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Citibank Student Loan Consolidation

Citibank Student Loan Consolidation is an assistance program that can be considered when you are facing financial hardship in paying multiple student loan debts. A large number of students often take several student loans to finance their higher education and some of them avail multiple loans and find it difficult to make repayments. For such troubled students, student loan consolidation programs are made available through Citibank. Federal consolidation programs will simplify the monthly repayments by enabling the borrowers to combine all their federal loans into a single term and lower their monthly student loan payment by letting them pay with a longer repayment term.

Citibank student loan consolidation rates are quite competitive and you can save a considerable amount of money by going for a consolidation loan term. You will be able to lower your monthly payment by joining all your student loans into one loan term. The followings are some advantages that you can avail by consolidating your student loans.
  • Lowered monthly cost through extension of repayment period
  • Get the convenience of making a single monthly payment
  • No requirement for credit check

Other than consolidation, Citibank student loan department also offers several student loan help programs like loan forbearance, deferment, forgiveness, and modification plans. It is important for the students to remember that making defaults on their loan repayments may damage their credit record and there are many negative consequences of it. Federal Stafford and PLUS loans come with variable rates and eligible students can get the benefits of historically low rates by considering for consolidation. In case if a student has completed his graduation recently and is still in the grace period, then he/she can easily qualify for a consolidation program. It is advisable for the students to wait till the end of the grace period and go for consolidation.

It is very important for the students to make keen research before making student loan consolidation application. Some factors like the monthly payment amount, interest rates and borrower's benefits should be considered before going for a consolidation. Students are also advised to make timely payments even if they are waiting for loan forbearance of a deferment decision in order to maintain a strong credit rating. For more detailed information on Citibank student loan consolidation procedure, visit the official student loan website of the bank.



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