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Citizens is a Rhode Island-based bank that has been in business since 1828 and has more than 1,000 branches across 11 states. The bank offers private students loans for degree-granting programs across the country, including undergraduate, graduate, law, and medical programs. It has an A+ rating with the Better Business Bureau.
Citizens is suitable for undergraduate and graduate students who are enrolled at least half-time in school. Its student loans offer competitive interest rates, especially if you already have a Citizens account and qualify for a 0.25% rate discount. Loans are available for undergraduate and graduate students, including students in law school and medical school.
Citizens serves not only US citizens and residents but also international students with a US citizen or resident co-signer. Since the bank accepts cosigners and allows deferred payments on private student loans, it is suitable for students with little income while in school.
Loan Features
Here are a few key features of Citizens’ private student loans:
You can request a quote for a private student loan online. Getting a quote does not impact your credit score.
If you want to proceed, you can apply at Citizens online or in person at a bank branch. You will need to submit proof of residence, proof of income, and proof of your enrollment in an eligible degree program. If you have a cosigner, they will need to submit proof of residence and income. You and your cosigner will also need to undergo hard credit checks.
Citizens requires borrowers to be US citizens or residents. International students can also apply but must have a US citizen or resident cosigner. All applicants must be enrolled for at least half-time in a degree program and have no previous student loan defaults.
Citizens offers rates from 6.97% - 15.03% APR, and existing Citizens account holders receive a 0.25% rate discount. Your rate will depend on various factors, including your credit score, whether you have a cosigner, how much you need to borrow, and what repayment plan you select.
Borrowers have 3 options to repay student loans from Citizens. You can start making payments immediately, make only interest payments until after graduation, or defer all payments until after graduation. Citizens offers flexible repayment terms.
Citizens has been in business for nearly 200 years and has an A+ rating with the Better Business Bureau. The bank uses encryption and biometric tools to keep your online financial information secure.
Citizens offers customer support by phone, email, and live chat from 9am-4pm (ET), Monday-Friday. You can also visit one of the bank’s more than 1,000 branches to speak with a loan officer in person.
| Citizens | College Ave | SoFi | |
| APR | 6.97% - 15.03% | 2.94%-12.99% | 2.99% to 10.66% |
| Minimum credit score | N/A | 640 | None |
| Loan amounts | $10,000-$350,000 | $1,000-Full cost of degree | $5,000-Full cost of degree |
| Accepts cosigners | Yes | Yes | Yes |
| Suitable for | International students | Students with good credit | Students who want flexible repayment options |
Citizens offers private student loans with rates from 6.97% - 15.03% APR. This bank’s offering is unique in that it’s open to international students with a US citizen or resident cosigner. In addition, you can be approved for an annual loan for up to 4 years, so you don’t have to reapply at the start of every school year. Citizens offers a selection of repayment options and doesn’t charge prepayment penalties, and you can manage your loan online.
This review was created using information from the Citizens website and the Better Business Bureau.
