Our take: Citizens Bank is a great private student loan company for undergrads, grad students, and students pursuing professional degrees. Citizens’ multi-year approval is a huge time-saver for busy students and is the lender’s standout feature.
Private Student Loans
- Competitive interest rates
- No origination, application, or disbursement fees
- Multi-year loan approval
- Lowest rate requires two separate discounts
- Lengthy cosigner release
| Fixed rates (APR) | 5.97% – 12.42% (depending on loan type) |
| Variable rates (APR) | 5.25% – 12.19% (depending on loan type) |
| Loan amounts | $1,000 up to 100% of school certified expenses (aggregate limits depend on loan type) |
| Repayment terms | 5, 10, or 15 years |
Refinance Student Loans
- Competitive interest rates
- No origination, application, or disbursement fees
- Flexible repayment terms
- Lowest rate requires two separate discounts
- Must have at least $10,000 in student loans to refinance
- Lengthy cosigner release
| Fixed rates (APR) | 5.45% – 10.08% (depending on loan type) |
| Variable rates (APR) | 5.99% – 11.08% (depending on loan type) |
| Loan amounts | $10,000 – $300,000, $500,000, or $750,000 (depending on debt type) |
| Repayment terms | 5, 7, 10, 15, or 20 years |
Note: To get Citizens Bank’s lowest student loan interest rate offer, you must enroll in automatic payments (a 0.25% discount) and qualify for the loyalty discount by having another Citizens account (another 0.25% discount). You must also choose either interest-only repayment on in-school loans or immediate repayment on refinance loans.
Citizens Bank private student loans
Citizens Bank ranks among LendEdu’s best private student loan lenders, primarily because of its multi-year approval feature. Apply for a Citizens student loan once, and you could qualify for a multi-year offer—meaning you won’t have to reapply next year. For students with busy courseloads and part-time jobs, this is incredibly convenient.
Undergraduate
Undergraduate student loans
- Competitive interest rates
- No origination, application, or disbursement fees
- Cosigners allowed
- Three repayment options (immediate, interest only, deferred)
- Fast prequalification; rates good for 30 days
- Multi-year loan approval
- Lowest rate requires two separate discounts
- Not eligible for two-year schools, community colleges, or for-profit colleges
- Less flexible repayment terms than competitors
- Lengthy cosigner release
| Fixed rates | 3.24% – 14.98% |
| Variable rates | 4.99% – 15.46% |
| Loan amounts | $1,000 up to 100% of school certified expenses ($225,000 aggregate limit) |
| Repayment terms | 5, 10, or 15 years |
| Cosigner release | After 36 consecutive on-time payments |
Graduate
Graduate student loans
- Competitive interest rates
- No origination, application, or disbursement fees
- Cosigners allowed
- Three repayment options (immediate, interest only, deferred)
- Fast prequalification; rates good for 30 days
- Multi-year loan approval
- Lowest rate requires two separate discounts
- Less flexible repayment terms than competitors
- Lengthy cosigner release
| Fixed rates | 4.99% – 13.96% |
| Variable rates | 3.24% – 13.61% |
| Loan amounts | $1,000 up to 100% of school certified expenses ($225,000 aggregate limit) |
| Repayment terms | 5, 10, or 15 years |
| Cosigner release | After 36 consecutive on-time payments |
MBA
MBA student loans
- Competitive interest rates
- No origination, application, or disbursement fees
- Cosigners allowed
- Three repayment options (immediate, interest only, deferred)
- Fast prequalification; rates good for 30 days
- Multi-year loan approval
- Lowest rate requires two separate discounts
- Less flexible repayment terms than competitors
- Lengthy cosigner release
| Fixed rates | 3.24% – 13.28% |
| Variable rates | 4.99% – 13.73% |
| Loan amounts | $1,000 up to 100% of school certified expenses ($300,000 aggregate limit) |
| Repayment terms | 5, 10, or 15 years |
| Cosigner release | After 36 consecutive on-time payments |
Law
Law school student loans
- Competitive interest rates
- No origination, application, or disbursement fees
- Cosigners allowed
- Three repayment options (immediate, interest only, deferred)
- Fast prequalification; rates good for 30 days
- Multi-year loan approval
- Lowest rate requires two separate discounts
- Less flexible repayment terms than competitors
- Lengthy cosigner release
| Fixed rates | 3.24% – 13.28% |
| Variable rates | 4.99% – 13.73% |
| Loan amounts | $1,000 up to 100% of school certified expenses ($300,000 aggregate limit) |
| Repayment terms | 5, 10, or 15 years |
| Cosigner release | After 36 consecutive on-time payments |
Medical
Medical school student loans
- Competitive interest rates
- No origination, application, or disbursement fees
- Cosigners allowed
- Three repayment options (immediate, interest only, deferred)
- Fast prequalification; rates good for 30 days
- Multi-year loan approval
- Lowest rate requires two separate discounts
- Less flexible repayment terms than competitors
- Lengthy cosigner release
| Fixed rates | 3.24% – 10.84% |
| Variable rates | 4.99% – 12.07% |
| Loan amounts | $1,000 up to 100% of school certified expenses ($250,000 or $400,000 aggregate limit, depending on medical degree) |
| Repayment terms | 5, 10, or 15 years |
| Cosigner release | After 36 consecutive on-time payments |
Dental
Dental school student loans
- Competitive interest rates
- No origination, application, or disbursement fees
- Cosigners allowed
- Three repayment options (immediate, interest only, deferred)
- Fast prequalification; rates good for 30 days
- Multi-year loan approval
- Lowest rate requires two separate discounts
- Less flexible repayment terms than competitors
- Lengthy cosigner release
| Fixed rates | 3.24% – 10.84% |
| Variable rates | 4.99% – 12.07% |
| Loan amounts | $1,000 up to 100% of school certified expenses ($400,000 aggregate limit) |
| Repayment terms | 5, 10, or 15 years |
| Cosigner release | After 36 consecutive on-time payments |
Parent
Parent student loans
- No origination, application, or disbursement fees
- Decrease out-of-school debt load for child
- Fast prequalification; rates good for 30 days
- Multi-year loan approval
- Lowest rate requires two separate discounts
- Higher starting rates than student-financed loans
- Only two repayment methods (immediate and interest only)
- Only two repayment term options
| Fixed rates | 5.45% – 10.46% |
| Variable rates | 5.52% – 11.20% |
| Loan amounts | $1,000 up to 100% of school certified expenses ($225,000 aggregate limit) |
| Repayment terms | 5 or 10 years |
| Cosigner release | N/A |
Citizens Bank refinance student loans
While Citizens Bank didn’t make our list of the best student loan refinancing options, it’s still worth consideration if you have federal loans and don’t plan to take advantage of benefits such as student loan forgiveness.
Student loan refinance
General student loan refinancing
- Competitive interest rates
- No origination, application, or disbursement fees
- Flexible repayment terms
- Fast prequalification; rates good for 30 days
- Cosigners allowed
- Lowest rate requires two separate discounts
- Must have at least $10,000 in student loans to refinance
- Must have bachelor’s degree or higher (i.e., not available if you didn’t graduate)
- Lengthy cosigner release
| Fixed rates | 5.45% – 10.08% |
| Variable rates | 5.99% – 11.08% |
| Loan amounts | $10,000 – $300,000 (bachelor’s degree), $500,000 (graduate degree), or $750,000 (professional degree) |
| Repayment terms | 5, 7, 10, 15, or 20 years |
| Cosigner release | After 36 consecutive on-time payments |
Medical resident refinance
Medical resident refinancing
- $100 monthly payment during residency
- Competitive interest rates
- No origination, application, or disbursement fees
- Flexible repayment terms
- Fast prequalification; rates good for 30 days
- Cosigners allowed
- Lowest rate requires two separate discounts
- Must have at least $10,000 in student loans to refinance
- Lengthy cosigner release
| Fixed rates | 5.45% – 9.91% |
| Variable rates | 5.99% – 10.92% |
| Loan amounts | $10,000 – $750,000 |
| Repayment terms | 5, 7, 10, 15, or 20 years |
| Cosigner release | After 36 consecutive on-time payments |
Parent loan refinance
Parent loan refinancing
- No origination, application, or disbursement fees
- Flexible repayment terms
- Fast prequalification; rates good for 30 days
- Lowest rate requires two separate discounts
- Must have at least $10,000 in student loans to refinance
| Fixed rates | 5.45% – 10.08% |
| Variable rates | 5.99% – 11.08% |
| Loan amounts | $10,000 – $500,000 |
| Repayment terms | 5, 7, 10, 15, or 20 years |
| Cosigner release | N/A |
Citizens Bank student loans customer reviews
Citizens Bank isn’t accredited with the Better Business Bureau, but based on customer reviews, the lender currently has an A+ rating. However, a word of caution: Citizens has a 1.2-star rating on Trustpilot based on more than 700 reviews.
That said, browsing Reddit helps you get a feel for how some Citizens Bank student loan borrowers feel; the consensus seems to be that Citizens is fine—nothing exciting, but reliable, which is what you probably want from a student loan servicer.
Alternatives to Citizens Bank for private student loans
Information advertised valid as of 05/04/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s).
All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit.
College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access
College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC
Information advertised valid as of 05/04/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s).
All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit.
College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access
College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC
Information advertised valid as of 05/04/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s).
All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit.
College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access
College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC
Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.
1. Loan application must be submitted to see available rates.
2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.
4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered.
7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Information advertised valid as of 05/26/2026.
ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Sallie Mae loans are made by Sallie Mae Bank.
Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.
1. Loan application must be submitted to see available rates.
2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.
4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered.
7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Information advertised valid as of 05/26/2026.
ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Sallie Mae loans are made by Sallie Mae Bank.
Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.
1. Loan application must be submitted to see available rates.
2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.
4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered.
7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Information advertised valid as of 05/26/2026.
ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Sallie Mae loans are made by Sallie Mae Bank.
Citizens Bank vs. College Ave
College Ave is Citizens’ multi-year approval means you apply once and keep using the same approval for future years, which cuts down on paperwork. College Ave offers “multi-year peace of mind,” which still requires a new application each year but gives you confidence that you’ll be approved again as long as you continue meeting requirements.
College Ave also provides more flexible repayment terms and releases cosigners once you’ve reached the halfway point of repayment, while Citizens requires 36 consecutive on-time payments.
Citizens Bank vs. Sallie Mae
Sallie Mae allows cosigner release after 12 consecutive on-time payments, which can be much faster than Citizens’ 36. Citizens, however, gives you multi-year approval, while Sallie Mae requires reapplying annually.
Citizens Bank vs. SoFi
SoFi® is a strong choice for graduate students and borrowers with solid credit. It offers competitive rates and multiple repayment terms, but requires a higher minimum credit score than Citizens.
Alternatives to Citizens Bank for student loan refinancing
Refinance Loans Disclosures
Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.20% APR to 10.24% APR (3.95% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.
Refinance Loans Disclosures
Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.20% APR to 10.24% APR (3.95% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.
Refinance Loans Disclosures
Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.20% APR to 10.24% APR (3.95% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.
Citizens Bank vs. SoFi
SoFi’s refinancing starts at a lower minimum balance ($5,000 vs. $10,000 for Citizens) and appeals to borrowers with good credit who want straightforward options.
Citizens Bank vs. ELFI
ELFI is competitive for rates and is known for strong, hands-on customer service. Citizens is a better fit if you have very high student loan balances and already bank there, since you can stack discounts. ELFI may win for borrowers who want a smoother, more personal servicing experience.
Citizens Bank vs. Earnest
Earnest gives borrowers more repayment control, letting you fine-tune your monthly payment and term. Citizens sticks to set terms (5, 7, 10, 15, or 20 years) but offers broad eligibility and loyalty/autopay discounts. Earnest is better for customization; Citizens for large balances.
How to apply
Applying for a Citizens Bank student loan (or refinancing an existing one) is straightforward, but it helps to know the steps in advance. Here’s how the process works:
- Check eligibility
You must be enrolled at least half-time at an eligible institution for new loans, or hold at least a bachelor’s degree for refinancing. For refinancing, you’ll also need a minimum of $10,000 in student loans. - Prequalify online
Use Citizens’ prequalification tool to check estimated rates with only a soft credit pull. Rates are good for 30 days, giving you time to compare options. - Complete the application
Provide details about your school, degree program, loan amount, and finances. Add a cosigner if you need help qualifying or want a better rate. - Submit documents
You’ll likely need proof of enrollment, a government-issued ID, and income or loan payoff details (for refinancing). - Get a decision
Citizens reviews applications in a few business days. If approved, you’ll receive final loan terms and choose a repayment plan (immediate, interest-only, or deferred for private loans; fixed terms for refinancing). - Finalize funding
Private loan funds go directly to your school, while refinancing pays off your old loans and consolidates them into one new loan with Citizens. - Activate discounts
Sign up for autopay (0.25% off) and, if you’re a Citizens customer, add the loyalty discount (another 0.25% off) to secure the lowest possible rate.
How we rated Citizens Bank
We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.
We compared Citizens Bank to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- Citizens Bank, Private Student Loans
- Citizens Bank, Student Loan Refinance
- Citizens Bank, Student Lending Disclosures
- Citizens Bank, Student Loan Repayment Examples
- Citizens Bank, Education Refinance Loan Repayment Examples
About our contributors
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Written by Timothy Moore, CFEI®Timothy Moore is a Certified Financial Education Instructor (CFEI®) specializing in bank accounts, student loans, taxes, and insurance. His passion is helping readers navigate life on a tight budget.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.