Citibank Student Loans: What You Need to Know

 May 21, 2020
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A long time ago — before the introduction of the Direct Loan Program — I consolidated my federal loans with Citibank. And what a ride it’s been for those Citibank student loans: Since that time, my loans have gone from one servicer to another, to yet another.

In 2010, Citibank sold off its student loan unit, and has since stopped servicing the last of the private loans it had on the books. If you have Citibank student loans, you might not have an idea of who services them now or what to do next. Here’s what you need to know.

What happened to Citibank student loans?
How can you find the new servicer of your Citibank student loans?
Citibank student loan customers see refund of $3.75 million
Stay on top of your student loan repayment
For current students: Alternatives to Citibank student loans

What happened to Citibank student loans?

My student loans were part of the 2010 deal that sent $28 billion from Citi’s federal student loan portfolio to Sallie Mae. At that same time, Discover also took over more than $4 billion in Citibank private student loans. As part of the dissolution of the student loan unit at Citibank, the company itself also bought back $8.7 billion in student loans, both federal and private. The Department of Education similarly got in on the act, purchasing $4.7 billion of the federal loans.

What happens to loans after they are sold depends on what your new servicer does with them. My consolidated federal obligation ended up with Navient after it was spun off of Sallie Mae in 2014. It didn’t change any of the terms of the loan — in fact, the transition was seamless, and I didn’t miss a payment or have to resubmit any of my information.

Private student loans sold to Discover could still be there — or passed off to yet another servicer.

Loans that were bought by the Department of Education were eventually sent out to servicers, since the government originates loans through the Direct Loan program but doesn’t service them.

Finally, Citibank serviced the loans it bought back until they were eventually sold off to other companies. The last batch of private Citibank student loans ended up with FirstmarkServices.

So if you’ve been racking your brain, looking for your Citibank student loan login, phone number or address, you should instead start tracking your new lender or loan servicer.

How can you find the new servicer of your Citibank student loans?

In most cases, your new Citibank student loans servicer will contact you with information about where to send payments and how to manage your student loan account online. If this isn’t the case, you need to do a little hunting on your own.

Tracking your federal student loans is fairly straightforward. The National Student Loan Data System, which previously served as a repository of all of your loan information, has been replaced by the Federal Student Aid (FSA) website.

You can use your FSA ID to log in and view information about how to contact your servicers and how much you owe them. If you filed a FAFSA after May 2015, you already have your ID. If you don’t have an ID, you can create one at the FSA website.

Once you have your FSA ID, go to the FSA website and click toward your “Aim Summary.”

Once you do that, you can see information about the servicer, lender and guaranty agency, though don’t forget that payments should be made to the servicer. You can also contact the servicer about making any changes to your repayment plan or other issues.

Finding your private student loan servicer

Things get a little trickier when you need the point of contact for private student loans, as those aren’t listed on the FSA website. Instead, if payments are coming out of your bank account, you can check your statement for the name of the agency in charge of managing your loans. Once you know the agency, then you can visit the website for contact information and set up your payments.

If that doesn’t work, or if you’re having trouble figuring out where to send payments in the first place, check your credit report. You’re entitled to a free report from each of the three major bureaus every year by going to

Your credit report should contain a list of all of your debts and who’s servicing them. Get the phone number from the credit report and call to find out where to send payment.

Citibank student loan customers see refund of $3.75 million

Late in 2017, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against Citibank with regard to its handling of student loans. If your Citibank student loans were part of the action, you might have been eligible for a share of $3.75 million that was refunded as a result of practices that prevented some consumers from taking advantage of benefits they were entitled to.

Citibank should have contacted you if you were eligible for the refund. Contact the CFPB if you believe you haven’t been made whole.

Stay on top of your student loan repayment

Whether you had Citibank student loans, or even if your loans were with another entity, it’s important to track down your servicer and stay on top of the situation.

When you find out you have a new servicer, double-check your bank account. Are payments still being made? While some transitions are seamless, others fail. If you notice a lapse, contact your new servicer to set up a new plan immediately.

Regardless of whether or not the transition went off without a hitch, it’s a good idea to visit the website of your new servicer and set up an online account. Being able to manage your student loans over the internet can make a huge difference in making sure everything’s happening as it should.

Finally, if you want to reduce the hassle, learn how to pay off your student loans faster.

For current students: Alternatives to Citibank student loans

If you’re still in school, keep in mind that there are alternatives to Citibank student loans. Whether you prefer borrowing from a big institution like Citibank or are fine with a community credit union or online lender, there are plenty of options.

Ask yourself what you were seeking in Citibank student loans and see which other lenders deliver those perks. You might start your search with our top-rated private student loans.

Andrew Pentis contributed to this report.

Need a student loan?

Here are our top student loan lenders of 2022!
LenderVariable APREligibility 
2.49% – 13.85%1Undergraduate

Visit College Ave

2.55% – 11.44%2Undergraduate

Visit Earnest

3.25% – 13.59%3Undergraduate

Visit SallieMae

0.00% – 23.00%4Undergraduate

Visit Edly

3.25% – 9.69%6Undergraduate



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* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

  1. As certified by your school and less any other financial aid you might receive. Minimum $1,000.
  2. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
  3. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 9/15/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.47% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 2.80% APR to 11.69% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

3 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

4 Important Disclosures for Edly.

Edly Disclosures

1. Loan Example:

  • Loans from $5,000 – $20,000
  • Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan.
    • Payments deferred for the first 12 months during final year of education.
    • After which, $270 Monthly payment for 12 months.
    • Then $379 Monthly payment for 44 months.
    • Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan.

About this example

The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.

2. Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.

5 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  • Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of September 1, 2022, the 30-day average SOFR index is 2.23%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.
  • Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
  • Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.


    Undergraduate Rate Disclosure: Variable interest rates range from 3.25%-10.35% (3.25% – 9.69% APR). Fixed interest rates range from 4.24% – 10.59% (4.24% – 9.93% APR). 

    Graduate Rate Disclosure: Variable interest rates range from 3.75%-9.90% (3.75% – 9.68% APR). Fixed interest rates range from  5.22% – 10.14% (5.22% – 9.91% APR). 

    Business/Law Rate Disclosure: Variable interest rates range from 3.75%-9.35% (3.75% – 9.16% APR). Fixed interest rates range from 5.20% – 9.59% (5.20% – 9.39% APR).

    Medical/Dental Rate Disclosure: Variable interest rates range from 3.75%-9.02% (3.75% -8.98% APR). Fixed interest rates range from 5.18% – 9.26% (5.18% – 9.22% APR). 

    Parent Loan Rate Disclosure: Variable interest rates range from 3.25%-9.21% (3.25% – 9.21% APR). Fixed interest rates range from 3.96%-9.50% (3.96%-9.50% APR).

    Bar Study Rate Disclosure: Variable interest rates range from 6.58%-11.72% (6.58% – 11.62% APR). Fixed interest rates range from 7.39% – 12.94% (7.40% – 12.82% APR). 

    Medical Residency Rate Disclosure: Variable interest rates range from 5.67%-9.17% (5.67% – 8.76% APR). Fixed interest rates range from 6.99% – 10.49% (6.97% – 10.08% APR).

6 Important Disclosures for Funding U.

Funding U Disclosures

Offered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University’s website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.