Citizens One Parent Student Loan Review
Student Loan for Parents
With some of the most straightforward qualification requirements, Citizens One by Citizens Bank offers a fairly 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).
How does this loan compare?
Citizens Bank’s Citizens One 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 One 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 One 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 One does offer an autopay discount and a current Citizens Bank customer discount, so you do have plenty of options to lower the rate they offer you initially.
Citizens Bank - Private Student Loan Details
- Credit Check: Soft for Rate Check, Hard for Application
- Repayment Terms: 5, 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
- Minimum Credit Score: Not specified by lender
- Minimum Annual Income: Not specified by lender
- Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
- Minimum Enrollment Restriction: Half-Time
- List of States where Loan is Not Available: None
- Approved Schools Include: All
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: None
- Interest-Only Repayment: Yes
- Full Deferment: None
- Length of Grace Period: None
- Maximum Deferment Period: 48 months
- Maximum Forbearance Period: 12 months
- Cosigner Release Option: Yes, after 36 months on-time payments
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Not specified by lender
- Hours of Operation (in addition to weekdays): Not specified by lender
- Application Timeline: Not specified by lender
- Scholarship Search Tool: None
- Sponsors a Scholarship: Not specified by lender
- Job and Career Assistance: Yes
- Financial Literacy Training: Not specified by lender