<p>if you are considering borrowing or consolidating with citibank, i would look at this if i were you…</p>
<p>this is from [Higher</a> Education Washington, Inc.](<a href=“http://www.hewi.net%5DHigher”>http://www.hewi.net). you must subscribe to read their news site.</p>
<p>STUDENT LOAN CORP. SAYS IT WILL SUSPEND OPERATIONS AT CERTAIN SCHOOLS
The Student Loan Corporation (SLC), a subsidiary of Citibank N.A., announced today that it will suspend lending at schools where its operations are returning the least money. It also said it would withdraw from the Federal Consolidation Loan market.</p>
<p>Michael Reardon, Chairman, President and Chief Executive Officer of SLC said that while the company remains sound, “these changes reflect the decisive action that is needed to manage our business through this difficult time in the overall economy.”</p>
<p>Effective May 1, 2008, “SLC will suspend lending at certain schools where loans with lower balances and shorter interest-earning periods result in unsatisfactory financial returns,” the company said in a news release.</p>
<p>"Also effective May 1, 2008, SLC will withdraw from the Federal Consolidation Loan market. These actions will apply to new loan applications, and will not affect the nature or servicing of borrowers’ existing loans with the company. SLC expects these changes to be temporary and will evaluate returning to these schools and offering Federal consolidation loans as student loan market conditions improve.</p>
<p>The company cites market conditions and last year’s subsidy cuts on lenders approved by Congress for the move. It said it is “working closely with affected schools and their prospective borrowers to minimize disruption and to position SLC to resume doing business with these customers as economic conditions improve.”</p>