Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I've been out of college since 2008, and have been making on-time, in-full payments to Citi ever since. According to the terms of the loan, after a certain period of time and number of payments have passed, they readjust the monthly payment amount, and for me, it's 200 dollars higher than what I was paying previously. I'm working, but I don't earn enough to be able to afford to live and make these payments without becoming delinquent, and eventually defaulting.
I called them today to find out what my options are and whether they have a plan where I can pay less each month; the call was pointless. They told me the lowest my payment can be is ONE DOLLAR less than the amount they want.
Now, what I hate about this readjustment is that it was sudden. I hadn't received any prior notice that my repayments were about to be increased and to how much - that information is hidden away in the promissory note I signed in 2004. I was at least expecting them to provide some notice at least 30 days before this readjusted payment is due so that I could know how to change my budgeting or find a new job or something to be able to make the payments.
Also, I have other private loans that are also currently in repayment, and consolidated federal student loans as well, which are currently in deferment until April. I owe over $100,000 in all.
Is there anything I can do to have them lower this monthly payment?
Now, what I hate about this readjustment is that it was sudden. I hadn't received any prior notice that my repayments were about to be increased and to how much - that information is hidden away in the promissory note I signed in 2004. I was at least expecting them to provide some notice at least 30 days before this readjusted payment is due so that I could know how to change my budgeting or find a new job or something to be able to make the payments.
Is there anything I can do to have them lower this monthly payment?
Maybe that information is in the original contract. Read it and see.
with private loans, there isn't much you can do. do you have any federal loans? you might qualify for extended payment plans on those.
Not that this helps you a great deal, but if you sign up for Citi's "thankyounetwork" rewards, you can cash in points for student loan rebates. I just signed up for a credit card and got 30,000 points as a bonus for signing up - that's good for a $300 check to send in on my student loans.
Then, if you have citi accounts (checking, savings, etc), you earn points for those. All in all, i get about $500/year in free money towards my student loans.
Let me make clear - THEY SAID THAT THE MONTHLY REPAYMENT AMOUNT CANNOT BE CHANGED. IT'S IN THE PROMISSORY NOTE THAT IT MUST BE PAID.
Does anyone have any idea how this situation can be helped when a borrower cannot afford to make the payments?
CitiBank Student Loans is kind of a joke...they have been a nightmare for me. I'm in the same boat as you; my wife and I owe around $100k as well and it is all a combination. Poor choices on my and my wife's part. I posted a rant in the main financial forum a few months ago...trying to delay a payment upon layoff was a nightmare. They were instantly harassing my parents though I was doing everything they asked. Like you, it seems that they make sure they work above the law, as they put the information in the promissory note.
I don't think you will get anywhere with them. They are like screaming at a brick wall. I looked into consolidating with a credit union but that included a variable rate. Other than that I would have been all set to do that. Perhaps that will be a better option for you. I have $16,000 in Citi loans and now you've got me nervous that they will try the same on me; I'll have to check my old records. They are only making me pay $150 a month on that as the default starting payment, but they say it won't be paid off for 25 years. I plan on paying extra and of course paying all of our loans off much sooner.
Good luck, I absolutely feel all of your pain and disgust when speaking to these folks and trying to get issued resolves. I am normally a very easy-going person but speaking with them and running around in circles with them, I've never been so angry in my life.
Maybe there are better options for consolidating. I did not look any further because I wasn't sure it was the right decision in the first place; I rather like having the separate loans so I can focus on making higher payments to the high interest ones first. But I do believe it would be the only way to get your way with Citi.
horrible circumstances. i have been posting since 2007 to anybody that would listen, dont sign a large non dischargable loan to qualify for a job that may not exist. consider low cost vocation ed at a jr college. get a certificate or license. my favorite pick RN. forget 4 year college.
4 years schools are on some sort of crazy $70 dollar a unit kick. its not worth it. america does not need 20 million more managers. they need high end skilled blue collar. (like our grandfathers)
this was part of zarkosi speech, state of france a few weeks ago, he was talking about the german employment model.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
