Citizens Bank Student Loan Refinance Review
Student Loan Refinancing
Repayment Options: 5, 7, 10, 15 and 20-year repayment terms
Important Information:
• Cosigner release available
• 0.25% interest rate reduction for enrolling in autopay
• Interest rate reduction for having a qualifying checking, savings, or investment account
• Late fees charged
Citizens Bank continues to be a solid lender to go to for student loan refinancing for a number of reasons. Not the least of these is that you can refinance whether you have a post-secondary degree or not, making this one of the best options for current students and those who dropped out before graduating. Other advantages with this lender include a 0.50% autopay interest rate discount and a high borrowing limit.
Pros
- 0.25% interest rate reduction with autopay
- 0.25% loyalty discount interest rate reduction
- Cosigner release available
- Can apply without a degree
- High borrowing limit
Cons
● Late fees
● Long cosigner release period required
● High minimum borrowing requirement
How does this loan compare?
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|---|---|---|---|
| Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include an autopay discount if available. |
Fixed:
5.89% - 11.85%
Variable:
6.92% - 13.74%
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Fixed:
4.49% - 9.99%
Variable:
5.99% - 9.99%
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Fixed:
4.89% - 90.40%
Variable:
5.54% - 9.12%
|
| Loan repayment terms (Years) | 5, 10, 15 years | 5, 7, 10, 15, 20 years | 5, 7, 10, 15, 20 years |
| Cosigner release? | Yes, after 36 months on-time principal and interest payments | None | Yes, after 12 months on-time principal and interest payments |
Full Review
One of the great things about Citizens Bank is that it makes refinancing student loans accessible to those without Bachelor’s degrees. As long as you have made 12 qualifying loan payments on your student loans since leaving school, you are eligible to refinance with Citizens Bank even if you have an Associate’s degree or no degree at all. Parents are also eligible to refinance their PLUS loans with this lender.
To release a cosigner, if you have one, you must make 36 consecutive on-time monthly payments. Citizens Bank does not disclose the minimum credit score for eligibility to refinance, though most private lenders require a solid credit history and good credit score to meet eligibility requirements. You can get an interest rate quote in less than two minutes. Borrowers can qualify for an interest rate reduction of up to 0.50% by both enrolling in automatic payments and for current Citizens Bank customers who have a qualifying Citizens Bank checking, savings or investment account.
The minimum refinancing loan amount is $10,000, which is somewhat higher than the average, and the borrowing loan limit is $300,000 for Bachelor’s degrees and below and $500,000 for Graduate degrees. Choose from 5, 7, 10, 15 and 10-year loan terms. You may qualify to put your loans into forbearance for a maximum of 12 months in a row in 2-month periods. This lender allows for death and disability discharge as well as academic and military deferment.
Borrowers can complete the application process on the Citizens Bank website or through the Credible platform.
Citizens Bank - Private Student Loan Details
- Credit Check: Soft for Rate Check, Hard for Application
- Repayment Terms: 5, 10, 15 years
- Minimum Borrowing Limit: $10,000
- Yearly Borrowing Limit: 100% of Cost of Attendance
- Aggregate Borrowing Limit: $750,000
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Yes
- Minimum Credit Score: 600
- Minimum Annual Income: $12,000
- Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
- List of States where Loan is Not Available: None
- Approved Schools Include: All
- Maximum Deferment Period: Not specified by lender
- Maximum Forbearance Period: 12 months
- Cosigner Release Option: Yes, after 36 months on-time principal and interest payments
- Death Discharge: Yes
- Disability Discharge: Not specified by lender
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): Not specified by lender
- Application Timeline: 15 minutes to apply
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: Yes
- Financial Literacy Training: Yes
Other Loans that Citizens Bank Offers:
