citizensbank com student loans

Paying off student loans can feel a little like climbing a mountain. You know it's going to take a lot of hard work to get to the top. https://www.citizensbank.com/student-lending/student-loans.aspx. Citizens Bank private student loans are subject to credit qualification. Citizens Bank's Student Lending Survey found that the most common advice people with student loan debt would give to their younger selves.

Citizensbank com student loans -

Citizens Financial Company became a full dependant publicly-traded company, just after it initiated and completed the largest Initial Public Offering in US history. The bank now aspires to become a top-performing regional bank. The bank was built on the principle that we succeed only when our customers succeed. Citizens Bank student loans are one of the oldest financial service firms in the United States. The history of it can be dated back to 1828, with the High Street Bank.


The Citizens Savings Bank was also established in 1871. By 1981, the firm had grown up to 29 branches in the Rhodes Island, with almost $1.0 Billion of assets. The Citizens group became a wholly-owned subsidiary of the RBS Group, in 1988.

After the acquisition by the RBS group, the Citizens group grew largely through a series of bank acquisitions. This helped in increasing the expanse of the branches throughout New England, Mid Atlantic, and the Midwest. The group aims at serving the customers and communities.

Table of contents

Citizens Bank Student Loan Reviews

Why do Citizens Bank Student Loans stand-out?

Citizens Bank tends to offer the best financial solution at the most affordable prices. They also promote stability as well as hassle-free financial solutions. The bank offers private student loans for graduates, undergraduates, and parents. Debt financing is offered for the loans to make it more affordable.

For student loans, over $1,50,000 is offered by the lender, combined with the federal financial aid and offers 0.50% off for borrowers, who have qualifying Citizens Bank account and have signed up for automatic payments. You can also qualify for an automatic payment discount even though the account may not be available.

If you have a cosigner or enough credit history to qualify for the loan with reasonable rates, then Citizen Bank can be the best choice that you can make. However, to qualify for a refinance loan, you need to hold a degree from a federally accredited institution. Before refinancing, you must have made 12 full on-time payments on loans.

Some Pros and Cons are mentioned below : 

ProsCons
Co-signer and loyalty discount offers are availableNo in-school repayment option or pre-qualification available
Bar and residency loans availableLoan transaction process is not performed online
Can refinance parent PLUS loans 36-month mandatory repayment plan 

While most lenders provide service online, Cizitens bank work with paperwork and documentation. 


Citizen Bank Loan Programs

Private student loans are a great option to consider as they are available in abundance, with several private student loans to choose from. The loan programs offered by the Citizen Bank are given below.

Undergraduate Student Loan

Private Student Loans such as Undergraduate student loans are offered to students in an eligible institution. To receive approval from the bank, the borrowers must provide information about income, employer, name of the school that you attend, and the total cost of attendance based on the school’s award letter. Immediate, Interest-only, or Deferred monthly payments can be made by the borrower.

The name, address, and contact information of the borrower is listed on the application. Applications are then submitted online. Because of the need for good credit and a credit check, Private loans vary from federal loans. 5, 10 or 15 year repayment periods are granted and the interest rates of the loans are either variable or fixed. The variable rates of loans range from 4.45% to 12.32% Annual Percentage Rate. The fixed loan rates vary from 5.25% to 12.09% Annual Percentage Rates.

Features of the undergraduate student loan program are given below.

  • Private Student Loans of up to $1,00,000 are granted. Any federal loans that you may be eligible to receive are not provided.

  • You can borrow up to $1,50,000 including federal loans over your entire undergraduate career.

  • You must be enrolled in school at least half a time to be eligible.

  • To apply on your own, you’ll have reached a majority in your state.

  • Even after being of majority age, you don’t need to have a credit or good credit. You can just have a co-signer on your loan.

  • Borrowers are allowed to make interest-only payments, even while they are still in school.

  • You’ll have the option to defer the payments.

  • You can also let the interest accrue until you graduate.

Graduate Student Loans

To qualify for graduate student loans, the graduate student must be enrolled in an eligible institution, to qualify. Proof of income, strong credit history, score, and the total cost of attendance with the school have to be verified. Moreover, the borrower has to be a US citizen, who can qualify based on credit and income. If in case, the borrower does not qualify based on credit and income, a cosigner would have to be added to the application.

The loan amount depends on the type of graduate program in which a student is enrolled. However, healthcare students can receive a maximum of $3,50,000 and law or MBA students can receive a maximum of $2,25,000.

Features of graduate student loan programs are as given below.

  • If you decide on higher education after you graduate, private loans for Graduate students are offered by the Citizens Bank.

  • You can even defer the loan up to 8 years if you are still in school. Interest will accrue just like the undergrad loan. But you needn’t make any payments if you are unable to.

  • A total of $1,10,000 can be borrowed for graduate school from the Citizens Bank during a lifetime.

  • An additional amount of $40,000 can also be borrowed with federal loans and a total of $1,50,000 is offered for graduate school.

  • For the students into management studies or law, an amount of $1,80,000 can be obtained from the Citizens Bank and $45,000 can be obtained from Federal Loans.

  • Students in medical school can borrow money ranging from $1,50,000 to $2,95,000. Almost $1,80,000 to $3,50,000 can be received from the federal government.

Parent Loan

Candidates applying for Parent PLUS Loans under Citizen should be a US Citizen or a Permanent Resident. Moreover, the student for whom the loan is applied should be enrolled at least half the time in an eligible institution. Borrowers should have favorable credit history and as well as verifiable income.

The variable interest rates range from 5.43% to 8.75% Annual Percentage Rates. The range of fixed interest rate is from 5.74% to 8.56% Annual Percentage Rates. Qualified borrowers receive a 0.50% interest rate.

Features of the parent loan are given below.

  • If you are a parent finding no means to pay your child’s tuition, then Citizens Bank has come with solutions to pay off your loans. The firm aims to offer a lower rate for parents than they would receive from the Federal Direct PLUS Plan.

  • Citizens Bank grants offer for automatic payments and the discounts offered for these payments are taken into consideration.

  • Funds for these types of loans are disbursed directly to parents and not to the schools.

  • Parents can choose to make interest-only payments in the beginning and can then wait for payments once your child is out of school.


Application Process

Application to a student loan or student loan refinancing is easy. The application can be directly made at the website, with just a little information to be entered. To apply for Citizens Bank Students Loan, the first is to create an account with a username and password. Name, Social Security Number, Date of Birth, and Email are should be entered. Apart from the name, address, date of birth, and social security number, you’ll also need to provide information about:

  • The cost and other details of the school that you have attended or plan to attend.

  • Your graduation date to help in refinancing

  • Details about your financial aid

  • Income proof of the two previous months (If you are earning)

  • The latest pay stub.

  • The amount paid per month for housing.

  • Information about the school

  • Information about the employer

  • Cost of attendance

  • Prospective graduation date

  • Desired Loan Amount

  • Personal Loan reference

  • Apply for cosigner information, if it is applicable

Application and loan are handled online. You can log into your portal and then find everything that you need on your dashboard.

Eligibility Requirements

There are a few requirements to get approval for a Citizens Bank Student Loan.

  • The borrower should be a US Citizen or a permanent resident.

  • He/she should be enrolled in a qualifying school for at least half time.

  • They should either apply with a cosigner or have certain credit requirements.

  • The borrower should be 18 years of age or older.

The Citizens Bank customer service team can be approached 24/7.


Refinancing and loan repayment plans

Features of refinancing a student loan are as given below.

