Citizens Bank Student Loan Highlights
- Wide variety of loan products, with multiple rates, terms, and repayment options
- Strong parent loan alternative to Federal Direct PLUS Loan
- Attractive loans products for graduate and professional degrees
About Citizens Bank
As the 13 largest retail bank in the United States, Citizens Bank offers a broad range of financial services. Headquartered in Rhode Island, Citizens Bank is a leader in the private student loan market, with attractive loans options for undergraduates, graduates, and parents that seek to help make education more affordable for American students. With a team of Education Finance Specialists, the company is dedicated to helping consumers find the right type of student loan product for them.
Product Offerings
In the student loan market, Citizens Bank has a strong reputation for offering competitive rates with broad loan eligibility, from students looking ahead to college, graduates seeking to refinance, professionals seeking to find a better loan, or parents looking at financing options for their child’s education. Citizens Bank offers these loans options with both fixed and variable interest rate products, with terms of 5, 10, or 15 years.
Outlined below are details on the key categories and interest rates offered by Citizens Bank as of July 15, 2015:
- Undergraduates: Qualified borrowers enrolled in a degree-granting program at an eligible institution can receive fixed interest rates as low as 5.75%, or variable interest rates as low as one-month LIBOR plus 2.50%.
- Graduates: Graduate professional degrees such as MBA, law, nursing, dental, medical or other graduate degrees can receive offers for variable rates as low as 2.69% for eligible graduates on a 15-year term. Fixed terms are also available.
- Parents:Parents may consider a Citizens Bank Student Loan for Parents as an alternative to the Federal Direct PLUS Loan. The parent loan is offered at a lower interest rate than the federal loan, with no origination fees. A 10-year fixed loan for parents starts at an interest rate of 6.29% (including automatic payment and ACH discounts) for eligible borrowers.
Details and eligibility
The minimum loan amount for a Citizens Bank student loan is currently $1,000, while the maximum amount is $170,000, depending on the borrower’s education level.
The borrower or cosigner must be a U.S. citizen or permanent resident, enrolled in a degree-granting program at an eligible institution at least half time, and determined to be creditworthy by Citizens Bank. With an eligible cosigner, international students can also qualify for a Citizens Bank student loan.
Benefits
One of the biggest advantages of Citizens Bank’s student loan products are the multiple repayment options. Borrowers can choose to pay immediately, interest only, or defer the payment entirely until after graduation.
Citizens Bank also offers a 0.25% interest rate reduction with automatic payment, as well as an additional 0.25% loyalty discount if the borrower or cosigner (if applicable) has a Citizens Bank account or an existing student loan at the time of application. Citizens Bank also offers cosigner release on student loans after thirty-six months, and no application, origination, or disbursement fees.
Who should explore student loans from Citizens Bank?
Students who have a strong credit history or have creditworthy cosigners may find attractive options from investigating a private student loan from Citizens Bank, while parents looking for an alternative to the Federal Direct PLUS Loan could explore Citizens Bank’s parent product if looking for a more competitive short-term option.
Citizens Bank Student Loans Reviews
Many public Citizens Bank reviews praise the company’s high loan limits and low interest rates, which are competitive with other private student loan lenders. Borrowers also deem Citizens Bank’s customer support as helpful and responsive.
If you are interested in taking out a private student loan with Citizens Bank or exploring other options from other great lenders, visit Credible to see what options may be available to you.