Is It Easy to Get a Student Loan Citizens Bank
It doesn't get any more traditional than Citizens Bank. This institution is an established choice that ranks as one of the country's largest lenders among student loans. Founded in 1828, its reputation for straight forward solutions has grown among college-aged borrowers.
Citizens Bank offers unique borrowing options, including one of the highest loan limits available. That consistently puts Citizens on our list of theTop Places To Refinance Student Loans.
Remember, when shopping for student loans, always compare your options. We recommend Credible, where you can compare Citizens against other lenders. Plus, College Investor readers get a $1,000 bonus when they refinance with Credible a loan over $100,000, or $500 for a loan less than $100,000. That's a great deal! See how Citizens Bank compares!
Quick Summary
- Student loan refinancing and private student loans
- One of the highest loan balances available for refinancing
- Generous loan terms that make it a top place to borrow
| Citizens Bank Student Loans Details | |
|---|---|
| Product Name | Citizens Bank Student Loan |
| Min Loan Amount | $10,000 |
| Max Loan Amount | $500,000 |
| Variable APR | 3.84% - 10.08% APR |
| Fixed APR | 4.49% - 10.12% APR |
| Loan Terms | 5, 7, 10, 15, 20 year |
| Promotions | Up to a $1,000 gift card from Credible |
Citizens Bank Student Loan Refinancing
Citizens Bank offers more stability over non-bank student loan refinancing lenders that aren't regulated as closely. This means less stress for borrowers about where the funds are coming from. But how do their terms, rates, fees, and benefits compare to the competition? Here's what you need to know.
Interest Rates
Citizens Bank is offering the following rates on it main student loan refinancing product:
- Variable Rate: 3.84% - 10.08% APR
- Fixed Rate: 4.49% - 10.12% APR
The maximum rate you will pay on a variable rate loan is the maximum of 21.00% APR or the Prime Rate + 9.00%.
Remember, rates and terms are subject to change. While we do our best to maintain an up-to-date review with accurate information, your best bet is to check out Citizens and confirm everything before applying.
Repayment Terms
Citizens Bank offers 5, 7 10, 15, and 20 year refinance loans. Keep in mind that 5-year loans offer the best rates - especially when it comes to a variable rate loan. If you need to go longer than 5 years, we recommend that you stick to a fixed rate loan.
Special Discounts
There are some great features that could lead to lower rates - up to a 0.50% APR savings on your loans.
If you already have an account at Citizens Bank, you may qualify for a Loyalty discount of 0.25%. And setting up automatic deductions for your monthly student loan payments will result in your APR being lowered by an additional 0.25%.
Parent PLUS Refinancing
Parent PLUS loans come with higher interest rates than Direct Subsidized and Unsubsidized loans. So parents who took out these loans potentially stand to gain the most by refinancing. Thankfully, Citizens Bank does allow parents to refinance PLUS loans. And it says that the interest rate ranges on these loans are up to 2.61% lower than current PLUS loan rates.
Cosigner Options
When applying for any kind of loan product, a cosigner with a good credit history may also lead to lower payment minimums or decreased rates. Citizens does allow cosigners on its refinance loans. It also will allow borrowers to request a cosigner release after they've made at least 36 consecutive on-time payments.
How Does Citizens Bank Compare?
Citizens Bank is not the only student loan lender that focuses on student loan refinancing. However, they are consistently rated well on our list of the best student loan refinancing lenders.
Check out this quick comparison here:
| Header | | | |
|---|---|---|---|
| Rating | |||
| Variable APR | 3.84% - 10.08% | 2.49% - 11.72% | 2.48% - 7.24% |
| Fixed APR | 4.49% - 10.12% | 2.59% - 8.74% | 4.29% - 7.29% |
| Bonus Offer | Up to $1,000 | Up to $500 | Up to $1,100 |
| Cell |
What Borrower Protections Are Available?
We all know how hard it can be to find a job right out of college, but nobody prepares for losing their job after years in their respective field. Citizen's Bank offers no formal hardship forbearance policy, but instead evaluates each request on a case-by-case basis. But it does offer death and disability discharge.
As with all private lenders, you won't be able to join an income-driven repayment plan with Citizens Bank if you're struggling to make your payments on your current salary. If you have federal student loans and you're currently dealing with income instability, you may want to hold off on refinancing them.
Who Qualifies To Apply?
Citizens Bank is a traditional bank and lender - and many of their terms align with that. To get the best rates and terms, you should have an excellent credit score. Citizens Bank is a nationwide lender, so no matter where you're going to school in the United States, you can use Citizens.
People with lower credit scores may have trouble securing a loan through Citizens Bank. Although the bank does not disclose the actual minimum credit score, it's implied to be 700 to 750. For that reason, know your credit score before even attempting an application with the bank. Learn how student loans impact your credit score.
