Your Guide to New York Student Loan Forgiveness and Repayment

 July 28, 2020
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If you live in New York, you already know the high cost of, well, just about everything. But if you also studied there, then you have an even bigger battle to fight — paying off New York student loans.

The good news? You’re not alone in this struggle: You have options for student loan forgiveness in New York.

Over half of New York’s graduates are in debt, but there are many resources out there that can assist them — and you — in handling those New York state student loans.

Helpful New York resources available to you

With over half the state’s graduates in debt, there are quite a few opportunities for student loan forgiveness in NY. Just remember: Some forgiven student loan amounts may be subject to taxes — so you’ll need to be prepared for that when tax season rolls around.

Now, let’s take a look at your forgiveness and repayment options to help you with your New York student loans:

  1. Free tuition
  2. New York State’s ‘Get on Your Feet’ Loan Forgiveness Program
  3. New York State District Attorney and Indigent Legal Services Attorney Loan Forgiveness Program
  4. New York State Licensed Social Worker Loan Forgiveness Program
  5. New York State Nursing Faculty Loan Forgiveness Incentive Program
  6. New York State Young Farmers Loan Forgiveness Incentive Program
  7. Teach NYC Loan Forgiveness Program
  8. The Regents Physician Loan Forgiveness Award Program
  9. New York National Guard
  10. Loan Repayment Assistance Programs (LRAPs) from your college or university

    Plus:
    Statute of limitations on New York state student loans

1. Free tuition

If you’ve already graduated, skip this one. But if you’re in the middle of your education or just getting started, New York now offers free college tuition to eligible students attending State University of New York (SUNY) and City University of New York (CUNY) schools, as well as community colleges and statutory colleges at Cornell and Alfred University.

The program is called the Excelsior Scholarship, and you can apply for it here. Below are just a few of the eligibility requirements, according to the New York State Higher Education Services Corporation:

  • You must be a resident of New York for one year before the start of your first term.
  • Your income must be less than $125,000 and you must not be in default on any student loans.
  • Students must attend a SUNY or CUNY school full-time as an undergraduate. If you’re not attending a SUNY or CUNY school, you must attend community college or a statutory college at Cornell or Alfred University full-time as an undergraduate.

This program is designed to supplement the gap between what you need and what you actually receive from federal grants. Therefore, you must submit your Free Application for Federal Student Aid (FAFSA) first and include that in your application.

2. New York State’s ‘Get on Your Feet’ Loan Forgiveness Program

The “Get on Your Feet” Program was recently announced by Gov. Andrew Cuomo. It’s available to anyone with an undergraduate degree from a New York State institution and an adjusted gross income of $50,000.

To be eligible, you must already participate in an Income-Based Repayment (IBR) or Pay As You Earn (PAYE) plan and have earned your degree in or after December 2014.

You can apply for this program year-round. If approved, up to 24 full monthly payments will be paid toward your student loans. That’s two years of student loan debt relief available to you as you look for work (or pursue better work) and, as they say, get back on your feet. You can apply here.

3. New York State District Attorney and Indigent Legal Services Attorney Loan Forgiveness Program

Now we’re getting to the career-based programs, and the first one is specifically for those in law: The New York State District Attorney and Indigent Legal Services Attorney Loan Forgiveness Program.

You can apply for the program via the New York State Higher Education Services Corporation. Here are several of the requirements, according to their website:

  • You must have had a job as District Attorney, Assistant District Attorney or Indigent Legal Services Attorney for at least four years, but no more than nine years.
  • Employment must be full-time, and you must be a resident of New York.
  • You must not be in default on their student loans.

If selected for this award, you can receive as the maximum award the lesser of $20,400 or your full eligible student debt. The award is paid in annual amounts of up to $3,400 for each year of service (up to six) or the remaining loan debt.

4. New York State Licensed Social Worker Loan Forgiveness Program

If you’re a social worker, you know how it feels to devote yourself to your work while asking for little in return. Luckily, if you also have New York student loans, you could find the help you need via the New York State Licensed Social Worker Loan Forgiveness Program.

The New York State Higher Education Services Corporation outlines eligibility requirements here, but below are just a few you should know about:

  • You are ineligible if you have any defaulted student loans.
  • You must be a resident of New York state who has lived in the state for at least one year before applying and licensed to practice in New York state as a social worker.
  • Your work must be “in a critical human service area” for a minimum of 35 hours each week.

If this sounds like you, you can check to see if the county you work in renders you eligible for the program here.

Recipients of this award can receive up to the lesser of the $26,000 maximum or their eligible student debt; payments go up to $6,500 per year for up to four years of service, or the remaining debt. If your first or last year of the program is less than one year, you’ll receive a prorated disbursement based on the number of hours you worked.

5. New York State Nursing Faculty Loan Forgiveness Incentive Program

Nursing is another line of work that requires a lot of dedication without any expectation of significant financial rewards. But nurses with New York student loans can receive financial assistance, thanks to the New York State Nursing Faculty Loan Forgiveness Incentive Program.

Like many of the other programs listed here, you can find more information via the New York State Higher Education Services Corporation. Here are several of the eligibility requirements mentioned:

  • Be a registered nurse with a master’s degree in nursing or a doctoral degree (required for qualification as nursing or adjunct clinical faculty).
  • Have a license to practice in New York state and be a New York state resident for one full year.
  • You must have qualified service, defined as “employment as a nursing faculty member or as adjunct clinical faculty providing classroom or clinical instruction at a nursing school located in NYS for the equivalent of at least 12 credit hours during an annual period commencing July 1 and ending June 30.”

Nurses receiving this award qualify for the lesser of the following: a maximum of $40,000 (paid annually for up to $8,000, for up to five years of service), or their remaining debt.

6. New York State Young Farmers Loan Forgiveness Incentive Program

What about full-time farmers living in New York and paying off student loans? Believe it or not, the state has a program to help you.

The New York State Young Farmers Loan Forgiveness Incentive Program offers New York State student loan forgiveness for farmers who graduated from an in-state institution in the past two years.

If that’s you, you must also have been a New York resident for 12 months prior to applying and agree to operate a farm in New York on a full-time basis for at least five years.

Those who receive this award can receive the lesser of the $50,000 maximum or their loan debt at time of eligibility; it is paid out in annual disbursements of up to $10,000 (for up to five years), or the remaining debt.

7. Teach NYC Loan Forgiveness Program

Teaching is a hard job made even harder with the expense of a master’s degree. The Teach NYC Loan Forgiveness Program is currently not accepting applications at time of writing, but you can check the website for updates.

The program is a tax-free grant for the use of student loan repayment. Teach NYC lists many eligibility requirements, but below are some of the high-level requirements you need to know:

  • This grant is for new hires in New York City public schools.
  • This grant is for teachers and some school-based clinicians (including pedagogic clinicians) in specific understaffed areas.
  • You must have the appropriate certifications for your work.
  • You must have served 10 months (12 months in year-round special education programs) of “satisfactory service” in a designated area of need.

The award is capped at $24,000 and has a disbursement period of six years. You can apply here.

8. The Regents Physician Loan Forgiveness Award Program

There are multiple student loan forgiveness programs for physician assistants, but what about physicians? Physicians with New York state student loans have their very own student loan assistance program: The Regents Physician Loan Forgiveness Award Program.

The New York State Education Department has quite a few requirements, some of which are listed below:

  • To qualify, you must be a resident of New York state who is licensed to practice there.
  • You must have completed your residency within five years of the first award being granted.
  • If you didn’t receive your residency by then, you must have completed your training in 2020 in either family practice, pediatrics, internal medicine, emergency medicine or obstetrics (psychiatry may also be considered in some facilities).

And if you get the award? Here are a few highlights:

  • You can get up to $10,000 per year for two years.
  • The amount of the award is based on the amount of the school loans and loan interest incurred, for both undergraduate and medical school
  • Available funds depend on the state funds available for this program that year.
  • You must practice in a specific area or serve a specific population within the state during the year(s) you receive the award.
  • No matter how much you receive, you must serve for a minimum of two years.

9. New York National Guard

For military members battling student loan debt, there are a variety of military-based federal repayment and forgiveness plans. Many of these plans can be seen on the New York State Higher Education Services Corporation’s “Military Corner.”

However, if you’re a member of the New York National Guard, you have your own student loan repayment program. And it qualifies you for up to $50,000 of student loan repayment assistance.

The annual disbursement is set to be the greater of either 15% of your original loan balance or $500. You can find more information on this program and apply here.

10. Loan Repayment Assistance Programs (LRAPs) from your college or university

Finally, if you’re not currently eligible for New York State student loan forgiveness, you might qualify for a loan repayment assistance program (LRAP) from your college.

To find out, simply go to the website of your alma mater and search for LRAP programs based on your major. You can also contact your school directly for more information.

For additional help on New York State student loan forgiveness, you can find a complete list of student loan forgiveness programs and another state-centric list here.

