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Before applying for a private student loan, Citizens and Cognition Financial recommend comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans.
The Custom Choice Loan® is made by Citizens (“Lender”). All loans are subject to individual approval and adherence to Lender’s underwriting guidelines. Program restrictions and other terms and conditions apply. LENDER AND COGNITION FINANCIAL CORPORATION EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE.
1Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the expected number of years in deferment, (4) the requested loan amount and (5) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective as of 5/1/2021. The variable interest rate for each calendar month is calculated by adding the One-month London Interbank Offered Rate (“LIBOR”), or a replacement index if the Lender, in their sole discretion, deems LIBOR to be substantially altered or if LIBOR is no longer based on newly reported rates from its reporting banks, plus a fixed margin assigned to each loan. The LIBOR is published in the “Money Rates” section of The Wall Street Journal (Eastern Edition). The LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day. The current LIBOR index is 0.11% as of 5/01/2021. The variable interest rate will increase or decrease if the LIBOR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you qualify for the auto pay discount (see footnote 8).
2APRs assume a $10,000 loan with one disbursement and the summer savings rate discount of 0.50% (applicable to applications submitted between 12:00:00am EST on May 1, 2021 and 11:59:59pm EST on August 31, 2021). The high variable rate APR assumes a 7-year term with the Full Deferment option, a 19 month deferment period, and a six-month grace period before entering repayment. The high fixed rate APR assumes a 15-year term with the Full Deferment option, a 31 month deferment period, and a six-month grace period before entering repayment. The low APRs assume a 7-year term, no deferment and payments beginning 30-60 days after the disbursement via auto pay from a bank account.
3The 15 year term and Flat Payment Repayment option (paying $25 per month during in-school deferment) are only available for loan amounts of $5,000 or more. Making interest only or flat interest payments during deferment will not reduce the principal balance of the loan. Payment examples (all assume a 45 month deferment period, a six-month grace period before entering repayment, the summer savings rate discount of 0.50% applicable to applications submitted between 12:00:00am EST on May 1, 2021 and 11:59:59pm EST on August 31, 2021, no auto pay discount, and the Flat Payment Repayment option): 7-year term: $10,000 loan, one disbursement, with a 7-year repayment term (84 months) and a 6.60% APR would result in a monthly principal and interest payment of $175.18. 10-year term: $10,000 loan, one disbursement, with a 10-year repayment term (120 months) and a 6.67% APR would result in a monthly principal and interest payment of $135.01. 15-year term: $10,000 loan, one disbursement, with, a 15-year repayment term (180 months) and a 6.82% % APR would result in a monthly principal and interest payment of $105.51.
4Offer valid for new Custom Choice Loans for which applications are submitted between 12:00:00am EST on May 1, 2021 and 11:59:59pm EST on August 31, 2021. A 0.50% interest rate reduction will be included in the loan options presented during the online application process. The interest rate reduction will be applied as of the first disbursement date and will be effective for the life of the loan.
5Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The 15-year term and the Flat Payment Repayment option are only available on loans of $5,000 or more.
6The principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it must be requested from the Servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation must be provided to the Servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
7The minimum loan amount is $1,000. The maximum annual loan amount to cover in-school expenses for each academic year is determined by the school’s cost of attendance, minus other financial aid, such as federal student loans, scholarships, or grants, up to $99,999 annually. The loan amount must be certified by the school. The loan amount cannot cause the aggregate maximum student loan debt (which includes federal and private student loans) to exceed $180,000 per applicant (on cosigned applications, separate calculations are performed for the student and cosigner).
8Earn a 0.25% interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. The auto pay discount is in addition to other discounts. The auto pay discount will be applied after the Servicer validates your bank account information and will continue until (1) three automatic deductions are returned for insufficient funds during the life of the loan (after which the discount cannot be reinstated) or (2) automatic deduction of payments is canceled. The auto pay discount is not available when reduced payments are being made or when the loan is in a deferment or forbearance, even if payments are being made.
Custom Choice Loan® is a service mark used under license. Citizens is a brand name of Citizens Bank, N.A. Member FDIC.