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Citibank - loan sold off to Sallie Mae

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  • Citibank - loan sold off to Sallie Mae

    Quick question - apparently my student loan recently got sold to Sallie Mae (not in default or anything - everything is current with the payments remaining the same). The funny thing is, I never received any notification from Citibank - I just logged in one day, and it said my account had been sold to them. I called Sallie Mae, and they confirmed they had it, and that the payments would just continue as normal (just going to Salie Mae rather than Citibank). They said they had recently purchased several of these from Citibank. I'm wondering if Citibank may be trying to get out of the student loan business? I can see how they might not see it as profitabe, with the interest rates being as low as they are. Just wondering if anyone else has recently experienced this?
    Filed: 6/30/2010
    341: 7/26/2010
    Discharged: 10/6/2010

  • #2
    Our Citibank SL went to Sallie Mae also. We received an e-mail notification that it was being transferred. Our daughter and her husband (neither of them BK) also had theirs go to Sallie Mae. Maybe this is part of Citibank's "restructuring"

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    • #3
      The student loan issue of ownership is complicated. My loans were originally through a regional bank in the Northern Rockies. Eventually, they showed up with a higher education servicer. Underlying all of this was Sallie Mae. I was clueless. In particular, I defaulted and am in a 15% garnishment through a servicer in Pennsylvania (Of all things. I have always lived in the West and all my original "lenders" were west of the Mississippi.) About two weeks ago, I received a letter from Sallie Mae letting me know that they were still in charge of my loans and were aware of my garnishment. This was the first I ever heard of Sallie Mae having anyting to do with my subsidized guaranteed student loans. Funny. I guess that unless you had a true private unsubsidized loan, then Sallie Mae controls it all on behalf of the Department of Education. I'm guessing this is the case.

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      • #4
        Yes, my city student loan got sold to sallie mae recently. As I came out of BK, I got this notice in the mail and realized that the balance was under a few hundred so the first action I took post-bankruptcy was to pay that little sucker off! (We still have 3 larger ones, for my husband, and we're knocking those down, next. Then we will be truly debt-free and thus we will stay all the rest of our lives.)
        Figured out we were in trouble: (Wait, we're in trouble? ) Stopped paying creditors: Aug 2010 Filed Chap 7: Apr 29, 2011 341: Jun 1, 2011 Report of no distribution: Jun 1, 2011 Discharged Aug 2, 2011

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