Important Information Thank you for choosing Citibank for your Federal Consolidation Loan. This page contains notes and reminders to assist you in completing and submitting your application and to ensure the fastest possible processing of your application. Detailed information for specific fields on the application are included on subsequent pages. -
To complete your application you will need to provide a complete listing of the education loans that you want to consolidate. You will need the following information for each loan: § § § § §
-
Lender Name Lender Address Account Number Interest Rate Current Balance (approximations are fine!)
When completing your application, verify you have: o o o
Not left any fields blank. If a field does not apply to you, you can enter “None” or “N/A”. Included your complete Social Security Number on the application. Reviewed your repayment options and selected a repayment plan (field 28). §
With Level Repayment (Standard Payments) you pay the same amount every month for the duration of your repayment period. It's the least expensive plan in the long run. Your repayment term is based on your total indebtedness. Total Indebtedness Up to $7,499.99 $7,500 - $9,999.99 $10,000 - $19,999.99 $20,000 - $39,999.99 $40,000 - $59,999.99 $60,000 – and up
Repayment Term 10 years 12 years 15 years 20 years 25 years 30 years
§
Graduated Repayment offers lower, more affordable payments for up to four years with higher payments later. Your loan is repaid in the same time frame as Level Repayment. Total interest costs are slightly higher than the level payment plan.
§
With Income-Sensitive Repayment your monthly payment rises and falls on an annual basis with your estimated income. This is the most flexible plan, but it can be the most expensive in the long run, and you must reapply annually.
§
Extended Repayment - This plan allows you to repay your Federal Consolidation Loans over a 25-year period under a level or graduated repayment schedule. To qualify, your first federal loan must have been received on or after 10/07/98 and your accumulated loan balance must exceed $30,000.
§
With Interest-Only Plans, you pay only the interest on the consolidated loan and no principal during the initial years of the loan. This plan can mean higher total interest over the life of the repayment period. You may only choose this plan at the beginning of your repayment. You could select a two, three, or four-year InterestOnly Plan.