Citizens Bank Offering Student Loan Refinancing Discount
Citizens Bank, the Providence-based financial institution, recently announced a special discount for student loan borrowers who refinance their educational loans through Citizens Bank.
Qualified student loan borrowers that refinance with Citizens Bank will be eligible for a 1 percent principal balance reduction which can reach up to $500. The student debtors will have to apply for a Citizens Bank Education Refinance Loan between September 5th and October 15th, 2017 to be eligible for the special offer.
Of course, the newly refinanced student loan will have to be booked and secured in order for the principal balance reduction to take effect.
Christine Roberts, the head of student lending for Citizens Bank, issued the following statement for the press release: “As a national lender, Citizens Bank is committed to partnering with its customers during each and every important stage of their life...being able to refinance student loans allows borrowers the freedom to reach their potential.”
For a student loan borrower, refinancing their educational loans is one of the most effective ways to reduce monthly payments. Working with Citizens Bank, student debtors can refinance both federal and private loans and simplify the process by only having to make one monthly student loan payment. Additionally, refinancing allows borrowers to move from a variable to a fixed rate, potentially capitalize on a lower interest rate, or make lower monthly payments because of an extended payment term.
According to Citizens Bank, consumers who have used the Citizens Education Refinance Loan have saved an average of $128 per month, equating to $1,536 each year.
In late July, LendEDU reported that Citizens Bank had changed the interest rates on their private student loan product. Undergraduate student loan borrowers looking for a private student loan through Citizens Bank can now expect a variable rate range between 3.12 percent and 11.22 percent. The previous variable range was between 3.99 percent and 10.99 percent.
Fixed interest rates for undergraduate private student loans at Citizens Bank remained the same with a range between 5.74 percent and 11.99 percent. For graduate students, Citizens Bank altered their variable interest rate range so that it is now between 3.12 percent and 10.87 percent.