Citibank Student Loan Complaint

Citibank Student loan department,

Non-federal student loan Dealing with my lender or servicer Don't agree with fees charged Michigan

From -, - to -, - I acquired private student loans from Citibank Student Loans. The promissory notes for those loans state that the loans are variable interest rate loans. The interest is to be calculated, according to my promissory notes, as so ; " The 'Variable Rate ' for each Loan made under the Note is the sum of the Prime Rate published in The - - - under the 'Money Rates ' section for the day which is 30 days prior to -/-/-, -/-/-, -/-/- and -/-/- of each year ( the 'Index ' ) plus or minus the percentage, as identified on the applicable Conditional Approval Letter that I received in connection with the Loan ... '' The note goes on to say, " The Variable Rate will change quarterly on -/-/-, -/-/-, -/-/-, and -/-/- of each year. '' Here is the problem. -/-/- the Prime Rate ranged from 7.5 % to 8.25 %. However, the Prime Rate, in accordance with the - as outlined in my Notes, plummeted to 3.25 % in -, - and has held at that rate until -, -. My interest rates on my loans were never adjusted quarterly, as outlined in my Notes, resulting in some cases where I was paying TRIPLE the interest that I was legally supposed to. My loan providers did not follow the language of our contract and I have overpaid a tremendous amount in interest due to this mistake.