Citizens Bank Student Loan Refinancing Review

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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Refinancing with Earnest

Refinancing rates from 2.57% APR. Checking your rates won’t affect your credit score.

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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 2.72% 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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1 Important Disclosures for Laurel Road.

Laurel Road Disclosures

  1. VARIABLE APR – APR is subject to increase after consummation. 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.

2 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student Loan RefinanceFixed rates from 3.999% APR to 7.804% APR (with AutoPay). Variable rates from 2.480% APR to 7.524% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.480% APR assumes current 1 month LIBOR rate of 2.07% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

3 Important Disclosures for CommonBond.

CommonBond Disclosures


4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.72%-8.17% (2.72%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Average savings based on 18,113 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 1, 2017 and December 31, 2017. The calculation is derived by averaging the monthly savings of Education Refinance Loan customers whose payments decreased after refinancing, which is calculated by taking the monthly student loan payments prior to refinancing minus the monthly student loan payments after refinancing. The borrower’s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower’s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.
2.57% – 5.87%Undergrad
& Graduate
Visit Earnest
2.80% – 6.38%1Undergrad
& Graduate
Visit Laurel Road
2.48% – 7.52%2Undergrad
& Graduate
Visit SoFi
2.47% – 7.99%Undergrad
& Graduate
Visit Lendkey
2.57% – 6.65%3Undergrad
& Graduate
Visit CommonBond
2.72% – 8.17%4Undergrad
& Graduate
Visit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.