Citizens Bank Student Loan Refinancing Review

citizens bank student loan refinance

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.

Refinance With Citizens Bank

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. Citizens Bank student loan refinance

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.

Citizens Bank loan

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: Refinance Today!

Citizens Bank loans: Interest rates and fees

According to Citizens Bank, customers who refinance through them save $137 a month on average.

Citizens Bank offers a broad range of refinancing options with interest rates as low as 3.11% 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.

Get Your Quote From Citizens Bank

Citizens Bank contact

Those who want to refinance and have questions can contact Citizens Bank directly at 1-877-405-2262 or via their live chat. You can also follow them on Twitter.

If you’d like a refinancing quote or more information on Citizens Bank loans, check out their website.

Interested in refinancing student loans?

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