20 Best Pharmacy Schools for Keeping Degree Costs Down

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If you’re looking for a financially rewarding career, you might want to become a pharmacist. According to the Bureau of Labor Statistics, pharmacists earn a mean annual wage of $120,270.

However, you can expect to have more debt than your starting salary out of the gate. The American Association of Colleges of Pharmacy (AACP) found that pharmacy school graduates borrowed $157,425 in 2016 to finance their degrees. And that amount doesn’t include undergraduate student debt, which averages $37,172.

To help pharmacy school hopefuls graduate with as little debt as possible, we surveyed 141 schools to find the top pharmacy schools with the lowest combined in-state tuition and mandatory fees. Here are our top 20 picks.

Top pharmacy schools for avoiding huge college costs

1. Florida A&M University College of Pharmacy and Pharmaceutical Sciences

  • Annual in-state tuition: $5,161
  • Annual out-of-state tuition: $18,693
  • Mandatory fees: $30

The Florida A&M University College of Pharmacy and Pharmaceutical Sciences in Tallahassee, Florida, is one of just two schools surveyed with annual tuition and fees under $10,000 for in-state residents.

With such low tuition and fee costs, you can use the money you save to pay for room and board and other costs you’ll incur at school.

2. Skaggs School of Pharmacy, University of Montana

  • Annual in-state tuition: $5,182
  • Annual out-of-state tuition: $23,062
  • Mandatory fees: $6,501

The Skaggs School of Pharmacy in Missoula, Montana, has low tuition but high fees. Applicants also must complete at least 20 hours of volunteer or paid experience serving patients in a pharmacy or other health care setting.

3. Texas A&M University Irma Lerma Rangel College of Pharmacy

  • Annual in-state tuition: $7,632
  • Annual out-of-state tuition: $47,592
  • Mandatory fees: $5,798

Located in Kingsville, Texas, the Texas A&M Irma Lerma Rangel College of Pharmacy was created to address the shortage of pharmacists in the Texas-Mexico border region. Now, 42 percent of graduates from the program return to the area to help the underserved population.

4. University of Connecticut School of Pharmacy

  • Annual in-state tuition: $11,998
  • Annual out-of-state tuition: $34,066
  • Mandatory fees: $2,882

No. 33 in the 2016 U.S. News & World Report list of top pharmacy schools, the University of Connecticut School of Pharmacy also boasts a 98 percent employment rate at graduation, according to its website. The school is in Storrs, Connecticut.

5. Texas Tech University Health Sciences Center School of Pharmacy

  • Annual in-state tuition: $13,455
  • Annual out-of-state tuition: $24,765
  • Mandatory fees: $2,484

The Texas Tech University Health Sciences Center School of Pharmacy ranks No. 36 among the top pharmacy schools in the nation, according to the 2016 U.S. News & World Report rankings.

You can choose from four campuses: Amarillo, Lubbock, Dallas-Fort Worth, and Abilene. That means in-state residents are likely to find a campus nearby and could save on room and board.

6. University of Wyoming School of Pharmacy

  • Annual in-state tuition: $15,198
  • Annual out-of-state tuition: $32,164
  • Mandatory fees: $759

The University of Wyoming School of Pharmacy in Laramie, Wyoming, has a 100 percent job placement rate, according to the school’s website. Plus, the cost of living in Laramie is 7 percent lower than the national average, according to Payscale, giving you more opportunities to save.

7. University of Texas at Austin College of Pharmacy

  • Annual in-state tuition: $16,794
  • Annual out-of-state tuition: $43,412
  • Mandatory fees: $0

Not only is the University of Texas at Austin College of Pharmacy inexpensive, but it’s also No. 3 in U.S. News & World Report’s list of top pharmacy schools in 2016. Although its tuition might not be the cheapest, students don’t have to worry about extra fees.

8. Ernest Mario School of Pharmacy, Rutgers University

  • Annual in-state tuition: $13,741
  • Annual out-of-state tuition: $33,117
  • Mandatory fees: $3,383

The Ernest Mario School of Pharmacy in Piscataway, New Jersey, ranks No. 30 in the 2016 U.S. News World & World Report list of top pharmacy schools. However, keep in mind that the average cost of living in nearby Middlesex is 24 percent higher than the national average.

9. Texas Southern University College of Pharmacy and Health Sciences

  • Annual in-state tuition: $15,467
  • Annual out-of-state tuition: $26,619
  • Mandatory fees: $1,736

Located in Houston, Texas, the Texas Southern University College of Pharmacy and Health Sciences also ranks among the top pharmacy schools for the lowest out-of-state tuition and fees based on our study. Students can use the money they save to help cover the cost of room and board and other expenses.

10. University of Toledo College of Pharmacy and Pharmaceutical Sciences

  • Annual in-state tuition: $8,052
  • Annual out-of-state tuition: $17,390
  • Mandatory fees: $9,312

The University of Toledo College of Pharmacy and Pharmaceutical Sciences is located in Toledo, Ohio. The school is inexpensive for both in-state and out-of-state students and has an on-time graduation rate of over 90 percent.

