Citizens Bank Student Loan Refinancing Review (2024)
The Citizen Bank is one of the country’s largest lenders of student loans. Established in 1828, the Citizen Bank known for its straightforward solutions has grown among college-age borrowers. The bank offers unique borrowing options with one of the highest loan limits.
Whether you wish to refinance your student loans individually or consolidate your loans together, refinancing your student loan may help make your monthly payment more manageable and possibly reduce your interest rate or overall debt. There are also options to consolidate federal and private student loans together, which could allow you to make your payment plan flexible.
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Citizens Bank Student Loan Refinancing
Citizens Bank offers private student loan refinancing services to help you save on interest and improve your credit standing. The bank’s student loan program is tailored to fit a variety of needs including lower rates, shorter terms, and flexible repayment options.
The bank offers two types of private student loans co-signed with Citizens Bank and professionally certified as creditworthy or unsecured loans for individuals with riskier credit who may need to use alternative forms of collateral for their loan.
1. Affordable Interest Rates
Citizen Bank offers an affordable interest rate on student loan refinancing. The bank offers two interest rates viz-a-viz variable rate and fixed rate.
- Variable Rate:Â 3.99% – 11.08% APR (If you prefer a typically low starting interest rate and fluctuating monthly payments over time, this option is for you).
- Fixed Rate:Â 4.59% – 11.28% APR (If you prefer interest rates and monthly payments that are the same over time, this option is best for you).
The maximum rate you will pay on a variable rate loan is the maximum of 21.00% APR or the Prime Rate + 9.00%.
Bear in mind that the rate and terms are subject to change. It is best you check more details on the Citizen Bank student loan login page before applying.
2. Flexible Repayment Terms
Citizen Bank offers flexible repayment terms You can choose from 5, 7, 110, 15, and 20-year repayment periods. Remember that 5-year loans offer the best rate – especially when it comes to a variable rate loan. For a longer repayment plan, it is best you stick with a fixed-rate loan.
3. Special Discounts
Citizens Bank also offers some great features that could help lower your interest rate up to 0.50% APR savings on your student loans.
Additionally, Citizens Bank account owners may qualify for a loyalty discount of 0.25%. Also, setting up automatic deductions for your monthly student loan payments will result in your APR being lowered by an additional 0.25%.
4. Cosigner Options
Citizens Bank also offers a cosigner option to borrowers on refinancing loans. Borrowers can request a cosigner after making 36 consecutive on-time payments of principal and interest.
Citizens Bank Student Loan Refinancing Eligibility
To be eligible to refinance your student loan you must:
- Have at least $10,000 in student loans to refinance
- Be a U.S. Citizen, permanent resident, or resident alien with a valid U.S. Social Security number
- Have at least 12 qualifying payments after leaving school with an Associate’s degree or with no degree.
How Much of Citizen Bank Student Loan Balances Can I Refinance?
You can refinance your student loans with a minimum balance of $10,000. Maximum student loan refinances loan limits apply depending on the type of degree.
Maximum:
- $300,000 (Bachelor’s degree or below)
- $500,000 (Graduate degree)
- $750,000 (Professional degree)
How Do I Contact Citizens Bank?
You can contact Citizens Bank by calling their customer service at 1-866-259-3767. Hours are 8:00 AM to 9:00 PM Mon-Fri and 8:30 AM to 5:00 PM Sat.
