<p>from Citibank? I want to know what the billing statement for this year is going to be, and that's available in July. Do you guys think that it will be too late?</p>
<p>Also, is Citibank a decent bank to take out a private student loan?</p>
<p>And what happens if I borrow too much for a year? Can I use the money that is left over for the next year?</p>
<p>Bumperooni</p>
<p>We have used Citibank for all our private loans and a consolidation loan. July is not too late, in fact we have processed a loan as late as August for a Sept. payment. Their rates compare with all the others out there, and the web site is easy to use to make payments, check balances etc.<br>
If you take out excess funds, the school will refund you the difference which you can use to pay off principle or buy books, a computer or other related school expenses.</p>
<p>Can I use that difference for the next year?</p>
<p>OQ: we used Citibank. We applied in June for loans of freshman year. Come August just prior to freshman orientation, I called and discovered that CMU never replied to Citibank BECAUSE a fall enrolled student at CMU really isn’t on CMU’s books until after July 1. thus, Citi asks CMU for enrollment, CMU sees none and tells Citi, and circular files application because loan is for fall enrollment. </p>
<p>In other words, 1) check with your school and lender. 2) Wait until after July 1. 3) We had subsequent years where we delayed FAFSA and the loan far enough into the year where the loan funds was disbursed in Jan. for the Spring semester.</p>
<p>Definitely check with your school as LongPrime said. Make sure there is a school file/account open with your student’s name. This most likely was done when you made a housing or tuition deposit.
You asked if you can use the excess for the next year’s tuition. It is just my personal opinion that it doesn’t make financial sense to do so. You will be accruing interest from the date of disbursement, so why pay interest on money you don’t need for another year? It is probably just wise to wait for the bill and see exactly how much you need to borrow.
With our loans, we would apply for what was needed for the entire year, and Citibank would disburse half in Sept., and then half in January.</p>
<p>Question are you looking into the Private Citi Assist Loan? im also thinking of taking that out…if you mark down that you only want to pay the interest, and later you see its more convenient to pay Interest and Principal do they allow you to do that?</p>