Citizens Bank Student Loan Refinancing
Based in Providence, Rhode Island, Citizens Financial Group is one of the largest financial institutions in the US and has facilitated over $183 billion in assets.
They offer a nice variety of financial products, including student loan refinancing options for both students and parents.
While there is an annual income minimum of $24,000 a year, applicants aren’t required to be enrolled in school or even have a degree, which is something most lenders require for refinancing student loans.
If you’re an existing Citizens customer, you’ll be eligible for a 0.25% reduction on your interest rate.
Citizens Student Loan Refinance Overview
|APR (fixed interest rate)||2.97% – 9.15%|
|APR (variable interest rate)||2.24% – 8.90%|
|Eligible loan types||Federal and Private|
|Refinance amount||$10,000 – $500,000|
|Repayment terms||5, 7, 10, 15, and 20-years|
|Minimum credit score||N/A|
|Lender type||Direct lender|
|Good for:||No degree|
Citizens Bank Pros
- Refinancing for federal and private student loans
- No degree or enrollment required
- No origination or prepayment penalties
- 25% Loyalty discount for existing Citizens Bank customers
Citizens Bank Cons
- Must have a minimum of $10,000 to refinance
- Next day funding not available
You can get a quote and submit your application for student loan refinancing right from their website.
While it’s not required, applicants have the option to apply with a cosigner to help increase their chances of being approved and securing a better interest rate.
To get started and see what you qualify for, you’ll need to fill out a short online form that will ask the following:
- Were loans used to fund your education?
- Highest degree attained
- Total amount to refinance
- Total current monthly payments
- Total current monthly income
- Residence (own or rent)
- Monthly rent or mortgage
- Name and address
- Social Security Number
- Contact information
This initial form won’t impact your credit score.
You’ll immediately be presented with a pre-approved interest rate based on the information you provided along with a chart highlighting additional options.
Each option will show the repayment length, interest rate type (variable or fixed), interest rate, APR, monthly payment, total of payments, and the estimated monthly savings.
If you already have an account with Citizens Bank, you can check the box that says “Loyalty Discount” to receive an 0.25% interest rate reduction.
To move forward with your application, you’ll need to submit some additional information, like a pay stub or other proof of income, your monthly housing cost, and the billing statements for the student loan you’re refinancing.
Once you’ve submitted all necessary information and documents, it can take between 10-12 business days to receive funding.
Terms & Requirements
Citizens Bank has similar student loan refinancing requirements as their competitors, but one perk is that applicants can still qualify even without a degree.
- Must have a minimum of $10,000 in student loans to refinance
- Must be a US citizen, a permanent resident with a valid social security number
- Applicants with no degree or an Associate’s degree must have made a minimum of 12 payments after leaving school.
- APR fixed interest rate of 2.97% – 9.15%.
- APR variable interest rate of 2.24% – 8.90% APR (Variable Rate).
- Federal and private student loans are eligible for refinancing.
- Repayment terms are between 5-20 years, which is comparable to other lenders in the industry
- Deferment and forbearance is available, however, borrowers will need to make 36 consecutive on-time payments after reentering repayment to qualify for release.
Privacy and Security
Citizens Bank has an A+ with the Better Business Bureau and has earned a number of other awards and recognition over the years, including Forbes Best-in-State Bank 2020, Best Place to Work for LGBTQ Equality 2021, and more.
To protect user data and prevent fraud, Citizens Bank has security measures in place required by law. You can also download their free security software to help make your online banking and shopping secure.
You can get in touch with a Citizens Bank representative quickly and easily via their live chat feature. You can also call, email, or visit one of their 1,000 branch locations.
Citizens Bank has been around longer than most online lenders offering student loan refinancing, so you can count on them to be a secure and reputable business.
Similar to other lenders, Citizens Bank has a minimum annual income and other requirements for eligibility, but what sets them apart is that you can still qualify even if you aren’t currently enrolled in school or have no degree.
Their website is also very transparent. You can quickly find the information you need, like what their APR range is, what loans qualify for refinancing, and you can apply online without having to visit a branch.
Overall, Citizens Bank is a good choice for student loan refinancing whether you have a degree or not, and if you already have an account with them, you can receive a loyalty discount as an added perk.
One Citizens Plaza