The Student Loan Corporation (SLC), a subsidiary of Citibank N.A., and a leading originator and consolidator of student loans, announced today the launch of a new Private Consolidation Loan product. With this new product, and in conjunction with SLC's existing suite of products, consumers can now consolidate virtually any student loan with Citibank, federal or private, regardless of the original lender.
The new Citibank Private Consolidation Loan allows consumers to better manage their expenses by combining qualifying private student loans into a single loan with a potentially lower monthly payment. Additionally, Citibank offers consumers the ability to choose between a low fixed or variable interest rate - whichever works better for them. Consumers also benefit from the simplicity and convenience of receiving a single statement and making a single payment each month.
"We are excited to offer consumers the potential opportunity to lower their monthly payments and manage their cash flow more effectively. We are one of the few lenders to offer the choice of a fixed or variable interest rate, which gives consumers more flexibility in their finances," said Michael Reardon, Chairman, President, and CEO of The Student Loan Corporation.
The Citibank Private Consolidation Loan offers numerous benefits, including interest rate reductions for enrolling in an auto-debit payment program and for making a set number of monthly payments on-time. Consumers who do not have an established credit history may apply with a qualified co-signer to increase their chances of receiving a loan with the most attractive terms. By consolidating, consumers extend their repayment term, providing increased financial flexibility, with no penalty for early repayment.
For more information on Citibank Private or Federal Consolidation Loans, visit the Student Loan Consolidation Center at www.studentloan.com/consolidate. The web site is one of the most comprehensive on student loan consolidation, and offers a wide array of important information including eligibility, ways to apply, ways to repay and tools such as an online calculator. Consumers may also contact a Citibank Consolidation Specialist at 1-800-STUDENT.
About Citibank
Citibank is a member of Citigroup (NYSE: C), the leading global financial services company, which has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
The Student Loan Corporation (NYSE: STU) is one of the nation's leading originators and holders of insured student loans providing a full range of education financing products and services to meet the needs of students, parents, schools and lenders. The company was previously a division of Citibank and became a NYSE-listed corporation in 1992. Citibank, N.A. is the majority shareholder. Citibank was one of the first banks to finance higher education, beginning in 1958. Today, The Student Loan Corporation serves approximately 1.7 million customers and over 3,000 schools nationwide.
For information or inquiries regarding student loans, please call 1-800-STUDENT. Customers with Telecommunication Devices for the Deaf (TDD) may call 1-800-846-1298. College planning and financing information is also available at www.studentloan.com.