11. South Dakota State University College of Pharmacy and Allied Health Professions

  • Annual in-state tuition: $9,432
  • Annual out-of-state tuition: $20,246
  • Mandatory fees: $8,072

The South Dakota State University College of Pharmacy and Allied Health Professions is light on tuition but heavy on fees. Located in Brookings, South Dakota, the school also offers a Bachelor of Science in medical laboratory science. According to Payscale, the cost of living in nearby Sioux Falls is slightly lower than the national average.

12. North Dakota State University School of Pharmacy

  • Annual in-state tuition: $16,380
  • Annual out-of-state tuition: $43,733
  • Mandatory fees: $1,491

The North Dakota State University School of Pharmacy in Fargo, North Dakota, has an 80 percent employment rate at graduation. Although its in-state tuition is inexpensive, out-of-state students face steep costs.

13. Idaho State University College of Pharmacy

  • Annual in-state tuition: $17,900
  • Annual out-of-state tuition: $36,882
  • Mandatory fees: $10

The Idaho State University College of Pharmacy has three campuses: Pocatello and Meridian, Idaho, and Anchorage, Alaska. The school has a 92 percent on-time graduation rate, but only 58 percent of graduates report gaining employment in the state of Idaho upon graduation.

14. University of Georgia College of Pharmacy

  • Annual in-state tuition: $16,310
  • Annual out-of-state tuition: $36,850
  • Mandatory fees: $2,266

No. 25 in the 2016 U.S. News & World Report list of top pharmacy schools, the University of Georgia College of Pharmacy has five campuses. Students can attend classes in Athens, Augusta, Albany, Lawrenceville, and Savannah., Georgia.

15. University of North Texas College of Pharmacy

  • Annual in-state tuition: $14,480
  • Annual out-of-state tuition: $31,080
  • Mandatory fees: $4,687

Located in Fort Worth, Texas, the University of North Texas College of Pharmacy offers several pharmacy-related programs and residencies through the UNT Health Sciences Center. Fort Worth’s cost of living is a little lower than the national average, according to Payscale.

16. James L. Winkle College of Pharmacy, University of Cincinnati

  • Annual in-state tuition $17,600
  • Annual out-of-state tuition: $30,528
  • Mandatory fees: $1,678

The James L. Winkle College of Pharmacy in Cincinnati, Ohio, was founded in 1850, making it the fourth-oldest pharmacy school in the nation. It’s also No. 33 in the 2016 U.S. News & World Report list of top pharmacy schools.

17. Marshall University School of Pharmacy

  • Annual in-state tuition: $18,402
  • Annual out-of-state tuition: $31,695
  • Mandatory fees: $900

Located in Huntington, West Virginia, the Marshall University School of Pharmacy allows students to complete both their pre-pharmacy coursework and professional program. The school is among the newest pharmacy schools in the country, with its first graduating class finishing in 2016.

18. University of Houston College of Pharmacy

  • Annual in-state tuition: $18,662
  • Annual out-of-state tuition: $34,627
  • Mandatory fees: $982

No. 44 in the 2016 U.S. News & World Report list of top pharmacy schools, the University of Houston College of Pharmacy has some of the lowest fees of any pharmacy school we surveyed. For the 2016 class, 97 percent of graduates were employed or entered residency.

19. University of South Florida College of Pharmacy

  • Annual in-state tuition: $16,610
  • Annual out-of-state tuition: $16,610
  • Mandatory fees: $3,295

What sets the University of South Florida College Pharmacy apart from other schools on this list is the fact that out-of-state tuition matches in-state tuition. That makes it affordable for just about anyone to attend.

20. University of Rhode Island College of Pharmacy

  • Annual in-state tuition: $12,002
  • Annual out-of-state tuition: $28,252
  • Mandatory fees: $8,290

The University of Rhode Island College of Pharmacy is ranked No. 47 in U.S. News & World Report’s 2016 list of top pharmacy schools. It boasts a 96.7 percent employment rate at graduation, and 94.2 percent of graduates say they’d pick the school again if they were to start over again.

Limiting your college costs can save you big time

Finding an inexpensive pharmacy school is an important way to limit your overall college costs and student debt. But once you’ve graduated, don’t let a high starting salary make you complacent about your student loan payments if you have them.

Look for other strategies to pay off your student loans early. For example, research student loan forgiveness programs for pharmacists as well as lenders who might be able to refinance your loans at a lower interest rate.

As you study different ways to eliminate your student debt more quickly, you could save both time and money in the long run.

Top 50 affordable pharmacy schools

If you’re interested in seeing how other inexpensive pharmacy schools compare, we’ve compiled a list of the top 50 based on our methodology.

No. Pharmacy School In-State Tuition and Fees
1. Florida A&M University $5,191
2. University of Montana $11,683
3. Texas A&M University $13,430
4. University of Connecticut $14,880
5. Texas Tech University $15,939
6. University of Wyoming $15,957
7. University of Texas at Austin $16,794
8. Rutgers University $17,124
9. Texas Southern University $17,203
10. University of Toledo $17,364
11. South Dakota State University $17,504
12. North Dakota State University $17,871
13. Idaho State University $17,910
14. University of Georgia $18,576
15. University of North Texas $19,167
16. University of Cincinnati $19,278
17. Marshall University $19,302
18. University of Houston $19,644
19. University of South Florida $19,905
20. University of Rhode Island $20,292
21. