Citizens Bank has a wide range of student loan products available, but all products have similar requirements to take out a student loan. To be considered for a student loan, you (or, in some instances, a co-signer) will need to meet the following requirements:
Undergraduate Student Loans
- US citizen or permanent resident, but international students can apply with a creditworthy co-signer
- Enrolled at least half-time in a degree-granting, eligible institution
- Have good credit or a creditworthy co-signer
- Have attained the age of majority in your state of residence
- Have no prior loan defaults
Undergraduate student loans are available for between $1,000 and $150,000. Variable rates are available between 5.99% and 12.02%, and fixed rates between 5.99% and 12.18%.
Graduate Student Loans
Borrowing terms for graduate loans are the same as for undergraduate loans. You can borrow from $1,000 to $150,000 for graduate degrees, $225,000 for MBA and law degrees, or $350,000 for healthcare degrees. Fixed APRs are available from 5.99% to 12.85%, with variable rates available from 5.49% to 12.62%.
Parent Loans
Terms and borrowing amounts are the same for parent loans, but the APR available is slightly higher. Fixed APRs are available from 7.13% to 12.52%, with variable APRs from 6.33% to 12.27%.
Student Loan Refinancing
To be eligible to refinance your student loan with Citizens Bank, you will need to meet the following criteria:
- US citizen or permanent resident
- Have at least $10,000 of student loans to refinance
- Have made at least 12 qualifying payments after leaving school if you have an Associate’s degree or no degree
The amount you can refinance is dependent on your degree type. The following limits apply:
- Bachelor’s degree or lower – $300,000
- Graduate degree – $500,000
- Professional degree – $750,000
Rates for refinancing offered are competitive, with variable APRs between 5.09% and 11.67% and fixed APRs between 5.39% and 11.88%.
For all student loan products, co-signers can be released after 36 months of timely payments, and all loans are available for terms between 5 and 20 years.
On the other hand, the undergraduate and graduate loans are not the most competitive rates we have come across. However, the student loan refinancing rates are good, and the option to refinance even if you have not completed your degree is excellent. Anyone in this position should carefully consider student loan refinancing from Citizens Bank.