Citibamk helps students with loans to secure additional financing for School

Beyond free money, student loans are the best choice to secure additional financing for school. Here are the basics you need to make informed decisions when selecting student loans:

Determine How Much to Borrow

The following steps will help you determine exactly how much money you will need to borrow for school so you don’t come up short and find yourself charging items at higher interest rates.

Step 1: Identify Your Educational Expenses

Work with your school’s financial aid office to identify all expected costs. Expenses to consider include:


Fees (i.e., late registration, parking permits, etc.)

Room and Board

Text Books and Supplies

Special Equipment (i.e., computer, etc.)

Step 2: Evaluate Your Existing Financial Resources

Because the total cost of borrowing can increase significantly with time, a good strategy is to borrow only what is absolutely necessary. Evaluate non-loan sources first to pay for many of your educational expenses. These sources of funding include your savings and current income in addition to the awards listed in your financial aid package.

Step 3: Calculate Funding Needed

The additional money you need to pay for the full price of your education is calculated as follows:

Total Educational Expenses – Total Funding Available = Amount to Borrow

Understanding Student Loan

Interest Rates

Citi provides you the basics you need to calculate and understand student loan interest rates since they play an important role in determining how much you will pay over the life of the loan. How Interest Rates are Calculated

The interest charged on student loans is calculated as simple daily interest. Simply put, the outstanding principal balance is multiplied by the interest rate and divided by 365 days to calculate one day’s interest amount. So, if you have a $10,000 loan, with a 7.00% interest rate, the formula would be $10,000 x 0.07/365 and the interest amount for one day would be $1.92.

Repayment Plan Options

Repaying your student loans doesn’t have to be as stressful as you might think. Citi offers a variety of ways to repay your student loans, including these options that help you lower your monthly payments:

Find Your Perfect Plan

Evaluate your options so you can feel confident selecting the repayment plan that‘s right for you.

The Student Plan Process

When applying for a student loan, most of the process takes place behind the scenes.

Step 1: Your Application

Our online student loan applications take only minutes to complete! We’ll ask for information about you, the school you’ll attend, your references, and co-signer if applicable. Learn more about the information we ask for on our application.

Once you supply these details, we’ll perform an instant credit or identity check, if applicable. Then, you’ll read and agree to our terms and conditions for your loan. Finally, you’ll review your loan documents and sign your application online!

Tip: Applying and signing online, also known as e-signing, through our secure Web site is the fastest way to secure your loan funds.

Find a Student Loan

Citi is committed to helping you afford the school of your choice by offering federal and private education loan options:

Loans for Undergraduates

Loans for Parents

Loans for Graduate Students

Loans for Law Students

Loans for Health Professions Students