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Business Insider's personal finance team compared Citizens Bank student loans to the best private student loans and found it to be an industry leader thanks to competitive APRs, fewer fees than other lenders, and high refinancing limits.
Citizens Bank Undergraduate Student Loans On Citizens Bank's website Insider’s Rating A five pointed starA five pointed star
A five pointed star
A five pointed star
A five pointed star
Regular Annual Percentage Rate (APR) 5.99% - 16.59% variable and 3.99% - 15.59% fixed Fees Undisclosed late fee Recommended Credit Undisclosed Loan Amount Range Up to $150,000Citizens Bank may be a good student loan lender for you if you have a strong credit score, especially if you want the best rates and the convenience of submitting just one application to secure funds for multiple school years. However, if your credit isn't so great, Citizens Bank has a Student Credit Builder program that can help you start building your credit score up while still in school and can make it easier to get affordable financing later in life.
Citizens Bank is best for borrowers who want a brick-and-mortar lender (although you can apply online). Many student loan companies are online only, and don't offer the advantage of talking to a loan officer face-to-face, unlike Citizens. Additionally, borrowers who want to square away their financing for several years will like Citizens Bank's multi-year approval option.
If your credit or financial situation makes it difficult to apply for a loan, you can apply with a cosigner, which may reduce your interest rate and the overall cost of your loan. According to the company's website, you'll need a "reasonably strong credit history" to qualify for a Citizens Bank Undergraduate Student Loans student loan.
You can contact Citizens Bank Undergraduate Student Loans' customer support by phone or by visiting a branch.
Citizens Bank sets itself apart from competitors by including a multi-year approval feature for its undergraduate student loans.
Multi-year approval allows borrowers to secure funding for multiple years of school without undergoing a hard credit inquiry in future years. Borrowers will be presented with the overall amount they qualify to borrow for all of their school years combined. International students can't take advantage of this perk.
Citizens Bank's graduate student loans are similar to the undergraduate ones, though the graduate loans come with slightly higher interest rates.
Parent loans are for parents or guardians who will assume the entire responsibility of repaying the student loan, which differs from cosigning onto a student loan. The student whose expenses will be paid for must be a U.S. citizen or permanent resident, and be enrolled at least half-time in an academic program at a Citizens-participating school.
Citizens Bank has a very high maximum amount of up to $750,000 for refinancing student loans. If you have a substantial amount of student loan debt, it may be easier to refinance here than with other lenders. However, it has a minimum refinance amount of $10,000, which is higher than some other student loan companies.
U.S. citizens or permanent residents are eligible for a student loan, and international students can apply with a creditworthy citizen or permanent resident cosigner. You'll also need to be enrolled at least half-time in your program and have no previous student loan defaults.
Citizens Bank says you need a "reasonably strong credit history" to get a loan. This isn't a defined minimum, but you should expect to have your credit in good shape with a credit score of at least 660 if you want to borrow from Citizens Bank.
Having a cosigner will often improve the student borrower's chance of approval, can help qualify for better interest rates, and can help begin building a credit history for the student.
To cosign a student loan with Citizens Bank, cosigners must meet the following requirements:
When you apply for a loan with Citizens Bank, you'll need the following documents:
Citizens Bank doesn't allow you to prequalify for a student loan, meaning the lender will perform a hard credit inquiry before giving you your rates. A hard inquiry gives a lender a comprehensive view of your credit history, which may hurt your credit score.
The rates on undergraduate student loans from Citizens Bank vary based on your loan amount, type, term, and repayment plan. APR ranges are 5.99% - 16.59% variable and 3.99% - 15.59% fixed. Variable rates are subject to change during repayment while fixed-rate student loans will remain fixed during the life of the loan.
Citizens Bank won't charge origination fees, application fees, or prepayment penalties, but you may have to pay a late fee. You're eligible for up to a 0.50% rate discount if you or your cosigner have a qualifying Citizens Bank account at the time you submit a complete application and sign up for automatic payments.
Citizens Bank offers three repayment options on your student loans: immediate, interest-only, and deferred. Depending on your financial situation, you may prefer one option over the other.
Deferred payments will be more expensive than interest-only or immediate payments because interest will accrue while you're in school and during your grace period.
This interest will then capitalize, which means it will be added to your loan balance after periods of nonpayment, including forbearance, deferment, and your grace period. This will increase your overall loan principal, and you'll then pay interest on that higher amount, increasing the total cost of your loan.
Citizens Bank and Sallie Mae both have five-, 10-, and 15-year repayment term lengths.
With Sallie Mae, you get four months of the study service Chegg for free. Chegg offers expert Q&A; students can submit up to 20 questions monthly.Citizens Bank allow multi-year approval, which is detailed above.
Ascent offers seven, 12, and 20-year repayment lengths You may qualify for a 1% cash-back reward from Ascent that will be paid to you after graduation.
Of both lenders, only Citizens Bank offers student loan refinancing.
What are the interest rates for Citizens Bank student loans? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Citizens Bank student loans have competitive interest rates that vary based on the type of loan and the borrower's credit profile. Check their website for the latest rates.
How do I apply for a Citizens Bank student loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
To apply for a Citizens Bank student loan, apply online through the Citizens Bank website. Follow the step-by-step instructions and submit the required documents.
Can I refinance my existing student loans with Citizens Bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes, you can refinance existing student loans with Citizens Bank. They offer refinancing options for federal and private student loans, potentially lowering your interest rate and monthly payment.
What repayment options are available with Citizens Bank student loans? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Citizens Bank offers various repayment options, including immediate, interest-only, and deferred plans.
Are there any fees associated with Citizens Bank student loans? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
There typically aren't any origination fees or prepayment penalties with Citizens Bank. Review the loan terms for any additional charges.
We rate all student loan products in our reviews and guides on a 1-5 scale. Citizens Bank student loans get an overall rating, which is a weighted average that considers seven different categories, some of which are judged more heavily than others. These include:
Read more about how we rate student loans »
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.
Read more Read lessElias Shaya is a Compliance Associate on the Personal Finance Insider team based in New York City, which ensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up-to-date and accurate. He joined Insider in February 2022 as a fellow on the compliance team.
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