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Citizens One Undergraduate Student Loan Review
Undergraduate Student Loan
Rewards: Auto-debit Discount, Current Customer Discount, and Multi-Year Option
Yearly Loan Limits: Covers up to 100% of your Cost of Attendance
Overall Loan Limits: $1,000 (minimum), $150,000 (aggregate for undergraduates)
Cosigner Terms: Cosigner is optional, offers Cosigner Release after 36 on-time monthly payments
Rewards: Auto-debit Discount, Current Customer Discount, and Multi-Year Option
Yearly Loan Limits: Covers up to 100% of your Cost of Attendance
Overall Loan Limits: $1,000 (minimum), $150,000 (aggregate for undergraduates)
Cosigner Terms: Cosigner is optional, offers Cosigner Release after 36 on-time monthly payments
The bottom line
Citizens One undergraduate student loans are among the most flexible when it comes to satisfying credit requirements, and they even offer a multi-year option (saving you the hassle of re-applying). Their rates are not the lowest you’ll find in the market, but they do offer a current customer discount.
Pros- Can borrow up to the full cost of attendance
- Provides a multi-year borrowing approval option
- Provides an auto-debit discount and a current customer discount
Cons- Interest rates are higher than some of their competitors
- They charge a fee on late payments
- You’ll be subject to a hard credit inquiry just to check rates
Loan comparison
Full review
Being from a big bank, Citizens Bank’s undergraduate student loans might seem inflexible. Citizens One breaks that mold. Beyond having decent customer service, their terms for qualifying are among the least stringent you’ll find. They also offer a multi-year option, meaning you won’t have to re-apply for financing after every year of study. And if you’re a current Citizens Bank customer, enjoy a 0.25% discount on your rate!
If you’re worried about being limited to a certain borrowing limit every year, Citizens One actually allows you to borrow up to the full cost of attendance. Note, you are limited to $150,000 in aggregate loans as an undergraduate. Some of you may also be curious about cosigners. They’re optional with Citizens One, and, if you do end up having one, you’ll be able to apply for cosigner release after 36 months of on-time payments.
On the flip side, their rates are roughly average, meaning you’ll find a lower cost loan elsewhere. And even though they don’t charge application, origination and guarantee fees, they will charge you a fee on late payments. Lastly, while other lenders will only perform a soft pull on your credit for checking their rates, Citizens Bank will perform a hard credit inquiry from the start.
Citizens Bank - Undergraduate Student Loan
Other loans that Citizens Bank offers:
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