When it comes to student loans, applicants are probably torn between Chase student loans vs. Citibank student loans.
It’s no surprise students opt to make a deal with them since they are two of the biggest financial institutions worldwide.
In fact, a majority of the current estimated total of student loan debt is heavily owed to these two banks.
Here are some of the things you need to know before signing on the dotted line.
What’s the Latest on Chase Student Loans vs. Citibank Student Loans?
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Citibank Student Loans
Citibank has decided to stop offering student loans. On April 22, 2017, the bank transferred their private student loans to Firstmark Services.
Before April 2017, Citibank offered a number of different loans including loans for:
- Undergraduates
- Graduate students looking to study for a professional degree
- Students who will be studying the law
- Law students preparing for the bar exam
- Students pursuing a degree in healthcare
Students interested in these loans will now have to apply at another institution.
Those who have already taken out a Citibank student loan will still need to pay it back.
However, they will be paying Firstmark Services instead. Firstmark Student Services will also handle their questions and concerns about the loan.
(NOTE: Wondering if you should consolidate your private student loans? Go into the decision-making process ultra-prepared by checking out the 6 Things To Know Before Consolidating Private Student Loans. Learn more and get the free guide HERE.)
Chase Student Loans
Chase has also decided to no longer offer student loans. They used to offer both federal and private student loans.
This means they worked with the government to provide federal student loans.
They also offered their own student loans and the Chase student loan consolidation.
In 2012, Chase started to phase out their loan offerings with the Chase student account.
That same year, they stopped offering student loans to customers who weren’t already with Chase.
The following year, in 2013, they stopped offering student loans altogether.
Selling of Loans to Other Student Loan Services
For a while, Chase still serviced the loans they had issued before the cut-off.
This means they still accepted payments on the loans and managed them.
They eventually decided to sell the loans to other student loan services or student loan companies.
Those who held these loans received a notice from Chase.
This notice then directed them to someone or an entity that can help with their loan from then on.
Other Factors to Think About When Choosing a Bank
When making a choice between Chase and Citibank student loans, students may want to consider other factors in choosing which bank to go with.
Availability of Banks and ATMs
Both institutions have banks and ATMs in various locations. This makes it easy for students to manage their banking needs.
Both banks have student checking and savings accounts as well. However, a few differences do exist between them:
- Chase has more branches than Citibank.
- Better sign-up bonuses for Chase.
- More free ATMs for Citibank.
- Citibank CD rates are higher which help students save more money.
- Chase has a lower minimum open deposit.
Student’s Income
Students must carefully evaluate which banking option will fit their needs while they attend school.
They must also consider their income and other needs while at school.
Neither Citibank nor Chase currently offers student loans. The loans they once offered students can no longer be taken out.
Although those who already took out a loan before the change will still have to pay back the loan. Only, the loan is now handled by a separate institution.
Other Options
Those interested in finding a student loan to help with a new degree will need to look at other options to find the loans they need.
Although these two banks don’t offer student loans anymore, they do have different services that students might like.
Students can check out Firstmark student loans by having a Firstmark Services login. There are also checking and savings accounts offered. Students who want to save money can also take advantage of CDs.
Look at the options available from the two banks to see which one will best fit your needs.
(NOTE: Wondering if you should consolidate your private student loans? Go into the decision-making process ultra-prepared by checking out the 6 Things To Know Before Consolidating Private Student Loans. Learn more and get the free guide HERE.)
For more on Chase student loans vs. Citibank student loans, check out this video by How to Adult:
The case between Chase student loans vs. Citibank student loans is no longer an issue.
There are several different banks and lenders that offer student loans. These different loans offer different interest rates and terms.
With the information on Citibank and Chase listed above, look for the best offer you can get so you can pay off debt conveniently.
Between Chase student loans vs. Citibank student loans, which one do you prefer? We’d like to hear your thoughts in the comments section below!
Up Next: Direct Student Loan Consolidation Guide
Editor’s Note: This article was first published on 15 March 2018 and has been updated for quality and relevancy.