| Servicer |
Citibank |
| Phone |
(800) 745-5473 |
| Website |
www.studentloan.com/schools/luther/cas |
| Borrower |
CitiAssist private loans are credit-based, you can apply on your own or with a creditworthy cosigner. If you do not have an established credit history, applying with a creditworthy cosigner may help you get the loan. Even if you have an established credit history, you may be eligible for a lower interest rate if you apply with a creditworthy cosigner. Relaxed income requirements are available for borrowers with strong credit. |
| Loan Minimum |
$1,000 minimum applies to the first CitiAssist loan only. No minimums are required on subsequent serial CitiAssist loans. |
| Annual Loan Maximum |
Cost of attendance minus financial aid |
| Aggregate Limit |
$125,000 |
| Loan Fees |
0.00% to 6.00% based on credit |
| Current Interest Rate |
6.00% - 12.50% through December 31,2008 depending on credit worthiness. |
| Interest Determination |
Variable, Prime+1.0%, to Prime +7.5%, depending on creditworthiness of borrower and/or co-signer, set quarterly |
| Interest Capitalization |
Once at repayment |
| Repayment Terms |
Payments begin 6 months after graduation with a maximum repayment period of up to 20 years |
| Borrower Benefits |
- As low as zero fees
- No payments required while the student is enrolled in school. (Luther recommends making a minimum of interest-only payments while the student is enrolled)
- No prepayment penalty
- Easy and fast on-line application process
- May be deferred while attending graduate school
- Possible release of co-signer after 24 months of on-time payments
|
| Consolidation |
Offers private loan consolidation for borrowers who have educational loans from more than one private lender |
