Citiassist assistance

October 3, 2009 11:30 AM

In order to pay for graduate school a few years back, I took out two CitiAssist loans to pay for food and rent. A couple of years on, I've consolidated all of my federal loans, but the CitiAssist loans can't be consolidated with federal loans.

A couple of years on, I have the kind of paycheck that one gets with a degree in the humanities. I've kept up on the loans, but the interest rate just ballooned again, and soon I will have to start choosing between my student loans and health care. I'd like to refinance the CitiAssist, but I don't know where to start looking, and the Citibank website is incredibly unhelpful (surprise!).
And please, I don't need a lecture about my lack of financial savvy- I know that I've gotten into a mess, I need some guidance about how to start being financially wise.

posted by Sara Anne to work & money (4 comments total)

How large a loan is CitiAsset? And what type of interest rate does it carry these days? This info might be helpful to figure out where you can look for refinancing,and how much of a rate drop you can get.
posted by HabeasCorpus at 11:43 AM on October 3

If you have good credit, you may get offers from banks for fixed low interest transfers "for the life of the loan." You'll need to double check all of the fees to see if it'll be lower. (And then you don't want to use that credit line ever until the loan is paid off, because you want to keep the low rate.)
posted by ClaudiaCenter at 12:29 PM on October 3

I would recommend beginning with an inquiry to Graduate Leverage. I have worked with them and they have been clear, helpful, and saved me a substantial amount of money.
posted by unclezeb at 10:14 AM on October 5

Sara Anne: You used loans to help you through your education. There is nothing wrong with that and anyone who lectures you about it is an idiot. Give Citibank a call and ask them what they can do and if they can consolidate your loans. If the person doesn't give you a satisfactory answer, ask to speak with a loan advisor or counselor and explain that you will not be able to pay your loans unless you do something to even them out. They are often quite helpful. If Citibank itself turns out useless, try other people - like Graduate Leverage - and see if someone else will buy and consolidate the loans for you. You may get charged a small transfer fee when you do this, so check that it does not mean you will be paying substantially more by the end of your loan. Also, make sure the new loan does not have any early payment penalties.

Good Luck! If there is anything worth getting a loan for it is getting a loan to help you through your education. It is not like you spent your money on boats and toys!
posted by Maztec at 12:01 PM on October 16