  • Student loan refinancing is also one of the options chosen by the Citizens Bank to get through School.

  • Lower interest rates, flexible terms, and student loan consolidation options are promoted to increase the popularity of student loan refinancing.

  • You’ll need to be out of college to qualify for the program. You’ll have to prove your income and also have a solid repayment history on your student loans.

The amount of student debt to be refinanced is $5,000. Refinancing can grow up to $90,000 if you are an undergrad. If you already have a graduate degree, then the amount can go up to $2,25,000. 

Loan Repayment Plans

Citizens Bank offers three different plans and these are a really good option for those who are looking for multiple repayment options. These three plans are - in-school, deferred, and interest-only repayment. Many lenders offer only two, in-school, and deferred repayment plans which help students to pay the principal and interest all at once.

1- In-School Repayment Option- Borrowers who want to save the money during repayment can consider it as a good option. In this, you can start making full principal and interest payments while going through school as soon as your loan is disbursed, it seems the easy and cheapest option but the difficult one as you would need enough funds to pay off the loan while attending school.

2- Interest-Only Repayment Option- Start to repay interest until six months after school if you are unable to afford student loan payments on both your principal and interest but can put some money toward paying off the loan. This is one a helping option for the students and is not offered by many lenders. Those students who choose interest-only repayments will leave school with zero to little interest, meaning smaller monthly payments upon graduation.

3-Deferred-Repayment Option- One of the common options choose for the repayment after graduating, leaving school, or dropping below half-time status. Citizen Bank allows a six months grace period before payments are due, giving the borrower a period for finding a job and repayment period. While being the most common option one concern is being the most expensive option for borrowers due to the interest that accrues, which is applied to the total loan balance while attending school.


Deferment and Forbearance

Citizens Bank allows undergraduate and graduates borrowers a grace period of six months after leaving school while if a student enrolled in a graduate or professional program, he/she can defer payments for up to eight years while still enrolled in school but don’t forget interest will still accrue during these periods.

Student loan borrowers are offered industry-standard deferment options and forbearance in certain situations and if you meet the eligibility of the option you can enjoy the benefits. If the borrower meets the eligibility requirements for forbearance, Citizens Bank offers up to 12 months in total, allow to postpone payments in two-month increments but a borrower can be eligible for forbearance for reasons such as financial hardship or public service. 

Parent borrowers do not qualify for deferred-repayment and must choose between immediate or interest-only repayments while the student is in school if a student or their parents still face difficulty they can check on Citizen Bank for alternative options.


Reasons behind the popularity of Citizens Bank Student Loans

Several reasons made of Citizens Bank Student Loans popular. The reasons are given below.

1) A minimum amount of fees

As there is no application or processing fee Citizens bank makes it easy for the student to apply. If the loan is taken, the origination fee is not paid. This can help to lower the cost of the loan.

2) Lack of pre-payment penalty

You are free to pay the loan that you want, provided you meet the minimum required payments. If an extra payment has to be made at any time, then you can even do that. This helps to reduce your interest payments.

3) Multi-year Approval

Have you ever thought of receiving an approval for undergraduate or graduate career at once? This multi-year approval helps in creating less hassle when you apply for new loans and the funds that you need can also be received.

4) Flexible Payment Options

Flexible payment options are granted for 5, 10, or 15-year terms. Though 15-year has the lowest monthly payments, the total to be paid throughout the life of the loan is higher in this case.

5) Direct disbursement to your school

The money is sent directly to your school of choice. Hence some pressure is taken off your tuition, books, and room/ board. The risk of borrowing is also eliminated.

6) Reduction in interest rates

Interest rate deductions can be secured in case if you have a qualifying Citizens Bank account or if an automatic payment is a set-up. In both cases, a 0.25% discount is granted.

7) Refinancing ability to those who don’t graduate

Most lenders do not allow a refinancing option if you have dropped out of school. However, Citizens Bank allows you to refinance your loan, even if you didn’t finish school. It is necessary to prove that you make at least 12 on-time monthly payments towards your debt before you apply.


How did Citizens Bank become a standalone US Regional Bank?

Several steps taken by the Citizens Bank to reposition and strengthen their business profile include the transformation of business, maintaining a low-cost and more stable demand, optimization of geographic footprint, refinement of service delivery model, increase in infrastructure investment, and more.

For financially stable borrowers, refinancing is a great choice. This is particularly useful also for those who borrowers who didn’t graduate or are non-US citizens. As many other lenders provide, Citizens do not offer, a safety net for struggling borrowers beyond the 12 months of standard forbearance.

A few of the characteristics of the Citizens bank student loans are as given below.

  • Even borrowers without a degree can refinance. They needn’t have graduated from university.

  • A soft credit check helps in personalized rate estimates.

  • After 36 months of on-time payments, the co-signer is released.


Score Generation

Ways in which scores are generated for Citizen One Student Loan Financing is as given below.

Lenders can score high and make extra payments if they form varied term lengths and extra payments are made easily. If fees and the interest rates are limited even then the lenders score high. Transparencies of underwriting criteria along with personalization of rate estimates before application are also essential in scoring a high credit score.

For both criteria including faster payment, requirement disclosing, and cost limiting Citizens one score only really less. With service to the range of borrowers, lenders score high if they cater to the needs of customers in varying locations, different financial situations, and varying citizenship statuses.

Citizens One scores an above-average rate in this case of service to borrowers. Only below-average payment flexibility is offered by Citizens Pay for offering longer than 12 month forbearance period, in both school and military deferment and other flexible policies that help borrowers during tough times.

Interest rates and repayment periods 

Fixed interest rates range from 3.89% to 9.99% and variable interest rates range from 3% to 9.74%. Loan terms can vary from 5, 10, 15, or 20 years. Even the loan amounts can range from $10,000 to $3,50,000.

Almost after 36 months of on-time principal interests and payments, co-signer release will be available. Moreover, a parent loan can be transferred to the child.

The bank also offers soft credit to check and qualify what rate you’ll get. No application or origination fee is granted. A prepayment penalty is also not available. 5% of the amount to be paid is collected as late fees. The actual rate depends on the co-signer's credit history and the financial situation.

Privacy and Disclosure Policy

A minimum credit score is not disclosed, the minimum income is not disclosed. Typical credit scores of borrowers or approvers are 690 or higher. The income of approved borrowers is not disclosed. The maximum debt to income ratio is also not disclosed.

Qualification for the bankruptcy filing is also not disclosed. Eligible non-citizen qualifies with a US Citizen or permanent resident co-signer. Borrowers from all 50 US States can avail of the assistance of Citizens One loan services.

The citizens shouldn’t have graduated. It is not necessary that the student should have attended a Title IV accredited school. The percentage of borrowers without a cosigner is also not disclosed.

Repayment options 

Popular repayment options include academic deferment, military deferment, and forbearance. If you return to school at least half-time then academic deferment can be chosen. For military deferments, you can postpone your payments if you are on active military duty.

Payments can be postponed up to 12 months, in 2-month increments if economic hardship is experienced. Loans are also discharges in the case of disability or death of the borrower. Greater than minimum payments via autopay are also allowed. However, Biweekly payments via autopay are not allowed.

Loan Servicer

Loan Servicer for citizens bank servicing is Firstmark Servicer. There is also the presence of an in-house service team. The process for escalating concerns also exist. Borrowers don’t get a dedicated banker, adviser, or representative.

If in case the borrowers have a Citizens Bank account at the time of application, they get a 0.25% interest rate discount. The Citizens bank centers are present in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New York, Ohio, Pennsylvania, Rhode Island, and Vermont. Lowest rates and the best fees in the industry are offered by the Citizens Bank.

