Citizens Bank Student Loan Review
What Is Citizens Bank?
Citizens Financial Group, Inc. is the 13th largest retail bank in the United States offering a range of retail and commercial banking products and financial services for individuals and small-businesses all the way to large corporations and institutions. Citizens offers both online and mobile banking, a 24/7 customer service center, and has 1,000 bank branches in 11 states across the nation.
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Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
Fixed: 7.49% APR - 12.99% APR (not including 0.5% ACH discount)*
$20 minimum/month OR interest-only payments while in school
Citizens Bank Customer Service
Citizens Bank offers 24/7 customer service to its customers both online and via phone. Customer service is based off of what services and products you are utilizing them for. They have a wall of available phone numbers, FAQ pages, and emails on the customer service page of their website.
What is Citizens Bank Student Loans
Citizens Bank touts the option of easy, multi-year approval as a way to secure money for every year of your college education within one application. They also offer the option to choose how and when you want to pay with the ability to make full or interest-only payments during your schooling period. Students also have the option to postpone payments until after graduation. Lastly, Citizens Bank offers competitive rates and fees with the chance to lower your rate by 0.50% with their loyalty and auto-payment discounts plus save with zero application, origination, or disbursement fees.
Citizens Bank offers a range of student loan products including:
- Undergraduate Student Loans
- Graduate Student Loans
- Parent Loans
- Refinance Loans for Students
- Refinance Loans for Parents
Citizens Bank Undergraduate Student Loans
Citizens Bank offers competitive fixed and variable rates, with the option to earn eligibility for their Multi-Year approval option (which means you sign one promissory note that can be used for more than one year).
More Citizens Bank undergraduate student loans features are:
- Repayment from 5-15 year terms with the option to defer your payments until after graduation, or choose from full or interest only payments during school.
- Eligibility requirements include being a U.S. citizen or permanent resident, enrollment at least half-time in a degree-granting program at an eligible institution, have good credit or a qualified cosigner.
- International students may be eligible for private loans if they apply with a U.S. citizen or permanent resident who can meet credit criteria.
- Students are able to borrow up to the maximum qualified loan amount OR the total cost of education, whichever is lower.
Citizens Bank Graduate Student Loans
Citizens Bank offers competitive fixed and variable interest rates for their graduate student loans as well.
- 5-15 year terms of repayment as well as deferment, full, and interest-only payment options.
- Eligibility requirements include being a U.S. Citizen, at least half-time enrollment (6-8 credit hours), good credit or a qualified cosigner.
- Students can borrow up to the maximum qualified loan amount OR the total cost of education, whichever is lower.
Citizens Bank Student Loan Refinance
Citizens Banks student loan refinance features:
- Options for both students and parents to refinance their loans
- 5-20 year repayment periods varying on your budget. Borrowers will also have the option to release the cosigner after making 36 consecutive on-time payments.
- Eligibility includes having at least $10,000 in student loans to refinance, must be a U.S. citizen, those with an Associate degree or no degree must make at least 12 qualifying payments after school before they can qualify for a student loan refinance.
- Minimum loan amount is $10,000
- Maximum loan amount is $300,000 for bachelor’s degree or $500,000 for graduate/professional degree.
Citizens Bank Student Loan® for Parents
Citizens Bank offers the ability for parents to borrow up to 100% of their student’s college costs. The application is straightforward, and you’ll have the ability to request your child’s funds for the upcoming school year.
Citizens offers the following features for parents:
- 5-10 year repayment terms with the option for full or interest only payments.
- Eligibility for parents requires U.S. citizenship, and students to be enrolled at least half-time at a qualifying institution.
- Loan amount minimums are $1,000 and top off at $350,000.
Pros and Cons of Citizens Bank Student Loans
Citizens Bank has several products with features you should evaluate. Here’s our take on the pros and cons.
|Multi-year loan option to help cover future academic periods||Subject to approval; annual loan requests are still required|
|Capability to refinance Parent PLUS loans in the student’s name||Student must qualify and demonstrate income|
|Loans available to undergraduate, graduate and professional students||Must be pursuing at least a bachelor’s degree. Community College students and students pursuing certificates are not eligible.|
|Zero origination fees and low interest rates|
|Option for cosigner release|
|No prepayment penalty|
|Refinance eligibility even if you don't finish school|
How do I apply for a Citizens Bank Student Loan?
Find the get started link on their website through the student loan lending tab. However, if you want to shop around (which we always encourage) you can compare lenders on our site to find competitive loans and rates. Some lenders may offer lower rates or more favorable terms.
How Citizens Bank Gives Back
Citizens Bank gives back to programs that:
- Fight hunger and reduce food insecurity.
- Teach money management through financial literacy programs that provide individuals and businesses with the tools needed to be fiscally healthy.
- Strengthen communities through economic development, job training, small business development, affordable housing, and neighborhood revitalization.
Citizen’s Bank also gives focus to projects that provide direct services to low- and moderate-income populations, are at least a year long, showcase a plan for longer-term sustainability, and are focused on reconstructing specific unmet needs and issues.
Citizens Bank Headquarters
Citizens Bank is headquartered in Providence, Rhode Island. They also operate several offices and bank branches throughout the country.