Refinancing with Earnest
Refinancing rates from 2.57% APR. Checking your rates won’t affect your credit score.
If you’re anxious to pay off your student loans as soon as possible, refinancing your debt is a smart option. It can lower your interest and accelerate your repayment. Citizens Bank student loan refinance options can help you find a plan that works for you and your budget.
Citizens Bank review
Citizens Bank offers many banking options for customers. These include savings and checking accounts, business banking, credit cards, home equity products, student loans, and student loan refinancing.
As one of the largest retail banks in the United States, Citizens Bank has been around since 1828. With an intuitive online banking platform, mobile apps, and a 24/7 contact center, Citizens Bank is well-known for their customer service.
If you have student loan debt, one option to consider is refinancing with Citizens Bank through their Education Refinance Loan program. They can help you lower your rate, extend your repayment term, and reduce your monthly payment.
If you have multiple loans, including both federal and private loans from different lenders, refinancing consolidates your debt. Instead of managing multiple loans and making several separate payments a month, you have one consolidated loan, making your life simpler.
Citizens Bank is one of the few lenders that offer refinancing even if you left school. Many people who left school, either because of illness or family circumstances, feel like they’re out of options. But by refinancing through Citizens Bank, you can take charge of your debt even without a degree.
And while having a co-signer does help your interest rate, your co-signer is not stuck with the loan for the full length of repayment. After the borrower makes 36, on-time, consecutive payments, Citizens Bank allows co-signers to apply for a release.
If Citizens Bank approves the release application, they remove the co-signer from the loan. That can help improve the co-signers’ debt-to-income ratio, improve their credit score, and make it possible to get advantageous offers for a mortgage or car loan.
Citizens Bank student loan refinance options
Citizens Bank offers education refinancing loans for federal and private loans, including Parent PLUS, Stafford, and GradPLUS loans. Through the refinancing process, they consolidate all of your loans together. You get one easy payment and one loan to manage, streamlining your loans and payments.
If you want to figure out what your refinancing interest rate will be, Citizens Bank can do that without affecting your credit score. Their “Get My Rate” tool triggers a soft credit pull, which does not affect your credit. If you are satisfied with the rate and choose to complete your application, then they make a hard inquiry.
If you are looking at Citizens Bank student loan refinance options, the company offers both variable and fixed interest rates. Variable rates can be much lower than fixed rates, but they can change over time. They can become higher or lower depending on the market, and that means your monthly payment can change, too.
When you have a fixed rate, your interest rate and your monthly payment stay the same for the duration of your repayment term. While a fixed rate loan may have a higher interest rate than a variable rate, you do not have to worry about fluctuations or changes to your payment amount.
With Citizens Bank, you can refinance up to $90,000 if you have a bachelor’s degree or below and $225,000 if you have a graduate degree. For professional degrees, such as loans for law or medical school, you can refinance up to $350,000.
Using the Citizens Bank online platform
With the Citizens Bank refinancing calculator, you can get a personalized rate and savings quote in as little as two minutes.
Click on “Get My Rate” to start your application and get a quote. The site will redirect you to the application form and prompt you to enter your information.
Once you have completed the form, Citizens Bank will quote you an interest rate on a new loan, and give you an estimate of how much you would save by refinancing.
One of the most convenient options is the ability to choose your own repayment term. You can select how long you want to take to pay your loan back; choose terms of five, 10, 15 or 20 years.
If you’re on the go, Citizens Bank has a robust mobile banking app. You can check your balance, make payments, and review your account history after you download the app onto your smartphone.
When satisfied with your quote, you can complete the full application. You will need your Social Security Number, your gross monthly income, your employer’s name and phone number, your monthly rent or mortgage, and the names of all of your current lenders.
Citizens Bank will try to verify all of your information through an automated process. But if they cannot find certain information, they may reach out to you to submit copies of your Social Security Card, birth certificate, or paystubs.
Once approved, they will send you a promissory note for your review and signature. You’ll receive a final disclosure form confirming your loan terms and giving you one last chance to cancel. Then they will pay off your loans, and your new loan with Citizens Bank begins.
Citizens Bank loans: Interest rates and fees
Citizens Bank offers a broad range of refinancing options with interest rates as low as 2.79% APR, depending on your loan amount and your selected repayment period.
Additionally, the company also offers incentives to decrease your interest rate even more. If you or your co-signer have a Citizens Bank savings or checking account, you can get 0.25% off your interest rate. And if you sign up for automatic payments, you can get an another 0.25% discount.
Citizens Bank does not charge any application, origination, or disbursement fees. And there’s no prepayment penalty if you choose to pay off your student loans early.
Citizens Bank eligibility requirements
To be eligible for Citizens Bank student loan refinance offers, you must no longer be attending school, and you need to have started making payments on the debt.
Citizens Bank only grants loans to U.S. citizens, permanent residents, or resident aliens with a Social Security Number. However, resident aliens need to have a co-signer to complete the application.
To refinance, you must have at least $10,000 in loans. If you currently have federal loans and are in an income-driven repayment plan, you are not eligible for refinancing.
If you have a bachelor’s degree, you need to make three on-time payments before you can apply. For those with a master’s degree, you can apply while still in your repayment grace period. If you did not graduate, you need to show you made 12 full, on-time payments.
If you do not have a lengthy credit history or do not have the best credit score, apply with a co-signer to increase your chances of Citizens Bank approving you for a loan.
To be eligible, you or you and your co-signer need to make at least $24,000 annually.
Citizens Bank contact
If you’d like a refinancing quote or more information on Citizens Bank loans, check out their website.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.57% – 6.97%1||Undergrad & Graduate|
|2.57% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.50% – 7.24%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|