The bank offers simple solutions at affordable prices. The bank also provides a reputation to promote stability and hassle-free financing options. Private student loans are offered for undergraduates, graduates, and parents. Student loan debt refinancing options are available to make your loans more affordable.


Comparing Citizens Loan with Discover, Wells Fargo, Suntrust, and SOFI

The comparisons results of Citizen Loans with other popular lenders are given below.

Comparison of Citizen Loans with Discover

  • Variable Annual Percentage Rate for Citizens Bank Student Loans varies between 2.63% to 7.98% whereas, for Discover Student Loans, the variable APR ranges between 4.12% to 7.37%.

  • THE fixed APR for Citizens Student Loans ranges between 3.20%-8.34% and for Discover Student Loans the fixed APR ranges between 5.24% to 8.24%.

  • The minimum amount granted by Citizens Bank Student Loan is $10,000 and Discover Student Loans is $5,000.

  • The maximum amount granted is $3,50,000 and for discover student loans, the subject is a credit to approval.

  • The loan term is 5 to 20 years for Citizens Bank Student Loans and Discover Student Loans, it is 10 or 20 years.

  • All states are eligible to receive the benefits by both Citizens Bank Student Loan and Discover Student Loan.

  • Degree requirements mean that you need to make 12 on-time payments to be eligible and a bachelor’s or higher is required for Discover Student Loans.

  • Income requirements equate to $24,000 for Citizens Bank Student Loans and no income requirements are essential for Discover Student Loans.

  • The borrower must be employed or employed before the first payment due date for Citizen Bank Student Loans. The employers must have verifiable employment.

  • Interest-only payments aren’t granted by both the companies.

  • No origination fee is collected by both the banks.

  • None of the banks collect any prepayment penalty

  • Citizens Bank offers more favorable payment flexibility than Discover Loans.

Comparison of Citizen Loans with SOFI

  • For Citizen Bank Student Loan a variable APR range between 2.63% to 7.98% is granted. For SOFI Student Loans, the variable APR ranges between 2.5% to 7.115%.

  • The Fixed APR ranges between 3.20% to 8.34% and the fixed APR for SOFI Student Loans range between 3.89% to 8.07%.

  • The minimum amount is $10,000 for Citizens Bank Student Loans and for Discover Bank Student Loans the minimum amount is $5,000.

  • The maximum amount granted for Citizens Bank Student Loan is $3,50,000 and for SOFI student loans, there is no maximum.

  • The loan term is 5 to 20 years for Citizens Bank Student Loan and for SOFI Student Loan it is 5 to 20 years.

  • All states are eligible to receive the services of both Citizens Bank Student Loan and the SOFI Student Loans.

  • Interest-only payments are not available for Citizens Bank Student Loans and SOFI Student Loans.

  • The origination fee of both the loan providers is none.

Comparison of Citizens Loans with Wells Fargo and SunTrust

Wells Fargo and Citizens Bank are similar in their offerings. However Wells Fargo doesn’t charge upfront fees, but it advertises low-interest rates. These included discounts may or may not be eligible to receive.

SunTrust is another possible option wherein you can choose between 7, 10, or 15-year terms, interest rate discounts, and the ability to release a cosigner after 36 months. Interest payment in partial amounts is a popular option from the SunTrust. This helps you to stay ahead of your payments.

  • No pre-payment penalty is applied by both Citizens Bank Student Loans and SOFI Student Loans

  • Soft Credit Check is offered by both Citizens Bank as well as SOSI Student Loans. 


Источник: https://www.thecollegemonk.com/student-loans/citizens-bank-review

Students who can’t finance their college education through federal loans, savings and other means now have a few more private loan options.

And just in time for back to school and the start of the fall semester.

At least two Genesee County financial institutions — Flint-based Citizens Bank and Flint-based Dort Federal Credit Union — have added student loan products in the past few months. Other banks such as Chase also offer private student loans.

“They’re a lot of lenders that are jumping into this marketplace,” said Mark Kantrowitz, publisher of financial aid website FinAid.org and fastweb.com, a resource on scholarships.

“Private student loans are a lucrative market, so I expect competition to heat up,” he added.

Private lenders are coming back into the market after the credit crunch two years ago forced many to forgo student loan programs and because of changes with the Federal Family Education Loan Program, Kantrowitz said.

As of July 1, private lenders haven’t been able to make federal student loans through the Family Education Loan Program. All new Stafford, PLUS and consolidation loans will be made by the U.S. Department of Education.

But they aren’t the only source of education funding, and that’s where some lenders are finding ways to gain students as loan customers.

This summer, Citizens Bank teamed up with Sallie Mae to offer the Sallie Mae Smart Option Student Loan, which requires students to pay as little as $25 per month while in school.

Applications are completed online and the program offers a minimum loan of $1,000 up to the cost of attendance, minus financial aid received, according to Sallie Mae’s website.

Citizens Bank had a private student loan program up until 2008, but it had to stop offering the loans when the company it had been working with discontinued the product during the credit crunch, said Charles Spilman, consumer product manager at Citizens Bank.

“We saw that as a real product gap once that went away for us,” he said.

Spilman said the bank already has several loans in the pipeline with Sallie Mae. He said Citizens Bank could receive a small referral fee per loan.

The loans, which are underwritten and serviced by Sallie Mae and don’t require a cosigner, are variable and currently range between 2.87 percent and 10.21 percent, Spilman said.

“We’re trying to let our clients know that this is the next step in the process for student loan financing,” he said, adding people should look into grants, scholarships and conventional federal loans first.

Dort Federal’s program — rates begin at 6 percent and can be lower if you’ve got good grades — allows members to borrow as little as $2,000 and as much as $30,000 per year.

Borrowers also get a 1 percent interest rate reduction when they repay 10 percent of their loan. While in school, students can make the interest payment per month, or can choose a deferred option, where they pay $25 a month.

The credit union began offering the loans in April in part because of the need students have in funding education beyond what is covered through federal loans, grants and scholarships, said Jenny Ludwigsen, director of marketing for Dort Federal Credit Union.

“We had several members coming in and asking for it and we just felt like the time was right,” she said, adding they have issued one already and have more in the hopper.

Anyone who can qualify for a Dort Federal membership can apply for a loan. Juniors and seniors don’t need cosigners on the loans, Ludwigsen said.

Financial institutions may be tapping into student loan lending because it is a lucrative market compared to auto lending or even mortgage lending and can open the door to a lifetime customer, Kantrowitz said.

“After they graduate they need checking accounts, a bank account and you end up establishing a long-term relationship,” he said.

And some college students are turning to private loans to help pay for the funding gap, in part due to the indefinite suspension of new loans through the Michigan Alternative Student Loan (MI-LOAN) Program.

The MI-LOAN program was popular at schools such as Kettering University in Flint, where the cost of tuition alone is about $28,000 a year. In 2008, for example, some 42 percent of students at Kettering had to use private loans.

Kantrowitz said it’s become more difficult with the credit crisis to land a private student loan, and 85 percent of private student loans require a “credit worthy cosigner.”

“Families should always try federal (loans) first because it’s cheaper,” he said.

And Kantrowitz warned about borrowing too much.

“If you’ve exhausted the federal student loan limit, there’s a good chance that you’re borrowing excessively,” he said. “You shouldn’t borrow more for your entire college education than your expected starting salary.”