Statute of limitations on New York state student loans

If New York state student loan forgiveness programs don’t have anything to offer you and you’ve already defaulted on your New York student loans, there’s one more thing that might be able to help — the statute of limitations on debt.

Fun fact: There is a statute of limitations on most kinds of debt that prevents debt collectors from being able to successfully sue you for a judgment to collect on “old” debt.

However, what “old” means varies by debt type and state. Plus, the statute of limitations on debt doesn’t mean debt collectors can stop trying to collect from you — it simply means they can’t sue you for it. Or, more specifically, they can’t sue you for repayment of the debt and win if you show up to court and prove that the statute of limitations has caused your debt to expire.

Otherwise known as “time-barred” debt, you can see what the statute of limitations on your debt is by state using this guide.

The bad news for federal student loan holders is that these loans are exempt from ever being considered time-barred debt. Thus, they aren’t eligible to expire under the statute of limitations on debt. A rule in The Higher Education Act is the reason for this exemption.

However, private student loans aren’t mentioned in this rule, and, as written contracts, they can be considered time-barred debt in New York once they’ve been in default for six years or longer.

Note that the statute of limitations refers to debt that’s in default. Therefore, if you make a payment on your defaulted debt (or agree to do so), you’ll reset the clock on the statute of limitations for your debt.

You have options if you’re struggling with New York student loans

Battling New York state student loans isn’t easy. After all, you could already be dealing with the high cost of your New York school’s tuition, or even the high cost of living in New York City.

But that doesn’t mean you don’t have a chance to get ahead. Just remember that you can do the following:

  • Contact your state representatives to lobby for changes. You can find a list of them here and here.
  • Take advantage of New York state student loan forgiveness programs, such as those listed above.
  • Learn how to utilize the statute of limitations on debt.

Know your rights, research any and all student loan repayment strategies and assistance programs from the state or your school and stay on top of your student loan situation. You’ll be able to get ahead on your student loans and start spending time on the things you truly care about.

Christina Majaski contributed to this report.

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1 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 4, 2022.


2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Student Loan Refinance Interest Rate Disclosure Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.99% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.99% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 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%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Let us know if you have any questions and feel free to reach out directly to our team.


3 Important Disclosures for SoFi.

SoFi Disclosures

Fixed rates range from 3.49% APR to 7.99% APR with a 0.25% autopay discount. Variable rates from 1.74% APR to 7.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.


4 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of April 29, 2021. Information and rates are subject to change without notice.
 


5 Important Disclosures for Navient.

Navient Disclosures

You can choose between fixed and variable rates. Fixed interest rates are 2.99% – 8.24% APR (2.74% – 7.99% APR with Auto Pay discount). Starting variable interest rates are 1.99% APR to 8.24% APR (1.74% – 7.99% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.


6 Important Disclosures for LendKey.

LendKey Disclosures

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.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 5/17/2022 student loan refinancing rates range from 2.05% APR – 5.25% Variable APR with AutoPay and 2.49% APR – 7.93% Fixed APR with AutoPay.


7 Important Disclosures for PenFed.

PenFed Disclosures

Fixed Rate Loan Terms: 5 years/60 monthly payments, 8 years/96 monthly payments, 12 years/144 monthly payments or 15 years/180 monthly payments. Annual Percentage Rate is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed rates range from 3.29% to 5.43% APR. Rates are subject to change without notice. Fixed APR: Fixed rates will not change during the term. This rate is expressed as an APR. Since there are no fees associated with this loan offer, the APR is the same percentage as the actual interest rate of the loan. These rates are 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.


8 Important Disclosures for Citizens.

CitizensBank Disclosures

Education Refinance Loan Rate Disclosure:  Variable interest rates range from 1.99%-8.38% (1.99%-8.38% APR). Fixed  interest rates range from 2.99%-8.63% (2.99%-8.63% APR).

IS Variable Rate Disclosure:  Variable Rates advertised are 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 December 1, 2021, the one-month LIBOR rate is 0.09%.  Variable interest rates will fluctuate over the term of the loan with changes in the LIBOR rate, and will  vary based on applicable terms, level of degree and presence of a co-signer. Your final variable rate may  be based upon the 30-day average SOFR index, as published by the Federal Reserve Bank of New York.  The maximum variable rate is the greater of 21.00% or Prime Rate plus 9.00%.

ERL Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of May 1, 2022, the 30-day average SOFR index is 0.29%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

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. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, 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. 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 on our website 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.
 
Citizens Student Loan Eligibility: : Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.
 
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, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, 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.
 
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. 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.