on a federal student loan or 120 days of failure to pay on a private loan. Under most federal student loans your loan will be put into default after nine months of skipped payments, and for most of private student loans your loan will be put into default after three months of missed payments, though this depend on the specific loan lender. Defaulting on your student loan can leave a mark on your credit record for up to seven years after your loan is fully repaid. This will have a negative mark in your credit score as a consequence.  To avoid defaulting on your student loan, get your loan refinanced.

For most of the students student loans are helpful assistance in their pursuit for higher education. Not your student loans, but the way you handle them can affect your credit rating both, positively or negatively. To avoid student loans harm your credit score the best is to make a repayment plan and start paying off your debts as soon as possible. Avoid going into default under any circumstances and take into account loan options such as flexible repayment plans, grace period, deference and forbearance to make sure that your student loans do not affect badly your credit score.Careful planning and financial responsibility, will help you not to feel overwhelmed by your student loans.

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