Kantrowitz encouraged students to minimize debts, search for scholarships, save before going to college and to “live like a student when in college so you don’t have to live like a student when you graduate.”

Источник: https://www.mlive.com/business/mid-michigan/2010/08/citizens_bank_dort_federal_cre.html

Refinancing pitches hit the mail for student debt


Susan Tompor  

Baseball Factory & Citizens One Student Loans

Baseball Factory is pleased to announce its new partnership with Citizens One Student Loans®, dedicated to helping you and your family with education financing needs, whether it’s planning to pay for college or managing student loan debt.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions. As a leader in student lending with more than 40 years’ experience, Citizens has underwritten more than $10 billion combined In School and Education Refinance Loans within the past five years to help students, graduates and families with their student lending needs. Citizens believes in helping families fund the college dream with fee savings, flexible repayment options and loan rates designed specifically for undergraduate, graduate and professional degrees and for parents, too. Plus, flexible, refinance options for recent graduates and parents.

To learn more about Citizens private student loan and education refinance loan options, visit the dedicated site for Baseball Factory players and their families.

Visit Citizens One
Источник: https://www.baseballfactory.com/baseball-factory-citizens-one-student-loans/

Citizens Bank Refinance Student Loan


Citizens Bank Refinance Student Loan Contact Phone Number

Citizen Bank is popular and reliable brand name in finance and banking sector. They provide easy loan and help you to easily repayment of your loan. You can get financial tips to get make profitable loan portfolio for you as per your choice and requirement. You can make appropriate planning with expert guidance to make easy and effective long term to get maximum positive benefit according to your financial requirement. They provide maximum easy installment option that is suitable as per your loan portfolio. You get instant help with appropriate legal way to clear your long and short time period by following appropriate legal step by step process. There are thousands of customer visit on daily basis regarding loan proposal. When they face any type of difficulty to understand loan proposal with term and condition, they need to connect with customer care executive. This is out of fashion idea to search customer care executive contact number at an official and unreliable platform.

Citizens Bank Refinance Customer Service Number

Contact Citizens Bank Student Loan
Call Toll Free 📞1-888-411-0284 To Apply New Citizens Bank Education Loan or Student Consolidation Loan .
Call 📞1-888-411-0270 Citizens Bank Customer Service For Existing Loan Inquiry

With the use of advanced technology, you can complete your complex task of searching contact number of customer service support number to get instant help to clear your doubts in professional way. You can visit online reliable customer care directory to get real time benefit to get win-win situation for you to clear your doubts regarding your loan proposal. We provide world class digital feature enable customer care directory that provide real-time benefit to search customer care executive number in easy and effective way. Here is the list of positive benefit you can earn with digital customer care directory to do smart work in searching customer care executive contact number to get instant help.
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Источник: https://www.isopentoday.com/listing/citizens-bank-refinance-student-loan/

Citizens Bank is one of the oldest and largest financial institutions in the U.S. It offers a variety of financing—home, auto, and personal loans—but one of its best-known areas is its student loans and refinancing.

Pros Explained

  • Multi-year approval available: Most student loan lenders require you to fill out a new application every year for financial aid. After freshman year, Citizens One allows you to apply for several subsequent years in advance, saving time and avoiding subsequent hard credit inquiries. Citizens will conduct a soft credit inquiry each year before releasing additional funds to ensure you continue to meet their criteria.
  • Offers loyalty discount: Citizens Bank customers are eligible for a 0.25% interest rate decrease on their loan.
  • Co-signer release is available: Borrowers may apply after 36 consecutive on-time payments to free co-signers of their obligations.
  • Bar study and residency loans available: If you've already graduated, but needs funds while studying for the bar exam or during your medical residency, Citizens One offers loans at rates lower than many personal loans.

Cons Explained

  • No pre-qualification available: To find out if you qualify and what your rates would be, you'll have to submit a full application. This mandates a hard credit check, which could ding your credit score.
  • No flat in-school repayment option: Many lenders let current students—who can't afford interest-only payments but don't want to defer repayment totally—still pay a small sum monthly toward their debt, sometimes as low as $25. Citizens One doesn't allow this fairly standard option.
  • Not as tech-forward as other lenders: The website's user experience has the staleness of old-fashioned brick and mortar banks (an online chat option exists, but it's difficult to access.) Unlike other lenders who use email, texts, and chatbots, Citizens One still conducts most of its customer service by phone or in-person at their bank branches.

Citizens One Student Loans Available

Undergraduate Student Loans

Students can borrow as little as $1,000, or as much as the entire amount of their undergraduate education, up to $150,000 aggregate, whichever is lower. You can also defer payments for up to eight years, as long as you're enrolled in an accredited school program.

Variable Rates1.03% - 10.24%
Fixed Rates3.23% - 10.83%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms5, 10, or 15 years

Graduate Student Loans

Students enrolled at least half-time in a graduate degree program at a qualifying school are eligible for the Citizens One graduate student loan.

Variable Rates1.89% - 10.41%
Fixed Rates4.64% - 10.95%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms5, 10, or 15 years

Parent Loans

Parents have the option to make full or interest-only payments while their child is in school.

Variable Rates1.98% - 7.07%
Fixed Rates4.55% - 7.58%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms5 or 10 years

MBA Loans

Students enrolled at least half-time in a qualifying MBA program can take out up to the cost of attendance or an aggregate of $225,000 in student loans, whichever is lower.

Variable Rates1.90% - 8.51%
Fixed Rates4.64% - 10.95%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms5, 10, or 15 years

Health Profession Loans

Students enrolled at least half-time in a qualifying MD, DMD/DDS, OD, DO, DPM, PharmD, or DVM degree are eligible for up to an aggregate limit of up to $350,000 in loans. Cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degrees are eligible for up to $180,000.

Variable Rates1.90% - 7.33%
Fixed Rates4.18% - 8.24%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms5, 10, or 15 years

Law School Loans

Students enrolled at least half-time in a qualifying law degree program can take out up to the cost of attendance or an aggregate of $225,000 in financing, whichever is lower.

Variable Rates1.90% - 8.51%
Fixed Rates4.24% - 9.02%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms5, 10, or 15 years

Medical Residency Loans

Medical students who've graduated in the last 12 months or are in at least their second year of medical studies are eligible. You can defer repayment for up to 48 months during residency or make full or interest-only payments.

Variable Rates3.54% - 6.76%
Fixed Rates6.98% - 10.08%
Loan Amounts$1,000 up $20,000
Loan Terms5 or 10 years

Bar Study Loans

Law students who've graduated in the last six months or are enrolled at least half-time at an eligible law school and are within six months of graduation are eligible to apply. You can defer repayment of the loan while in school and for up to six months after graduation.

Variable Rates4.45% - 9.53%
Fixed Rates7.40% - 12.83%
Loan Amounts$1,000 up to $16,000
Loan Terms5 or 10 years

Loan Eligibility

Citizens One lays out its eligibility criteria very clearly. Major qualifications include:

  • You must be a U.S. citizen or permanent resident
  • International students without a U. S. Social Security number must have a creditworthy U.S. citizen or permanent resident co-signer
  • You must be enrolled at least half time in a degree program at an eligible school
  • You must have good credit or have a qualified co-signer
  • You must have attained the age of majority in the state you reside or have a co-signer
  • You must have no prior student loan defaults

What Citizens One deems "good credit" isn't specified, but the application does ask for income information to determine eligibility.

Citizens One loans are available in all states.

Is Loan Prequalification Available?

Citizens One does not offer pre-qualification for student loans. That means to check your eligibility independently or with a co-signer you must fill out a full application, which places a hard inquiry on your credit.

Loan Fees

After a loan payment is 15 days past due, it's subject to a fee equal to 5% of the late payment. Otherwise, there are no application, origination, disbursement, or prepayment fees on any Citizens One student loan.

Loan Discounts

If the borrower or their co-signer has a qualifying account with Citizens Bank at the time their application is submitted they're eligible for a 0.25% interest rate reduction on their loan. Qualifying accounts include any checking, savings, money market accounts, credit card, certificates of deposit, or any loans owned by Citizens Bank.

There's also a 0.25% interest rate deduction for enrolling in auto-pay. Both discounts are included in Citizens One's advertised rates.

You can reduce your interest rate by up to 0.50% through autopay and loyalty discounts

Repayment Options

Citizens One offers three in-school payment options:

  • Full deferment
  • Interest-only payments
  • Full payments (both interest and principal)

Note: Parent loans are not eligible for deferment while the student is in school. There is a six-month grace period on all private student loans.

Borrowers can choose between loan terms of 5, 10, and 15 years for student loans, and 5 or 10 years for parent loans and residency or bar study loans.

Are Co-Signers Required?

A co-signer isn't required for a Citizens One student loan. If the applicant has a strong credit history, though a co-signer can help the student qualify for a lower interest rate.

Borrowers with a co-signer can apply for the latter's release after making 36 consecutive, on-time, full minimum payments. However, students who applied for their loans before they reached their state's age of majority may not be able to drop their co-signer.

Forbearance and Loan Discharge Options

Citizens One student loans are serviced through Firstmark, whose forbearance policy grants a maximum of 12 months over the life of the loan.

If the borrower dies or becomes permanently disabled, Citizens One will discharge the remainder of the loan.

Length of Time for Loan Approval and Disbursement

You can be approved for a Citizens One student loan in as little as a few minutes. The bank disburses loans on the date determined by your school's financial aid office.

Is Student Loan Refinancing Available?

Citizens One offers refinancing options for parent and student loans, both federal and private, even if you didn't finish your degree.

If you’re considering refinancing your student loans, Citizens Bank is one of the few lenders that allows you to refinance even if you didn’t graduate from college.

You can choose from loan terms of 5, 7, 10, 15, and 20 years at fixed rates of 2.44% to 7.83% and variable rates of 1.99% to 7.58%.

Customer Service

The Consumer Financial Protection Bureau received more than 1,450 complaints about private student loan lenders in 2020. Of those, 25 were about Citizens One.

If you have a question or concern about your loan, customer service for student lending is only available by phone at 1-866-259-3767.

Applying for a Citizens One Student Loan

You can complete a student loan application online or by phone. To complete it you'll need the following information:

  • Name, address, phone number, email address
  • Date of birth
  • Social Security number
  • Recent pay stub (no more than 30 days old) or other proof of income
  • Monthly housing payment
  • Employer name, phone number, and length of employment (if applicable)
  • Name of the school you plan to attend
  • Cost of attendance and any financial aid received
  • Anticipated graduation date, loan period and loan amount needed
  • Co-signer name and valid email address (if applicable)

Paying for College

Before you apply for private student loans, submit the Free Application for Federal Student Aid, FAFSA, to see what scholarship, grant, and financial aid options are available.

Once you've exhausted those options, compare rates between private student loan lenders, and choose the loans that are best for you. While student loans can cover expenses like housing, books, and more, taking out the least amount possible will save you the most money in the long run.

Final Verdict

Citizens Bank is an excellent choice if you need additional money for your education expenses. With multi-year approval, you can get the cash you need for school without having to submit another application. And, the lender offers valuable interest rate discounts and competitive interest rates. However, it does have a strict aggregate loan limit. Borrowers who are enrolled in expensive programs, such as pursuing an MBA or going to medical school, will likely hit the limit and need to find another lender to get funding to finish their degree.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected over 45 data points across more than 15 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their education needs.

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .

  1. Consumer Financial Protection Bureau. "Consumer Complaint Database." Accessed April 9, 2021.

Источник: https://www.investopedia.com/citizens-bank-student-loans-review-4800080
Citizens Student Loan Disclosures

1. Student Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of November 1, 2021, the one-month LIBOR rate is 0.09%. Variable interest rates range from 1.03% - 11.01% (1.03% - 10.41% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, chosen discipline and presence of a co-signer. Fixed interest rates range from 3.23% - 11.70% (3.23% - 10.59% APR) and will vary based on applicable terms, chosen discipline and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens One is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens One: Loyalty, Automatic Payment and Co-signer release disclosures

2. Loyalty Discount Disclosure: 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 us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

3. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

4.Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.

5.  Citizens One Parent Rate Disclosure
Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of September 1, 2021, the one-month LIBOR rate is 0.09%Variable interest rates range from 1.97% - 7.06% (1.97% - 7.06% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms. Fixed interest rates range from 4.55%-7.58% (4.55%-7.58% APR) based on applicable terms. Lowest rates shown are for eligible applicants, require a 5-year repayment term and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens One is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

6. Citizens One Student Loan Eligibility: Borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Borrowers must be a U.S. citizen or permanent resident or an international borrower/eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For borrowers who have not attained the age of majority in their state of residence, a co-signer is required. Citizens One reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens One Student Loans private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens One Student Loans-participating school.

Please Note: International Students are not eligible for the multi-year approval feature.

7. Citizens One Student Loan for ParentsEligibility: Borrowers must be a creditworthy U.S. citizen or permanent resident residing in the U.S. and must have attained the age of majority in their state of residence. The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens One Student Loans-participating school. Citizens One reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens One Student Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, school certification of the loan amount, and student’s enrollment at a Citizens One Student Loans-participating school.

8. Multi-year Approval funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, we may refuse to allow you to take out additional loans under the multi-year approval feature, terms and conditions will be outlined in your promissory note.

9. Aggregate limits up to $350,000 for MD, DMD/DDS, OD, DO, PDM, and DVM degrees. Aggregate limits up to $180,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, pharmacy, physical therapy, and physician assistant degrees.

10. STUDENT LOAN REPAYMENT: Student borrowers can make full payments or pay interest only while in school, or defer payments until after graduation (interest continues to accrue during deferment periods).


Advertiser Disclosures:

Nitro College is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. The rates and terms listed for each lender are estimates and will change depending on your credit profile and other information you provide to lenders. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Nitro College receives compensation from lenders that appear on this site.

Источник: https://www.nitrocollege.com/citizens-bank-student-loans-review

Citizens Bank provides a wide selection of student and parent loans, in addition to refinancing options for both. Its national lending division, Citizens One, has clear terms on application requirements and loan amount guides, the process is pretty transparent.

You’ll also appreciate online resources and some pretty fantastic rate discounts that can result in significant savings on your student debt. Citizens One can also be a decent option for a personal loan.

Citizens Bank

Citizens One Student Loan Application Requirements

To apply for citizensbank com student loans private student loan through Citizens Bank, you must be a U.S. citizen or permanent resident. If not, you can apply with a cosigner who meets either requirement. Additionally, you must be enrolled at least half-time at an eligible education institution. You should also have a good credit score or you can apply with a cosigner who has one. However, Citizens Bank does not disclose a minimum credit score.

The absolute minimum loan amount is $1,000 which is a pretty low threshold if you don’t need to borrow a lot to fill in your tuition and expenses gap. The maximum amount you can borrow from Citizens Bank depends on the type of degree you’re pursuing and how much student loan debt you have from other sources.

