Private College Student Loan

a question about student loans?

I am a graduate student in New York and I want to take out a loan to help with my tuition and other educational expenses. I was looking at the Stafford Graduate Loan offered by citibank. IS this a good loan? Do you know about any other loans that have a low interest ... maybe about 5%....?

Public Comments

1. Ok, I'm a little confused by your question, but let me see if I can explain a few things. First, the federal stafford loan for graduates will get you around $22,500 for the year. I believe that is how much I get. Citibank would just be your lender, but almost all banks offer these loans because they are backed by the federal gov't and your credit does not matter as long as you haven't defaulted on a previous loan. Your interest rate on this stafford loan would be about as low as it gets because the federal gov't sets the interest rate and no matter who your lender is, citibank, chase, bank of america, pnc, etc. they all charge the same interest rate because of gov't regulations. Now, if you're talking about a private loan from citibank that's for graduate students, that's different. Usually they will offer you $30k-$40k maximum per year and have much higher interest rates. They look at your credit and most likely you will need a coborrower as well. These loans are not backed by the feds and are considered "alternative funding" and should only be used as a last resort. Interest rates can very widely between banks on these, so check around. I've found the Sallie Mae signature loan to be the best for additional funding and they have pretty high approval rates. Also, remember that none of your student loans, private or federal, can be dismissed through bankruptcy. Even though it's a private loan, that really doesn't mean much. It's not like a normal loan, a car loan, or a mortgage where if you fall into hard times you can fill bankruptcy and get it dismissed. Nope, not student loans. They are with you until death....so borrow wisely.
2. Paying for college is uncomplicated with Citi. Even with savings, grants and scholarships, you may still need money to pay for college. A Federal Stafford Loan from Citi is the best place to start with a low, fixed interest rate set by the government and various repayment options. But also there are other options available for u inorder to get loans. Dear check the following links, i hope it may help: