Citizens Bank Student Loans Review
Citizens Bank student loans are available to undergraduates, graduates, and parents. Refinancing options with a loyalty discount for bank account holders are also available.
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Key Points
- Citizens Bank offers a loyalty rate reduction for current account holders to lower their interest rate
- If you include a cosigner on your loan application, there is a long cosigner release period of 36 on-time payments
- Parents may take out their own student loan to avoid adding debt to the student
- See the rate you qualify for with a soft credit check when refinancing
Citizens Bank, sometimes referred to as Citizens One depending on your state, offers a number of student loans. These options include undergraduate, graduate, and parent student loans for those planning on attending college. The company also offers two refinancing products, one for students, and one for parents.
This Citizens Bank Student Loans Review will take a look at each of these options, including the pros and cons of each.
In this review:
- Citizens Bank Student Loans for Attending College
- Citizens Bank Student Loan Refinancing
- Alternatives to Citizens Bank Student Loans
Citizens Bank Student Loans for Attending College
Product Reviewed:
Citizens Bank Student Loan for Undergraduates
| Fixed APR | 5.47% – 12.04% |
| Variable APR | 4.11% – 11.61% |
| Loan Terms | 5, 10, or 15 year |
| Loan Amounts | $1,000 – $100,000 |
*This box references the Citizens Bank undergraduate student loan
Citizens Bank Undergraduate Student Loan
If you are an undergraduate in need of private student loans, the Citizens Bank student loan for undergraduates can be a good solution with competitive rates.
| Information | Value |
| Interest Rates | Variable: 3.36% – 11.47% Fixed: 4.72% – 12.04% |
| Loan Amounts | $1,000 – $100,000 |
| Term Lengths | 5, 10, or 15 years |
| Repayment Options | Immediate repayment Interest-only repayment Deferred monthly payment |
| Fees | No fees |
>> Read More: Best Private Student Loans
Citizens Bank Graduate Student Loan
Citizens Bank offers graduate student loans for multiple purposes. The terms may change depending on the degree you pursue.
| Information | Value |
| Interest Rates | Variable: 3.36% – 11.47% Fixed: 4.72% – 12.04% |
| Loan Amounts | $1,000 – $100,000 |
| Term Lengths | 5, 10, or 15 years |
| Repayment Options | Immediate repayment Interest-only repayment Deferred monthly payment |
| Fees | No fees |
>> Read More: Graduate Student Loans
Citizens Bank Parent Student Loan
Parents have the opportunity to take out a student loan to cover the costs associated with a child’s education. This option ensures that the debt taken on doesn’t get carried over to the child.
| Information | Value |
| Interest Rates | Variable: 3.36% – 11.47% Fixed: 4.72% – 12.04% |
| Loan Amounts | $1,000 – $100,000 |
| Term Lengths | 5, 10, or 15 years |
| Repayment Options | Immediate repayment Interest-only repayment |
| Fees | No fees |
>> Read More: Best Parent Student Loans
Pros and Cons
Pros
- Loyalty discount for those with a Citizens Bank account
- Available in all 50 states under Citizens Bank or Citizens One
- No fees
Cons
- Long cosigner release period of 36 on-time payments
Eligibility Requirements
In order to be eligible, borrowers must be a U.S. citizen or permanent resident and be at least 18 years old. For students currently in school, Citizens Bank also requires that borrowers be enrolled at least half-time at an eligible institution.
There are also minimum credit requirements that borrowers must meet or they can opt to add a qualified cosigner to their application. International students may apply so long as they have a U.S. citizen or permanent resident apply as a cosigner.
Citizens Bank Student Loan Refinancing
Product Reviewed:
Citizens Bank Education Refinance Loan for Students
| Fixed APR | 3.59% – 9.99% |
| Variable APR | 2.60% – 9.64% |
| Loan Terms | 5, 7, 10, 15, 20 years |
| Loan Amounts | $10,000 – $500,000 |
Citizens Bank Education Refinance Loan for Students
The Citizens Bank Education Refinance Loan for students can be a good option for borrowers who are looking to lower their student loan interest rates.
| Information | Value |
| Interest Rates | Variable: 3.36% – 11.47% Fixed: 4.72% – 12.04% |
| Loan Amounts | $1,000 – $100,000 |
| Term Lengths | 5, 10, or 15 years |
| Cosigner Release | Yes, after 36 on-time payments |
| Fees | No fees |
Citizens Bank Education Refinance Loan for Parents
The Citizens Bank Education Refinance Loan for parents is only available to parents who took out student loans for their child’s education. These rates vary from the refinance product mentioned above.
| Information | Value |
| Interest Rates | Variable: 3.36% – 11.47% Fixed: 4.72% – 12.04% |
| Loan Amounts | $1,000 – $100,000 |
| Term Lengths | 5, 10, or 15 years |
| Fees | No fees |
Pros and Cons
Pros
- Find out the rate you qualify for with a soft credit pull
- Transfer parent PLUS loans to the child
- Loyalty discount if you already have an account with Citizens Bank
Cons
- You need $10,000 to be able to refinance
Eligibility Requirements
Undergraduate and graduate students must have strong credit to qualify, as well as verifiable income. If this is not the case, a cosigner may be added to the loan application to strengthen the chance for approval.
Applications can be completed easily and quickly completely online.
Alternatives to Citizens Bank Student Loans
Although Citizens Bank offers a variety of undergraduate, graduate, parent, and refinance student loans, it is important for borrowers to shop around before making a final decision.
Here are some additional resources to consider before making a decision:
- Best Private Student Loans
- Best Student Loan Refinance Companies
- Refinance Parent PLUS Loans
- List of Student Loan Companies
Bottom Line
Before taking out student loans from a private lender students should look into federal student loans which typically have greater protections for borrowers.
If you have already taken this step, then Citizens Bank has one of the most comprehensive private student loan programs available.
Interest rates, repayment terms, and rate reduction options are competitive, and borrowers have options to add a cosigner if their credit history or income is not high enough to qualify on their own.
Citizens Bank is a smart place to begin the search for private student loans as an undergrad, graduate, or parent of a student, but it is crucial to get multiple quotes from other lenders to ensure your loan is affordable.
If you’re interested in learning more about Citizens Bank, you can check out our interview with Christina Roberts, the lender’s Head of Student Lending.
*see important Citizens Bank Private Student Loan Disclosures
*see important Citizens Bank Education Refinance Loan Disclosures
