If you’re considering taking out private student loans, or wondering whether you should refinance your student loans, Citizens Bank (or Citizens One, depending on where you live) could be the right lender for you. Here’s everything you need to know about borrowing from Citizens Bank.
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Citizens Bank student loan refinancing overview
You might have already taken out student loans to pay for your education. But how do you pay off your loans as quickly as possible, without paying an exorbitant amount in interest?
That’s where refinancing comes in. Refinancing can help you lower your interest rate, which can help you pay off your loans faster — and save you money.
If you refinance your student loans with Citizens Bank, here’s what you should know:
|Loan amounts||Undegraduates: $10,000 - $90,000
Graduates: Up to $225,000
Lawyers: Up to $300,000
Medical Doctors and Dentists: Up to $350,000
|Loan terms||5, 10, 15, and 20 year loans|
|Loan qualifications||Refinance federal, private, and ParentPLUS loans|
|Discounts||0.25% loyalty discount available (if you have another qualifying account with Citizens Bank) as well as 0.25% automatic payment discount|
|Income||Minimum income of $24,000|
|Education||Associates through graduate degrees and for-profit institutions.
Also offers refinancing to borrowers who haven’t completed their degrees (so long as you have good credit and are no longer enrolled in school)
|Citizenship/Residency||U.S. Citizens, permanent residents and resident aliens with a valid U.S. Social Security Number|
|Cosigner release||Available after 36 months|
|Loan servicer||Firstmark Services|
How to refinance with Citizens Bank
Citizens can be a great match for certain borrowers. But each refinancing lender determines the rate they’ll offer you on a case-by-case basis — so it’s impossible to know your lowest possible rate without first comparing multiple lenders.
With Credible, it’s easy to compare top rates from Citizens Bank and other student loan refinancing lenders with just one simple form. You can even check prequalified rates without a hard credit pull (so it won’t affect your credit).
Citizens Bank private student loans overview
Citizens Bank offers student loans for undergraduate and graduate students, as well as parent student loans for those taking a loan out for their child’s education.
In addition to loans for general studies, Citizens Bank also offers student loans especially suited for students who are studying in certain fields, such as law, business, and healthcare. Borrowers in these fields of study typically have access to greater loan amounts from Citizens Bank because these fields can require more years of study and cost more in tuition to complete.
While scholarships and federal loans should be where borrowers first turn when looking to fund their educations, sometimes these options just don’t cut it. That’s when most borrowers start looking into private student loans.
If you’re considering taking out a private student loan with Citizens Bank, here’s what you should know:
|Loan amounts||$1,000 to $295,000 depending on education level|
|Loan terms||5, 7, 10, 15, 20 years|
|Fees||No application, origination or disbursement fees|
|Discounts||0.25% loyalty discount available (if you have another qualifying account with Citizens Bank) as well as a 0.25% automatic payment discount|
|Citizenship/Residency||US citizens or permanent residents. International Students can apply with creditworthy US citizen or permanent resident cosigner|
|Enrollment||Must be enrolled at least half-time in a degree-granting program at an eligible institution|
|Income||Must provide proof of income|
|Repayment||Multiple repayment options: pay immediately, pay interest only or defer your payment|
|Cosigner info||Cosigner release available after 36 months of consecutive monthly on-time payments|
|Loan servicer||Firstmark Services|
How to get private student loans with Citizens Bank
Citizens can be a great match for certain borrowers. But before taking out any private student loans, consider exhausting all of your federal student loan options. Then, if you still need money to pay for college, compare student loans from multiple lenders to ensure you’re getting the best rates and terms for your situation.
Credible makes student loan shopping quick and easy. Checking rates won’t impact your credit and none of our lenders’ loans have origination fees or prepayment penalties.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.