Here’s a breakdown to understand how much you could potentially borrow for your college or graduate education.

TOTAL STUDENT LOAN DEBT
(PRIVATE AND FEDERAL)
MAXIMUM STUDENT LOAN DEBT
FROM CITIZENS BANK
Undergraduate$150,000$100,000
Graduate$150,000$110,000
Law or MBA$225,000$180,000
Healthcare Professionals$180,000 or $350,000 [1]$150,000 or $295,000 [1]

Get started with Citizens Bank on Citizens Bank’s secure website

Repayment Terms

For repayment terms, you have 5-year, 10-year, or 15-year options with most loans from Citizens Bank. The shorter period you choose generally comes with a lower interest rate, which results in a lower citizensbank com student loans cost over the entire period.

The longer-term options, however, typically result in lower monthly payments since the loan is spread out over a longer period of time. The downside is that it will cost you more money over the entire life of the loan if you don’t refinance. The key to getting the best deal is to weigh both your short-term and long-term financial needs to strike a balance that works for you.

Types of Student Loans Available from Citizens One

Citizens One offers two types of private student loans depending on who is the primary borrower, as well as options to refinance existing student loans.

Citizens Bank Student Loan

The Citizens Bank Student Loan is offered directly to students. Since most students won’t have a substantial credit history when they’re ready to apply, you’ll likely need a cosigner to apply with you. Usually, a cosigner is a parent, guardian, or other close relative or friend. The loan is in your name, but your cosigner is equally responsible for making the payments. You can use their income and credit score to qualify, but here’s the catch.

If you fall behind on your payments, your cosigner’s credit will be affected just as much as yours is. It’s important that you have a game plan in advance to determine who’s responsible for payments and what happens if you get into a financial pinch. Also figure out how you’ll handle payments while you’re still in school, whether you plan to defer them or make interest-only payments until graduation.

Citizens Bank Student Loans for Parents

For parents who would rather take on student debt directly rather than have it go to their child, Citizens Bank also offers private student loans for parents. The parent loan comes with slightly limited repayment terms, with only the 5-year and 10-year options available. You may save money compared to Federal Parent PLUS loans, so be sure to compare financial aid offers and weigh the pros and cons of all your available options.

Student Loan Refinance

After graduation, refinancing student loans can help you either lower your monthly payments or your interest rate. Citizens Bank states that the average refinancing savings amounts to $3,252 per year after an average 2% decrease in interest rate. To become eligible to refinance one or more student loans you must have completed your degree program and made at least 12 consecutive payments.

Student Loan Refinancing for Parents

If you have Federal Parent PLUS loans, you could save as much as 2.75% on your interest rate when you refinance student loans through Citizens Bank. You can also refinance to consolidate multiple students loans, both federal and private. If you have multiple children with separate parent loans, you can consolidate those as well. You can even refinance with kids still in school before your first payment is due. The minimum refinance loan amount is $10,000.

Get started with Citizens Bank on Citizens Bank’s secure website

Citizens Citizensbank com student loans Fees and Rates

Citizens One advertises an average fee savings of $643 compared to Federal Direct PLUS loans. There are no application, origination, or disbursement fees when you take out a student or parent loan.

Additionally, you could qualify for rate discounts up to 0.50%. You can receive a 0.25% loyalty discount if you or your cosigner have a qualifying account with Citizens Bank at the time you apply. There’s also used double wide mobile homes for sale near me 0.25% discount when you enroll in automatic payments.

Fixed rate APRs range between 5.25% and 12.19%, while variable APRs go from 4.04% to 12.01%. You can get a better idea of what kind of rate you could qualify for using Citizens Bank’s online student loan calculator.

Citizens Bank’s Student Loan Process

The application process is quick and easy and can be completed entirely online. Here’s what you’ll need on hand to complete your Citizens Bank application:

  • Contact Information: address, phone number, and email
  • Person Information: date of birth and social security number
  • Income information: recent pay stub, monthly housing payment, employer name, phone number, and length of employment
  • School Information: name of school you’ll be attending, cost of attendance, bank of america routing number ri award letter indicating any other financial aid; anticipated graduation date
  • Loan Request Information: loan period and loan amount needed
  • Cosigner Information: name and email address

Once your application has been approved, Citizens Bank sends the loan funds directly to your school for disbursement. You’ll appreciate the streamlined process from start to finish when taking out your Citizens Bank student loan.

Citizens One Special Features

You can expect several extra benefits when you take out a Citizens Bank student loan. Here are some of our favorite highlights.

Multi-year Approval – Citizens Bank is the only lender offering multi-year approval so you don’t have to worry about how to finance each subsequent year of college. You only have to apply once, which minimizes the amount of bangor maine mall stabbing spent submitting documents.

Your credit impact is also limited because only your borrowed amount shows up on your credit report and subsequent years only require a soft credit inquiry. To qualify, you must be either a full-time undergraduate or graduate student and be both credit and income qualified.

Cosigner Release – You can apply for cosigner release without refinancing once you’ve graduated and have made 36 consecutive on-time payments and in full (both principal and interest). This relieves your cosigner from being financially responsible and puts the loan entirely in your name.

College Planning Center – This handy tool helps you figure out how to save for college and offers step-by-step plans to achieve your family’s financial needs. You can even search for colleges and scholarships based on your interests and academics.

Online Student Loan Calculator – See how your monthly payments could change based on factors like interest rate, repayment term, and loan amount. This can help you decide the best balance between short-term and long-term impacts on your financial health.

Student Checking Available – Since Citizens Bank is a traditional financial institution, citizensbank com student loans can use it to open a student checking account. If you’re under the age of 25, you can get your monthly maintenance fee waived. Plus, there’s no minimum balance citizensbank com student loans open the account.

In-person Support – If you prefer to talk to someone in person about your student loan options, Citizens Bank operates physical branches throughout New England and the Mid-Atlantic. Branches are located in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont.

Bottom Line

Citizens Bank student loans offer a healthy balance of online convenience and personal support throughout the entire loan process. You can take out a lot of the guesswork in student loan planning with their unique multi-year approval.

Competitive interest rates could also lead to attractive refinancing options. With helpful planning tools, Citizens Bank makes it easy to plan long-term for financing your college or graduate education.

Get started with Citizens Bank on Citizens Bank’s secure website

Источник: https://www.crediful.com/student-loans/citizens-bank-student-loans/

Citizens Bank Student Loans: 2021 Review

Citizens Bank offers private student loans and refinancing options to undergraduate and graduate students and their parents. Competitive interest rates, flexible repayment terms and rate-reduction opportunities make it a big contender in the student loan space. It’s a particularly great option for students who would like to take some of the legwork out of applying for funds for multiple years of college.

Citizens Bank features

Citizens Bank maintains roughly 1,000 branches throughout 11 states in the New England, Mid-Atlantic and Midwest regions. Student loans from the bank are available to borrowers throughout the United States. International students can also apply via the bank’s online platform, though they must have a creditworthy co-signer who’s a U.S. citizen or permanent resident.

Citizens Bank’s multiyear approval program is what sets it apart from other lenders. Borrowers can apply once, with a single application, and be approved for additional student loans for all academic years without the need to formally reapply. If you need more funds, you’ll simply request the loan funds and go through a soft credit check.

Citizens’ student loan offerings include undergraduate, graduate, law school, health professions, MBA, bar study, medical residency, parent and refinancing loans.

