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Student loan - good news!

March 17th, 2006 at 03:36 am

I got a letter in the mail the other day from Citibank saying my loan will be tranferred to them from CFS/Suntech. I am thrilled!!! You have no idea what a headache CFS/Suntech has been to work with. This is my very large student loan consolidation - approximately $30000.

Well I got an email this morning from Citibank saying my statement was ready. My payment and interest rate are now LOWER! I orginally had an 8.25% rate that dropped at some point to 7.25% for on time payments. With Citibank, I will get an extra .25% deduction for having the payments debited from my checking account. This is how I already was set up to begin with. My payments will be $22 lower each month. Now I just need to make arrangements to put that difference back on the loan - and pay it off sooner! Smile

2 Responses to “Student loan - good news!”

  1. JJ Says:

    My rate got raised by Citi by 1%. Needless to say, I'm not happy at all. They better get it fixed soon...

  2. dmontngrey Says:

    Sorry to hear! Mine was fixed at 8.25% when Citi took over administration of the loan. Dropped to 7.25% for on time payments and to 7% for autopay. The previous company didn't give me this discount! Was yours a fixed rate as well? They shouldn't be doing that if that's the case.

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