Updated: October 10, 2020

Citizens Bank: Private Student Loan

Student Loan Refinancing

Advertising disclosure
Refinance
Student Loan Rating
4.5 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.
2.99% - 8.49%
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.
1.99% - 8.24%
Repayment Terms
5 years, 10 years, 15 years
Important Information

Repayment Options: 5, 7, 10, 15 and 20-year repayment terms

Important Information:
• Cosigner release available
• 0.25% interest rate reduction for enrolling in autopay
• Interest rate reduction for having a qualifying checking, savings, or investment account
• Late fees charged

The bottom line:

Citizens Bank continues to be a solid lender to go to for student loan refinancing for a number of reasons. Not the least of these is that you can refinance whether you have a post-secondary degree or not, making this one of the best options for current students and those who dropped out before graduating. Other advantages with this lender include a 0.50% autopay interest rate discount and a high borrowing limit.

Pros

● 0.25% interest rate reduction with autopay
● 0.25% loyalty interest rate reduction 
● Cosigner release available
● Can apply without a degree
● High borrowing limit

Cons

● Late fees
● Long cosigner release period required
● High minimum borrowing requirement

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

One of the great things about Citizens Bank is that it makes student loan refinancing accessible to those without Bachelor’s degrees. As long as you have made 12 qualifying payments on your student loans since leaving school, you are eligible to refinance with Citizens Bank even if you have an Associate’s degree or no degree at all. Parents are also eligible to refinance their PLUS loans with this lender.

To release a cosigner, if you have one, you must make 36 consecutive on-time payments. Citizens Bank does not disclose the minimum credit score it requires borrowers to have, but you can get an interest rate quote in less than two minutes. Borrowers can qualify for an interest rate reduction of up to 0.50% by enrolling in automatic payments (0.25%) and by having a qualifying Citizens Bank checking, savings or investment account.

The minimum borrowing requirement is $10,000, which is somewhat higher than the average, and the maximum borrowing limit is $300,000 for Bachelor’s degrees and below and $500,000 for Graduate degrees. Choose from 5, 7, 10, 15 and 10-year repayment terms. You may qualify to put your loans into forbearance for a maximum of 12 months in a row in 2-month periods. This lender allows for death and disability discharge as well as academic and military deferment.

Citizens Bank - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: 5 years, 10 years, 15 years
  • Minimum Borrowing Limit: $10,000
  • 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: $12,000
  • Citizenship Restriction: Available to Citizens, Permanent Residents, DACA students, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
  • List of States where Loan is Not Available: None
  • Approved Schools Include: All
Repayment Options
    Repayment Details
    • Maximum Deferment Period: Not specified by lender
    • Maximum Forbearance Period: 12 months
    • Cosigner Release Option: Yes, after 36 months on-time payments
    • Death Discharge: Yes
    • Disability Discharge: Not specified by lender
    Customer Service
    • US-Based Call Center: Yes
    • Hours of Operation (in addition to weekdays): Evenings and Weekends
    • Application Timeline: 15 minutes to apply
    Extras
    • Scholarship Search Tool: None
    • Sponsors a Scholarship: Yes
    • Job and Career Assistance: Yes
    • Financial Literacy Training: Yes
    Citizens BankSoFiEarnest
    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:
    2.99% - 8.49%
    Variable:
    1.99% - 8.24%
    Fixed:
    2.99% - 6.28%
    Variable:
    2.25% - 6.28%
    Fixed:
    2.98% - 5.49%
    Variable:
    1.99% - 5.34%
    Loan repayment terms (Years)5 years, 10 years, 15 years5 years to 20 years5 years, 10 years, 15 years, 20 years
    Cosigner release?Yes, after 36 months on-time paymentsNoneNot specified