Citizens Bank student loan snapshot

Loan types

Undergraduate, graduate, law, health professions, MBA, bar study, medical residency, parent, refinancing

Max lifelong loan amounts

Undergraduate: $100,000
Medical: $295,000
Law: $180,000
MBA: $180,000
Expanded Medical: $150,000
Other Graduate Degrees: $110,000
Refinancing loans: $300,000 (Bachelor’s degree or below), $500,000 (Graduate degree), $750,000 (Professional (Medical/Bar/Professional degree)

FICO Scores

Non-cosigned: Undergraduate 720, Graduate 620
Cosigned: Cosigner 620, Primary Borrower 620
Parent: 620

Interest rates

Private loans: 1.03% to 11.01% variable APR, 3.23% to 10.95% fixed APR
Refinancing loans: 1.99% to 7.58% variable APR, 2.44% to 7.83% fixed APR

Repayment terms

Private loans: 5 to 15 years
Refinancing loans: 5 to 20 years

Grace period

6 months

Co-signer required?

Yes for non-U.S. citizens and for applicants who have not reached the age of majority in their home state

Pros and cons of Citizens Bank student loans

Citizens Bank has a number of loan options that can give you the financial tools to help you earn your degree. However, it’s important to be aware of the pros and cons before applying.

Pros

  • Multiyear approval: If you know that you’ll need funds for multiple years of college, Citizens Bank could be a good choice; if you receive multiyear approval on your initial loan, you don’t have to go through a full application for future funds.
  • Loyalty discounts: If you or your co-signer has a Citizens Bank checking, savings, money market or CD account, or any outstanding Citizens Bank loan, you may be eligible for a 0.25 percent discount on your student loan.
  • Eligibility for international students: Most student loan lenders require borrowers to be U.S. citizens or permanent residents. Citizens Bank allows international students to apply as long as they have a co-signer who is a U.S. citizen or permanent resident.

Cons

  • Loan amount caps: Students attending costly private schools or extending their education beyond four years may need to look elsewhere. While loan caps are higher for graduate programs, Citizens Bank imposes a lifetime aggregate limit (including federal loan debt) of $150,000 for undergraduate students.
  • Limited eligibility where is eastern michigan university located Citizens Bank doesn’t list a required minimum credit score and income on its website, making it harder to know if you will qualify for a loan on your own.

Citizens Bank student loan requirements

In order to qualify for a Citizens Bank student loan, you must meet the following requirements:

  • Be enrolled in a degree-granting program at an approved school or institution for at least half time.
  • Be a U.S. citizen or a permanent resident (international students can apply with the assistance of a U.S. citizen or a permanent resident co-signer).
  • Have an established credit history, a good credit score or a creditworthy co-signer.
  • Have no prior student loan defaults.
  • Be the age of majority in your state.

If you’re looking to refinance your student loans, you must:

  • Be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security number.
  • Have made 12 qualifying payments after leaving school if you have an associate degree or citizensbank com student loans degree.

Who is this loan good for?

Citizens Bank is a good lender for borrowers who are looking for funding for multiple years of school, since its multiyear approval allows borrowers to get money each year without the need to reapply annually.

Interest rates and terms

Citizens Bank offers two discounts: a 0.25 percent discount for signing up for automatic payments and a 0.25 percent discount for having a qualifying Citizens Bank account.

The interest rates for Citizens Bank’s student loan products below include both discounts:

Loan productVariable rateFixed rate
Undergraduate student loans1.03% to 10.24% APR3.23% to 10.83% APR
Graduate student loans1.89% to 10.41% APR4.64% to 10.95% APR
Parent student loans1.98% to 7.07% APR4.55% to 7.58% APR
Law school loans1.90% to 8.51% APR4.24% to 9.02% APR
MBA loans1.89% to 8.50% APR4.24% to 9.02% APR
Bar exam loans4.44% to 9.52% APR7.39% to 12.82% APR
Medical residency loans3.53% to 6.75% APR6.97% to 10.08% APR
Student loan refinancing1.99% to 7.58% APR2.44% to 7.83% APR
Parent loan refinancing1.99% to 6.13% APR2.44% to 6.38% APR

Fees and penalties

Citizens Bank doesn’t charge any origination, application or disbursement fees for its student loans or parent loans. There’s also no penalty for paying off your loan early. However, your loan may be subject to late fees if you miss a payment.

What are repayment terms and grace period for Citizens Bank?

Citizens Bank’s repayment terms vary by loan type. All student loans, however, come with a grace period of six months.

Undergraduate, graduate, law, MBA and health profession loans offer repayment terms of five, 10 or 15 years. Parent loans, medical residency loans and bar study loans come with terms of five and 10 years.

Borrowers refinancing their loans get repayment options of five, seven, 10, 15 and 20 years.

Repayment options for student loans include:

  • Deferred: Make no principal or interest payments for up to eight years while in school and during the six-month grace period.
  • Interest-only: Make only interest payments while you’re in school.
  • Immediate: Start making principal and interest payments as soon as you start school.

Customer service

Citizens Bank gets a “A+” rating from the Better Business Bureau. The score considers complaint history and the institution’s response to those complaints.

The student loan customer service center is open from 8 a.m. to 9 p.m. Monday through Friday and 8:30 a.m. to 5 p.m. Saturdays. You can reach the customer service department by calling 800-600-0008.

Current customers can log into their account and send a secure message through the Citizens Bank website, and those near a branch may visit during regular business hours.

How to apply for a loan with Citizens Bank

Applying for a student loan, parent loan or refinance loan through Citizens Bank can be completed entirely online. You can apply from a computer or mobile device in 15 minutes.

In order to apply, you’ll need your Social Security number, a recent pay stub, your employer information, the school you plan to attend, the cost of attendance and any financial aid received, your anticipated graduation date and any co-signer information (if applicable).

Here’s what the process looks like when applying for a loan through Citizens Bank:

  1. Complete the online loan application process via your computer or mobile device. Add co-signer information and wait to see if you’re approved.
  2. If approved, select a fixed or variable rate, the term of your loan and your repayment preference.
  3. Sign and accept documents electronically through the Citizens Bank platform. If you have a co-signer, they can sign electronically as well.

What to do if your application gets turned down

If you’re turned down for a Citizens Bank student loan, you can contact a representative to get some clarification on why.

Students who apply for a student loan on their own without a co-signer may not have enough credit history to qualify. If you’re denied due to insufficient credit or poor credit, Citizens Bank allows you to add a qualified co-signer and apply again. You can also increase your chances of approval by improving your personal credit and increasing your income.

Keep in mind that it pays to shop around for the best loan option for your situation. Lenders like SoFi, Sallie Mae and Discover all offer competitive loan products with low rates, many repayment options and few fees. Getting a favorable rate and keeping fees to a minimum can save you thousands over the life of a loan.

How Bankrate rates Citizens Bank

Overall Score4.5
Repayment Options4.4
Affordability4.5
Customer Experience4.5

Editorial disclosure: All reviews are citizensbank com student loans by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Источник: https://www.bankrate.com/loans/student-loans/reviews/citizens-bank/

Baseball Factory & Citizens One Student Loans

Baseball Factory is pleased to announce its new partnership with Citizens One Student Loans®, dedicated to helping you and your family with education financing needs, whether it’s planning to pay for college or managing student loan debt.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions. As a leader in student lending with more than 40 years’ experience, Citizens has underwritten more than $10 billion combined In School and Education Refinance Loans within the past five years to help students, graduates and families with their student lending needs. Citizens believes in helping families fund the college dream with fee savings, flexible repayment options and loan rates designed specifically for undergraduate, graduate and professional degrees and for parents, too. Plus, flexible, refinance options for recent graduates and parents.

