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Last update: January 23, 2024

3 minutes read

Citizens Bank: Student Loans Refinance Review

Dive into our in-depth review of Citizens Bank Student Loans for private student loan refinancing, covering key aspects like interest rates, repayment plans, eligibility requirements, and various perks.

By Yerain Abreu, M.S.

Citizens Review Snapshot

Citizens logo

BEST FOR:

Interest rate discount options

Check rate

VARIABLE APR

7.05% - 12.40%*

FIXED APR

6.79% - 10.99%*

Embarking on your higher education journey is a big decision, and finding the right student loan lender can be tough. But fear not! We’re here to guide you through Citizens Bank's Private Student Loans to help you determine if they are the right choice for you.

Our final verdict

Citizens Bank is a great choice for student loans, with competitive rates, flexible terms, and exceptional customer service. They offer a unique blend of financial solutions catering to undergraduate and graduate students, making them a go-to resource for anyone embarking on a journey into higher education.

    About Citizens

    Citizens Financial Group, Inc., a leader in the financial industry, is known for its reputation for excellence and reliability. As a major financial institution with assets of over $223.1 billion, Citizens is known for its dependability and excellence.

    Their student loans division, Citizens Student Loans, focuses on helping students at four-year, Title IV accredited colleges and universities. They offer loans up to $150,000, or the total cost of education, with both fixed and variable rates. This means students from various financial backgrounds can find the help they need for their education.

    A big plus of Citizens Student Loans is that they don't charge fees for origination, application, or disbursement, and you won't be penalized for early repayment.

    But Citizens isn't just about student loans. They also offer various banking services, including personal and commercial banking. With over 1,100 branches and 3,400 ATMs, they provide services like banking accounts, mortgages, auto loans, credit cards, business loans, and wealth management. For businesses, Citizens offers lending, treasury management, foreign exchange, and more.

    TuitionHero tip

    Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.

    Undergraduate loan details

    Citizens provides loans that range from $10,000 up to $750,000 (aggregate) for undergraduate students. They offer fixed rates from 6.79% to 10.99% or variable rates from 7.05% to 12.40% (including the autopay discount!).

    Borrowers can rest easy knowing that there are:

    • No application fees

    • No origination fees

    • No disbursement fees

    • No prepayment penalties

    Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.

    Repayment options

    Citizens offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.

      Citizens

      Best for: Interest rate discount options

      Citizens

      Check My Rate
      VARIABLE APR

      7.05% - 12.40%*

      FIXED APR

      6.79% - 10.99%*

      LOAN AMOUNT

      $10,000 - $750,000

      TERMS LENGTH

      5, 7, 10, 15, 20-year

      MIN CREDIT SCORE

      Not disclosed

      VARIABLE APR

      7.05% - 12.40%*

      FIXED APR

      6.79% - 10.99%*

      LOAN AMOUNT

      $10,000 - $750,000


      TERMS LENGTH

      5, 7, 10, 15, 20-year

      MIN CREDIT SCORE

      Not disclosed

      WHAT WE LIKE

      • No application, origination, disbursement, or prepayment fees

      • Flexible repayment options, including deferred payments, interest-only payments, or partial payments

      • Large loan amounts, ranging from $10,000 to $750,000

      • Borrowers with a Citizens Bank account get an additional 0.25% interest rate discount

      WHAT WE DON'T LIKE

      • Mainly for students at four-year, Title IV accredited institutions

      • International students must have a creditworthy US co-signer

      • Autopay discount: Borrowers are eligible for a 0.25% interest rate reduction when they sign up to automatically deduct payments each month from a bank account of their choice.

      • Loyalty discount: Loyalty discount of 0.25 percentage points for Citizens customers. The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with Citizens at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing Citizens to review their credit request for the loan.

      Eligibility

      Who can benefit from Citizens's loan options? Here are the core eligibility requirements for their private student loans:

      1. Age: You must be at least 18 years or the age of majority in your state of residence

      2. Location: All U.S. states are eligible if you are a U.S. citizen or permanent resident, but international students can apply with U.S. co-signer

      TuitionHero tip

      If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.

      Compare Citizens to other lenders

      Unsure if Citizens is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.

      Our top pick

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Repayment Options
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      • No disbursement fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Loyalty discount: 0.25%
      Loan Details
      Loan amount: $10,000 - $750,000
      Term lengths: 5, 7, 10, 15, 20-year

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Repayment Options
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      • No disbursement fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Loyalty discount: 0.25%
      Loan Details
      Loan amount: $10,000 - $750,000
      Term lengths: 5, 7, 10, 15, 20-year

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Repayment Options
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      • No disbursement fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Loyalty discount: 0.25%
      Loan Details
      Loan amount: $10,000 - $750,000
      Term lengths: 5, 7, 10, 15, 20-year

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      Discover

      Discover

      Disclosures

      Variable APR

      1.87% - 5.87%

      Fixed APR

      3.49% - 6.99%

      Discover

      Discover

      Disclosures

      Variable APR

      1.87% - 5.87%

      Fixed APR

      3.49% - 6.99%

      Discover

      Discover

      Disclosures

      Variable APR

      1.87% - 5.87%

      Fixed APR

      3.49% - 6.99%

      Ready to get started?

      Compare student loan rates from all the top lenders with zero impact on your credit score.

      Customer service

      Customer support can be a make-or-break factor when evaluating a potential lender. Citizens Student Loans prides itself on its customer service.

      Citizens offers multiple ways to contact them.

      • Website: https://www.citizensbank.com/student-loans/student-loan-refinance.aspx

      • Email:

      • Phone: 1-888-411-0266

      • Hours: Monday to Friday, 8:00 a.m. to 9:00 p.m. ET; Saturday, 8:30 a.m. to 5:00 p.m. ET​

      Frequently asked questions (FAQ)

      Here are some of the most common questions we get asked about Citizens.

      International students are eligible for the Citizens Student Loan, provided they apply with a creditworthy co-signer who is either a US citizen or a permanent resident. International students must apply through the online application process.

      Yes, they offer the Citizens Student Loan™ for Parents, enabling parents to borrow a private student loan to cover the cost of their child's college education without adding debt to the student. This loan comes with no origination fee and may be a preferable option to the Federal Direct PLUS Loan for eligible applicants.

      No. Citizens Student Loans have no origination, application, or disbursement fees.

      The Citizens Student Loan™ is available to help cover school-certified indirect costs while enrolled. The maximum borrowing amount each year is determined by the individual school through loan certification.

      A reasonably strong credit history, as indicated by the credit score, is required. If a sufficient credit history is lacking, it is recommended to apply with a creditworthy co-signer.

      Final thoughts

      Citizens Bank offers a well-rounded private student loan package with competitive rates, flexible repayment terms, and solid customer service.

      Choosing the right student loan is critical for a bright educational future. At TuitionHero, we strive to provide comprehensive and unbiased reviews to help you confidently make that decision. Explore TuitionHero for more resources, and take a step closer to your academic dreams today.

      Sources


      Author

      Yerain Abreu avatar

      Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.

      At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.


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