Private College Student Loan

Is Citibank is good bank to take out a private student loan?

Any Opinion? What is the prime rate? I'm trying to figure my interest and its 4.75% plus prime, what is that on any given day?

Public Comments

1. You should not be judging a student loan by the name of the bank that provides it. Yes, it is critical that you borrow only from a legitimate lender, and Citibank is certainly on that list, but your borrowing decision must ultimately come down to the terms and conditions of the loan that you are offered. Every lender sends your school money of the same color - the question is how "painful" will it be for you to pay that loan back. The two most important considerations are interest rate and repayment term. When you're talking about a large educational loan, an interest rate difference of even a quarter of a percentage point can make a big difference in how much you will have to repay. Longer repayment terms may seem attractive because longer terms lower your monthly payment - however - any time you consider a longer repayment term, you must remember that the longer term will result in the accrual of considerably greater interest, and that means that you'll wind up paying back considerably more money. Do not choose your lender by the name of the bank. Choose your lender because they offer you the best interest rate and a repayment period that you can afford. Do yourself the huge favor of sitting down with a financial advisor who can show you what your eventual payments are going to look like. Too many students decide to "worry about that later", and wind up graduating with debt that they can not possibly hope to afford on the income from their first job. Compare loan offers from several large and legitimate lenders before deciding where to borrow your money. Good luck to you - I hope that helped. Edit: You can find the current prime rate here: http://www.bankrate.com/brm/ratewatch/wsjPrimeRate.asp, but keep in mind that a variable interest rate loan (all private educational loans) has a constantly changing rate that resets several times a year. Keep in mind that the rate may be 5 percent now, but it's been as high as 9.5 percent in the last 8 years, and as high as 21.5 percent in the last 30. Remember that you'll be paying this loan for 15 years or more, so you're going to see some volatility in your interest rate.
2. well, I have heard some bad rumors abt the bank .
3. It's not so much about the bank as it is the loan. First you should check rates and fees at as many lenders as possible. Compare them side by side at sites like http://www.StudentLoanConsultants.com and apply at 3 or 4 to get a wide range of options. You never have to accept a loan for which you've been approved. Always only borrow the minimum you need to avoid having an excessive debt when you leave school. After getting approved determine which has not only the best rate and fee combination but which will give you the best repayment terms. some still offer small discounts for doing auto deduction from checking accounts, some also will release your co-signor after you've made a certain number of payments on time.
4. I am Wann Cole from the united state. i am a student I saw your question I have decided to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender. that gave me the loan($25,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address: dr_leopaulson@live.com, Please tell him that Wann Cole . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.