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Citibank Student Loans

Melinda of Chicago, IL January 13, 2009

Melinda of Chicago IL (01/13/09)
My loan amounts constantly change every month. The customer service reps barely know what's going on. I was told on January 12, 2009 that I am supposed to pay about 265 per month for three private loans when I get statements saying that I owe over 400 a month. Some of the statements are interest statements, which end up being monthly statements without my knowledge. I remember being told that a statement I had received was an interest statement. Weeks later, I had people rudely calling my house telling me that I was two months past due on paying.

The amounts change every month. Payments are ballooning every month and with cash being limited these days, I cannot make payments of 400+...or is it 265? All of my statements don't tell me the truth. The customer service representatives are barely helpful. So many people tell me so many things without options of helping. In January 2009, I cannot take out a consolidation loan because they don't do those anymore. I need to apply for a new repayment plan. I can't get the Extended Repayment Plan at the moment. It's too much.

Irate phone calls received. I don't have 400 lying around my house to pay back student loans every month. That's not even a car note. I'm not getting any assistance from Citibank. I have two loans with an interest rate over 10% even though interest rates have dropped. I can't get a lower interest rate unless I've been paying on the loan for 48 months, a loan that has just come out of forbearance. Can't consolidate because they're not doing that at the moment. Citibank doesn't want to offer any real assistance that will help a person. Something has to be done here.

Terry of San Diego, CA December 31, 2008

Terry of San Diego CA (12/31/08)
I have also taken out a Student loan. I have been paying for over 10 years and I owe more now then when I took out the loan. I understand why people are not paying off their loans, because there is no paying them off. They have increased the interest at least 3 times since I've taken out the loan. My payment have almost doubled. I don't see the light at the end. I don't think it is fair for those of us that try to pay our bills should have to help pay for those that don't.

The additional interest never allows my balance to go down. They should not be allowed to increase the rate. It should have been locked in at one rate and one rate only.

Amy of Santa Monica, CA December 6, 2008

Amy of Santa Monica CA (12/06/08)
Misapplying my payments. Mismanaging my loans and charging me late fees and sending me to collections when I pay MORE than I am supposed to every month. For total incompetence. I have had to call them numerous times and they still mess up. They even had collections call me at WORK when it was THEIR fault.

Credit rating is jeopardized and overall loss of time, money and emotional trauma. I think they are ripping me and other people off. They are total scammers.

Armando of San Diego, CA November 28, 2008

Armando of San Diego CA (11/28/08)
I've repeatedly asked Citibank in writing for an account history over the past seven years because I've religiously made additional payments to principal and feel they are not applying my additional money correctly. They also take three to four days to apply an online payment when every other banking institution I've dealt with takes two days maximum.

I've contacted the ombudsman's office in writing twice since having an agreement with Citibank. I find it rather ironic that the ombudsman's office is located in the offices of Citibank themselves. This office is supposed to be representing the citizens of this country, not the corporation. The representatives at the ombudman's office have never resolved any of my complaints and have only asked Citibank for an account history of my loans without plugging the payments and numbers into a computer program to see if additional principal is being applied correctly. Basically, the ombudsman's office re-sends an exact copy of the account history I receive from Citibank.

Additionally, every time Citibank has sent me an account history, they refuse to put their name on the multiple pages printed out showing how my payments and additional interest is applied. I've asked them to send a printout with the company's name or letterhead at the top of every page. They're supposed to be such a large corporation, but when they send an account history, it looks like something printed from a mom-and-pop operation. Somebody needs to start holding this corporation accountable for their actions, especially the Citibank customer service representatives and the reps in the ombudsman's office.

I truly believe my account balance is much less than they're showing on their records.

K.o. of Minneapolis, MN October 31, 2008

K.o. of Minneapolis MN (10/31/08)
Just wanted to warn any person that is looking at taking out a school loan, to STAY AWAY FROM CITIBANK. The customer service was the worst we have ever experienced. Have taken out several college loans through other banks for our other children and had zero issues. Tried to take a loan out last week and it is suppose to take minutes to process - ours still is not approved and it has been an entire week (due to no fault of ours). Reps do not call back when they say they will.

We have called them 8 times in the past week to get the process completed, no one seems to know the hangup. Each customer service rep instructs me to do something different; they have no idea what they are talking about! Today we were told this is highly unusual...that it would take this long... No kidding. We are canceling our loan application with them and going with another lender. Never have we had issues with loans in the past. (Also, the complaints we discovered and read this week on this website reinforced that we do NOT want to take a loan out with this company! -- so we say a big 'thank you' to those that have posted their stories on this site) Borrowers, STAY AWAY!!!

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