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Ranked as one of the largest retail banks in the United States, Citizens Bank is one of the oldest and most established financial institutions in the country. The company offers a variety of banking and lending services, including its burgeoning student loans division. Today, Citizens Bank delivers lending services to a variety of students at different stages of their education alongside convenient refinancing programs designed to help graduates repay their outstanding loans more easily. The bank has won an impressive number of awards and recognitions over the years thanks to its innovative products and outstanding customer service. Also, the company’s student lending arm offers customers a quick online solution to go along with its brick-and-mortar services.
With a wide variety of loan terms, rates, and amounts available, Citizens Bank presents an applicable financing solution for a wide range of borrowers. The company’s outstanding financing amounts make them ideal for graduate students and those specializing in certain fields, such as medicine and healthcare. With loan amounts that can reach up to $350,000, medical students and other health-related fields can take advantage of a multi-year loan that will cover all their expenses. In addition, customers can take advantage of the company's incentives to cut down their starting interest rates and save more over the long run. Borrowers looking to refinance their existing loans can also benefit from a high ceiling available for refinancing amounts, as well as competitive interest rates that can result in significant savings down the line.
There are several features and characteristics that help Citizens Bank stand out from the competition. The bank underwrites an excellent variety of loans for different educational tracks, including graduate and undergraduate studies as well as medical school and business or law schools. Borrowers benefit from the company’s no-fee policy, which eliminates application, origination, and disbursement fees along with penalties for loan prepayment. Moreover, Citizens Bank offers an excellent range of interest rates that can be lowered significantly through a variety of programs and incentives. For individuals with outstanding loans, the company allows refinancing for students that have not completed their degree if they are no longer enrolled. Additionally, customers that sign up with a cosigner can have them released after 36 consecutive payments made on time. Citizens Bank also provides customers with a longer grace period following graduation than many of its competitors. Customers who require a more personal touch can contact the company at any of their physical locations across 11 states. Finally, one of the biggest standouts for Citizens Bank is their inclusion of multi-year loans, which many competitors do not issue under any circumstances.
Some Citizens Bank highlights:
The application process for a Citizens Bank student loan is straightforward. The company very clearly states the requirements on their website, and the application itself is easy to complete quickly. The initial form takes only a few minutes to fill out, and the process can be greatly expedited by having all the pertinent documents and information readily available. To qualify for a Citizens Bank student loan, the company requires the following:
Customers that meet the approval criteria should also have the following information ready to upload or input:
Once approved, Citizens Bank will disburse the loan amount directly to the student’s university.
One of the areas where Citizens Bank stands out from the competition is in the wide range of loan terms available to borrowers. Customers can request a great variety of loan amounts and terms depending on the level of education they are pursuing.
Undergraduate loans are offered in amounts ranging between $1,000 and $90,000. These loans also give customers the ability to select how they want to handle repayment of their loans. Interest rates for undergraduate loans vary depending on how customers choose to repay them.
Graduate loans also start at $1,000, but can reach as high as $350,000 for certain degrees. Qualified graduate students can borrow up to $150,000, with MBA and law students eligible for up to $225,000, and healthcare professionals entitled to borrow up to 180,000 or $350,000 depending on the degree being pursued. Graduate students also have the same repayment options for their time in school. Refinancing loans offer amounts between $1,000 and $300,000 with interest rates that start as low as 7.00% and reach up to 9.39%.
Borrowers can lower their interest rates significantly by choosing shorter repayment terms or taking advantage of other incentives to reduce the overall APR. Citizens Bank offers a 0.25% interest rate reduction for customers who sign up for automated payments, as well as a 0.25% loyalty discount for applicants with accounts at the bank.
Repayment Terms
Customers desiring student loans or refinancing loans from Citizens Bank have a broad range of repayment terms to choose from that are designed to help fit a wide range of borrower needs. The most beneficial interest rates are made available to customers who select shorter repayment periods.
Customers who apply for undergraduate and graduate loans can choose repayment periods ranging between 5, 10, and 15 years. Approved borrowers can elect to start paying back their loans immediately while in school or defer repayment until after graduation.
Refinancing loans come with terms of 5, 10, 15, or 20 years with interest rates that vary accordingly. Overall, Citizens Bank offers excellent versatility for customers looking for the right repayment period to fit their financial capabilities.
Borrowers can rest easy knowing their information is safe with Citizens Bank. As one of the largest financial institutions in the United States, the bank is subject to a variety of Federal and State-level regulations on customer security and informational protection. Additionally, the company is transparent about the information it collects from customers, as well as how it stores and shares that data with third parties. Customers can opt out of certain collection practices.
For support, customers can reach Citizens Bank via a phone line available around the clock, secure email, in-person visits, and even social media such as Twitter or Facebook. The company’s service was professional and well-mannered, with representatives over the phone able to answer our queries efficiently. Wait times both over the phone and email were relatively short, and in-person visits feature highly trained banking staff that can help customers solve problems regardless of their complexity.
We were impressed with Citizens Bank, but there were some areas where the company could optimize its services:
On the other hand, there were several notable aspects of Citizens Bank’s services that stood out:
Overall, Citizens bank offers impressive student loan and refinancing services. The bank gives customers the opportunity to receive the most appealing possible interest rates with its variety of incentives and deals, such as their loyalty program. In addition, the company’s loan terms and multi-year financing solutions let borrowers find a loan and rest easy for the duration of their education. Thanks to an excellent choice of repayment options and a friendly grace period, the company also helps by giving graduates a chance to get on their feet before beginning to pay off their full loans. All in all, Citizens Bank is an ideal solution for customers looking for a flexible multi-year student loan or refinancing solution.
Citizens Bank Student Loans
One Citizens Plaza
Providence, RI
02903
ERL Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Jul 01, 2023, the 30-day average SOFR index is 5.07%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.
Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
Student Loan Rate: Variable interest rates range from 4.95% - 15.43%. Fixed interest rates range from 3.49% - 14.99%.
Loyalty Discount: 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, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, 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.
Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.
† Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. when 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.
Multi-Year Approval: *The percentage of borrowers is based on all applicants who received a Multi-Year Student Loan from Citizens between October 1, 2021 and October 1, 2022. The percentage represents only borrowers who accepted the Multi-Year Approval offer. It does not include borrowers that qualified for the Multi-Year feature, but did not accept the offer.
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. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.
Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $150,000, Graduate Degrees: $150,000, MBA and Law: $225,000, Healthcare: $180,000 or $350,000 depending on your degree (Aggregate limits up to $350,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $180,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).
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).
Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.
Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.
Student Loan for Parents Eligibility: 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-participating school.
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).
This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 20-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 10.64% fixed Annual Percentage Rate (“APR”): for a total amount of payments of $24,198.55. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
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) have a qualifying account in existence at the time of application completion, or who open a new, qualifying Citizens account before signing the final loan documents. The following are qualifying accounts: personal checking, personal savings, personal credit card or previous student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, 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.
The BestMoney editorial team is composed of writers and experts covering a full range of financial services. Our mission is to simplify the process of selecting the right provider for every need, leveraging our extensive industry knowledge to deliver clear, reliable advice.
