Citibank application process

[Leena]

We received an email saying we were credit approved and to sign our application and MPN with citibank yesterday.

 

Their application process is very vague. I went into my account and the status of the loan app says we "Citibank is working to obtain approval for your loan. Your loan has been approved at an interest rate of Prime Rate + 2.0%."

 

What are the next steps? Are they certifying with my school or what? Do they disburse to me or my school. None of this info seems to be on their website, at least that I have seen.

[afaz]

Did you sign your MPN? Nothing will happen until that is done. They will also seek certification from your school. You can call them to see if they've received anything. The money should go to the school, and depending on how they disburse, you may have to sign a check. Again you can check with your school about how the funds will come in.

[Leena]

Did you sign your MPN?  Nothing will happen until that is done.  They will also seek certification from your school.  You can call them to see if they've received anything.  The money should go to the school, and depending on how they disburse, you may have to sign a check.  Again you can check with your school about how the funds will come in.

<{POST_SNAPBACK}>

Yes my cosignor and I both signed the MPN. How long does it take until the process is finished?

[afaz]

It depends. You should probably call the school and see if they've received the app, certified it, etc. If all is good, just call CitiBank and see when it is set to disburse. Or they may update the status online.

[Leena]

Just venting!

 

OMG What is taking Citibank so damn long. We signed the MPN on September 1st and they have not finished the process yet!