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 5.09%-11.67% 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 | 5.09%-11.67% | 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 5.09%-11.67% 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.
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 January 1, 2023, the 30-day average SOFR index is 4.01%. 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.
Lowest Rate Disclosure: Lowest rates are for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include Loyalty and Automatic Payment discounts of 0.25 percentage points each. Subject to additional terms and conditions and may change at any time without notice. Such changes apply to applications taken after effective date of change.
Student Loan Rate: Variable interest rates range from 4.59%-14.85% (4.59% -14.25% APR). Fixed interest rates range from 4.99%- 14.85% (4.99%- 14.25% APR).
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 11.87% fixed Annual Percentage Rate (“APR”): for a total amount of payments of $26,221.41. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
