I just finished my first year
I don’t believe that you can transfer your first year of loans over to BoA. However, you may be able to apply for loans for your next few years of school at Bank of America. Best advice is to call both banks and figure out exactly what your position is.
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CNN needed an anecdote for its story on *Shady College Loan Profit-Sharing*. The poster child of student loan debt obliged.
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Citibank Student Loan info.
Hi There! I looked into CitiBank a few months ago for a loan, and to my knowledge, they're not giving out Education Loans right now… and neither is Bank of America, unless they decided to change their minds. It's most likely because of the bailouts, etc… and the fact that they're not doing so hot by giving all the money to their CEO's. =/ Anyway, did you exhaust the Federal Stafford Loans and Grants, State aid and perkins loans, parent plus loans? Those are all government loans through banks. I know PNC participates with them.. if you're looking for a private loan, try PNC, but don't forget to fill out a FAFSA to try and get any free resources you can.
Good luck!
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I had a student loan that I payed off in full when I came into some money, but I kept getting monthly bills. When I called Citibank, the tellers would give me vastly different amounts that I apparently still owed. In one day, four separate tellers gave me four different answers to how much I still owed, ranging from $.40 to $24,000.00. After a nightmarish year of arguing with incompetent Citibank employees, I finally got them to send me a letter saying I had fully payed off my loan a year ago–and they also send me a refund check with some of the extra money I payed them. I don't know if the experience has ruined my credit rating or not though.
Has anyone else had an experience like this when paying off student loans? Should I take legal action?
everyone i know has had a bad experience with student loans including myself. they have ruined everyones credit and if i had known that when i was in school i would have taken on 3 jobs instead of getting the loans. my nightmare was with scotiabank, worst bank to deal with ever!!! noone listens to you and you have to go through hell each time you change your monthly amount or go on interest relief etc…i gave up and they ended up screwing up my credit even more. also, they tried to get back grants from students that received them over 10 years ago and started sending out letters demanding the money back, legally they cant' do this but they did and ruined everyones credit regardless.
if your credit was not ruined then dont take any action. if they ruined it, make them write a letter explaining their mistake and send it to every credit bureau you know. if they ruined your credit and its irreversible, then take legal action. check transunion, equifax etc. to get your credit score online. you pay $25 and get your report.
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Nowadays, the cost of higher education is getting more and more expensive. Some families may not be able to afford to send their son or daughter for further education. Getting a student loan will help.
There are 2 broad categories of student loans available. Government student loans and private student loans
Government or federal student loans are funded and administered by the US Department Of Education. It is classified under Federal Student Loans Aid Program. They have very few requirements other than you are studying in a US college or university. International students may also apply though approval is on a case by case basis.
Every year, the student loan aid program disburse nearly 60 billion dollars so it is a good choice for get a student loan from the government. Thus the interest rates are pretty low.
Private student loans are funded and administered by banks and other financial institutions. These lenders provide student loans at a higher interest rate compared to federal student loans. Some common student loans available are from Citibank and Sallie Mae
You are allowed to apply for both private and federal student loans for your education needs although I would not recommend it.
For some students who have a few student loans to repay concurrently, it can be a financial drain on their family finances. That is where student loan consolidation comes in.
Student loan consolidation basically consolidates all your student loans into one loan so that it is easier to manage and make payments. When you are getting a student loan consolidation whether from the government or the private market, your existing student loans are paid for and erased by the student loan consolidation lender. The balances are transferred to the new student loan consolidation. Thus you start a new loan and only needs to make a single payment each month.
There are many advantages to using student loan consolidation. The interest rates will be lower since it takes the average interest rates of your previous student loans. Thus due to government legislation, the maximum interest rate cannot be higher than 8.25 percent.
It becomes a lot easier to manage a single student loan and payment are easier. The repayment options are quite flexible. For federal student loan consolidation, you can opt to start repaying after you have graduated from school. There are also several other options.
Another beneficial side-effect of student loan consolidation is that it can also improves your credit score. Since you are effectively clearing all your old student loans and taking a new one, your credit score will increase and is important if plan to take other types of loans in the future.
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I have 3 student loans through the federal gov't (perkins, federal direct and a "GATE" - AES loan). I also have a small private student loan through citibank. I want to consolidate all 4 by the July 1 deadline but no one will combine private and federal. I get ads in the but they all seem like scams to me. Any financial experts have any ideas?
As far as I know consolidation is only on govt loans you cant consolidate a private loan.