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Citizens Bank Student Loan Refinancing

Jessica Cotzin Jessica Cotzin Last update:
Fixed APR
2.97-9.15%
Variable APR
2.24-8.9%
Min Credit Score
None

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
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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

Application Process

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.

Loan Requirements

  • 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.

Loan Terms

  • 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

  • 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.
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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.

Customer Support

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.

Final Thoughts

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.

Address

One Citizens Plaza

Providence

RI 02903

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website. These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Jessica Cotzin Jessica Cotzin
Jessica Cotzin is a writer and the Lendstart authority on small businesses and personal loans. She has been writing about personal finance and the loans industry for a number of years, and holds a bachelor’s degree in journalism from Florida Atlantic University.
This review is based on the writer's personal opinion.