Updated: May 14, 2021

Citizens Bank: Private Student Loan

Student Loan for Parents

Advertising disclosure
Parents
Student Loan Rating
4 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.94% - 8.58%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.49% - 8.33%
Repayment Terms
5 years, 10 years
Important Information

Rewards: Autopay Discount, Current Customer Discount

Flexibility: Multi-Year Option available

Yearly Loan Limits: 100% Cost of Attendance

Overall Loan Limits: $1,000 (minimum), $350,000 (aggregate maximum)

Cosigner Terms: Cosigner optional, does not offer Cosigner Release

The bottom line:

With some of the most straightforward qualification requirements, Citizens Bank offers a decently flexible Parent Loan. Though their rates are above average, they offer a current customer discount and a multi-year option (saving you the hassle of re-applying every year).

Pros

  • Available in all 50 states
  • Offers a Multi-Year Option
  • Covers up to 100% of yearly Cost of Attendance

Cons

  • Does not offer cosigner release
  • Charges a fee on late payments
  • Only available to U.S. citizens and permanent residents
Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total

Citizens Bank’s Parent Loans are among the most highly rated when it comes to qualifying. First off, they will lend up to the full annual cost of attendance and have a high aggregate lending maximum per borrower. They lend in all 50 states, you don’t have to be a family member of the student to borrow, and Citizens Bank will not be monitoring the student’s GPA.

 

Needless to say, although a cosigner is optional, they do not offer cosigner release. If you’re late on your payments, Citizens Bank will charge you a fee. And repayment-wise, they do not have a full deferment option and only offer two repayment terms (5 years or 10 years).

 

Most importantly, you’ll likely find lower costs with other lenders. Citizens Bank does offer an autopay discount and a current customer discount, so you do have plenty of options to lower the rate they offer you initially.

Citizens Bank - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 5 years, 10 years
  • Minimum Borrowing Limit: $1,000
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: $350,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: Not specified by lender
  • Minimum Anual Income: Not specified by lender
  • Citizenship Restriction: Citizens or Residents
  • Minimum Enrollment Restriction: Half-Time
  • List of States where Loan is Not Available: None
  • Approved Schools Include: All
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: Yes
  • Full Deferment: None
Repayment Details
  • Length of Grace Period: None
  • Maximum Deferment Period: 48 months
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: None
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Not specified by lender
  • Hours of Operation (in addition to weekdays): Evenings and Weekends
  • Application Timeline: Not specified by lender
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Not specified by lender
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Not specified by lender
Citizens Bank Alaska Commission on Postsecondary Education (ACPE) College Ave
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
4.94% - 8.58%
Variable:
2.49% - 8.33%
Fixed:
5.75% - 6.00%
Variable:
Not Available
Fixed:
3.59% - 13.24%
Variable:
1.29% - 12.23%
Loan repayment terms (Years) 5 years, 10 years 10 years, 15 years 5 years to 15 years
Cosigner release? None None Not specified