To learn more about Citizens private student loan and education refinance loan options, visit the dedicated site for Baseball Factory players and their families.

Visit Citizens One
Источник: https://www.baseballfactory.com/baseball-factory-citizens-one-student-loans/

What the average interest rate for savings account Bank Student Citizensbank com student loans Review

Pros of Citizens Bank Loans

  • Offers multi-year loans: Multi-year approval allows you the chance to get approved for loans for more than one year so you don’t have to go through the entire application process for subsequent years. Most lenders don’t offer multi-year approval.
  • Co-signer release available: After 36 consecutive payments, your co-signer can be released from your loan. Some private lenders, like Earnest, don’t offer a co-signer release.
  • Defer payments for up to eight years: It’s possible to defer payments for up to eight years while you’re in school. This includes graduate school attendance as well as undergrad attendance. 
  • Options for international students: It’s possible for undergraduate students to borrow from Citizens Bank for school. They will need an eligible co-signer, however.

Cons of Citizens Bank Loans

  • Must have good credit or a co-signer: Citizens Bank student loans require good credit in order to qualify. Without good credit, you must find a co-signer.
  • Co-signer release takes 36 months: Even though there is a co-signer release, you must make 36 consecutive payments to qualify. Some private student lenders, like Commonbond, allow for co-signer release after 24 consecutive payments.
  • Doesn’t disclose minimum credit or income requirements: Citizens Bank doesn’t disclose its minimum income or credit requirements on the website. The site says you must have good credit, but doesn’t specify what that entails, making it difficult to determine if you can get a loan without a co-signer.
  • Doesn’t offer hardship information on the website: While Citizens Bank claims to offer a hardship program, the information isn’t provided ahead of time. You can only see the hardship information if you get a loan contract.

What Does Citizens Bank Offer?

Citizens Bank offers private student loans for undergraduate and graduate students, as well as refinancing for student loans. It’s also possible for parents to get loans to fund a child’s education. In general, the standout feature of Citizens Bank student loans is the fact that you can get multi-year approval.

Citizens Bank is a full-service commercial bank, so it’s possible to access other financial products and services, such as checking and savings accounts, mortgages, personal loans, credit cards, and more, in addition to student loans.

Citizens Bank Undergraduate Student Loan Rates & Terms

Loan Amount$1,000 to $150,000
Fixed APR3.23% to 10.83% (with loyalty and autopay discount)
Variable APR1.03% to 10.24% (with loyalty and autopay discount)
Terms Available5, 10, and 15 years
Recommended Minimum Credit ScoreNot disclosed
Grace Period6 citizensbank com student loans FeeNone

Citizens Bank undergraduate student loans offer competitive rates, though the lowest rates require borrowers to have a co-signer, and sign up for autopay and additional accounts with Citizens Bank in order to qualify for an interest rate discount of up to 0.50%.

Citizens Bank Graduate Student Loan Rates & Terms

Loan Amount$1,000 to $350,000, depending on degree
Fixed APR4.64% to 10.95% (with loyalty and autopay discount)
Variable APR1.89% to 10.41% (with loyalty and autopay discount)
Terms Available5, 10, and 15 years
Recommended Minimum Credit ScoreNot disclosed
Grace Period6 months
Origination FeeNone

Graduate student loans apply to graduate degrees, MBA and law degree programs, and health care degree programs. The maximum amount you can borrow depends on the degree. For graduate degrees, you can borrow up to $150,000. For MBA and law degrees, you can borrow up to $225,000. For health care degree programs, you can borrow up to $180,000 or $350,000, depending on the degree.

Rates vary for MBA, law, and health care degree loans. For MBA and law degrees, fixed rates are 4.29% to 9.27% (with loyalty and autopay discount), and variable rates are 1.42% to 9.01% (with loyalty and autopay discount). For health professions, fixed rates are 4.29% to 8.49% (with loyalty and autopay discount) and variable rates are 1.42% to 8.23% (with loyalty and autopay discount).

Citizens Bank Parent Student Loan Rates & Terms

Loan Amount$1,000 to $350,000, depending on degree
Fixed APR4.55% to 7.58% (with loyalty and autopay discount)
Variable APR1.98% to 7.07% (with loyalty and autopay discount)
Terms Available5 and 10 years
Recommended Minimum Credit ScoreNot disclosed
Grace PeriodNot applicable
Origination FeeNone

Parents must apply for the loan every year but Citizens Bank does a hard credit check the first year only. In subsequent years, the bank does a soft credit check.

Citizens Bank Student Loan Refinancing Rates & Terms

Loan Amount$10,000 to $500,000, depending on degree
Fixed APR2.44% to 7.83% (with loyalty and autopay discount)
Variable APR1.99% to 7.58% (with loyalty and autopay discount)
Terms Available5, 7, 10, 15, and 20 years
Recommended Minimum Credit ScoreNot disclosed
Grace PeriodNot applicable
Origination FeeNone

Borrowers can refinance up to $300,000 in undergraduate student loans and up to $500,000 in graduate student loans with Citizens Bank. Even better, borrowers are not required to have completed a degree program to refinance their loans, as with some lenders. Citizens Bank allows you to refinance your loans with no degree as long as you made at least 12 qualifying payments after leaving school. If you don’t meet that requirement, you must have at least an associate’s degree.

How to Get a Citizens Bank Student Loan 

As with most other private student loan lenders, you need to meet certain eligibility criteria. Citizens Bank does allow international students to apply, but you need to have an eligible U.S. citizen or permanent resident as a co-signer. Additionally, funds can be used for a student to study abroad with a U.S. school’s program. Citizens Bank doesn’t provide student loans for international schools. It’s possible to complete your application online and sign documents electronically.

Repaying Your Citizens Bank Student Loan

Citizens Bank student loans are serviced by Firstmark Services, a division of Nelnet. You can webster five bank dudley ma up automatic payments and manage your account online, as well as receive interest rate discounts for automatic payments and loyalty if you have another financial account with Citizens Bank.

Connect with your student loan servicer as soon as possible to avoid missing student loan payments and negatively impacting your credit.

Final Verdict

Citizens Bank offers a straightforward student loan product for borrowers, as well as options for parents to borrow to help fund a child’s education. One of the best features of a Citizens Bank loan is the option for multi-year approval, which provides you with the ability to fund multiple years of schooling without the need to re-apply in subsequent years.

Citizens Bank does require good credit to qualify, so some borrowers might need a co-signer. While there is a co-signer release program, it requires 36 consecutive payments, which is a little longer than other lenders may require. Additionally, the hardship program isn’t clearly explained on the site and some of the criteria aren’t disclosed until partway through the process.

Overall, for those who have good credit and can qualify for the lowest rates, Citizens Bank may be a good choice for student loans, especially for parents who want to save money on interest over a federal parent PLUS loan.

Methodology

The Balance is dedicated to providing consumers with unbiased, comprehensive personal loan reviews. To do this, we look at dozens of factors across more than 15 lenders with multiple loan types—including interest rates, fees, loan amounts, and repayment terms—and analyze how each lender’s offerings stack up. This competitive analysis helps ensure that our content helps users make the right borrowing decision for their education needs.

Источник: https://www.thebalance.com/citizens-bank-student-loan-review-4844170

Refinancing pitches hit the mail for student debt


Susan Tompor  

: Citizensbank com student loans

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1 Replies to “Citizensbank com student loans”

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