Citizens is one of the few student loan refinancing companies that will accept applications from associate's degree borrowers. But to qualify you must be someone who's made at least 12 on-time payments on your existing loans since leaving school.
Are There Any Fees?
A great feature for the bank is lack of fees. Unlike some programs, Citizens does not charge a fee for the application or processing. Even accessing your credit score is covered for no additional charge.
There is also great news for anyone looking to finish out their loan early. Citizens Bank doesn't charge prepayment penalties. This no-fee approach encourages students to throw as much as they can towards payments, which means less money spent on interest overall.
However, Citizens Bank isn't so generous if you're late with your payments. The bank charges a fee of 5% of the past due amount once your payment is at least 15 days late.
Is It Safe And Secure?
As would be expected from a bank, Citizens takes account security very seriously. Its site is protected with Extended Validation Secure Socket Layer Certificates (EV SSL). It also uses advanced fraud detection systems and promises to never sell your personal information.
If you also happen to have a savings or checking account with Citizens Bank, your deposits are protected up to $250,000 with FDIC insurance.
How Do I Contact Citizens Bank?
Sometimes, you just have to talk to a representative. Thankfully, it easy to contact Citizens Bank.
You can call their customer service team at 1-866-259-3767. Hours are 8:00 AM to 9:00 PM Mon-Fri and 8:30 AM to 5:00 PM Sat.
And unlike with the many online-only lenders, you may also be able to speak with a Citizens customer service representative in person at one of their 1,000+ local branches.
Is It Worth It?
Citizen's Bank won't be the right choice for everyone. But it's a viable option for people with good credit. The no-fee application process doesn't punish potential borrowers. If you have great credit and want to refinance a high balance loan, Citizens Bank is one of the best choices available.
On the other hand, the lack of a formal forbearance policy makes it less than optimal for anyone who doesn't anticipate a steady job for years to come.
Remember, always shop around for your loan. Check out Credible and see how Citizen's Bank stacks up against other lenders. And don't forget that College Investor readers get up to a $1,000 bonus when they refinance through Credible. Citizen's Bank could be the best choice, and you get a bonus!
Citizens Bank FAQs
Here are some of the most questions that we receive about Citizens Bank student loan refinancing:
Where is Citizens Bank located?
Citizens Financial Group is headquartered in Providence, Rhode Island but it's able to offer student loan refinancing in all 50 states.
Who services Citizens Bank's student loans?
Citizens Bank uses Firstmark Services to manage its borrower accounts and process payments.
Is Citizens Bank legit?
Yes, Citizens Bank has been around since 1828 and is currently the 13th-largest retail bank in the United States.
Is Citizens Bank good for refinancing student loans?
Citizens tends to offer competitive rates and can provide autopay and loyalty discounts of up to 0.50%. But it lacks a defined forbearance policy and doesn't offer as many repayment terms as some other lenders.
Citizens Bank Student Loan Refinancing Features
| Min Loan Amount | $10,000 |
| Max Loan Amount | $500,000 |
| Rate Type | Fixed or variable |
| APR |
|
| Autopay Discount | 0.25% |
| Loyalty Discount | 0.25% |
| Loan Terms | 5,7,10,15, and 20 years |
| Origination Fees | None |
| Prepayment Penalty | None |
| Minimum Credit Score | Not disclosed |
| Late Payment Fee | 5% of the amount due |
| Cosigners Allowed | Yes |
| Cosigner Release | Yes, can be requested after 24 months of consecutive, on-time monthly payments |
| Grace Period | Unlear |
| Eligible Schools | Title-IV accredited schools |
| Associate Degree Refinancing | Yes, for borrowers who have made at least 12 monthly payments on their loans |
| Customer Service Phone Number | 1-866-259-3767 Hours are 8:00 AM to 9:00 PM Mon-Fri and 8:30 AM to 5:00 PM Sat. |
| Customer Service Hours | Mon-Fri, 8:00 AM to 9:00 PM Sat, 8:30 AM - 5:00 PM |
| Customer Service Email Address | Must submit a support ticket here: https://www.citizensbank.com/ask-a-citizen/overview.aspx |
| Loan Servicer | Firstmark Services |
| Address For Sending Payments | Firstmark Services |
| Promotions | Up to a $1,000 gift card from Credible |
Citizens Bank Student Loan Refinancing
- Rates and Fees
- Application Process
- Customer Service
- Products and Services
Summary
Citizens Bank offers student loan refinancing from a traditional bank. It won't be the right choice for everyone, but it's a viable option for anyone with good credit, including those with associate's degrees.
Pros
- Low rates for highly-qualified borrowers
- Will refinance associate's degree loans
- Offers rates discounts of up to 0.50%
- Up to a $1,000 gift card bonus if you refinance with Citizens through Credible
Cons
- No formal forbearance policy
- Takes 36 months to qualify for cosigner release
- Get A Quote
Source: https://thecollegeinvestor.com/17434/citizens-bank-review/
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