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
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
How does this loan compare?
|
 |
 |
|
|---|---|---|---|
| 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. Interest rates listed include an autopay discount if available. |
Fixed:
4.43% - 12.57%
Variable:
5.81% - 13.96%
|
Fixed:
3.69% - 14.71%
Variable:
6.01% - 15.47%
|
Fixed:
3.74% - 16.49%
Variable:
5.62% - 16.85%
|
| Loan repayment terms (Years) | 5, 10, 15 years | 5, 7, 10, 12, 15 years | 5, 7, 10, 12, 15 years |
| Cosigner release? | Yes, after 36 months on-time principal and interest payments | Yes, after 12 months on-time principal and interest payments | None |
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 - Private Student Loan Details
- Credit Check: Soft for Rate Check, Hard for Application
- Repayment Terms: 5, 10, 15 years
- Minimum Borrowing Limit: $1,000
- Yearly Borrowing Limit: 100% of Cost of Attendance
- Aggregate Borrowing Limit: $150,000
- 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: Yes
- Length of Grace Period: Not specified by lender
- Maximum Deferment Period: Not specified by lender
- Maximum Forbearance Period: 12 months
- Cosigner Release Option: Yes, after 36 months on-time principal and interest 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: 15 minutes to apply
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: Yes
- Financial Literacy Training: Yes
Other Loans that Citizens Bank Offers:
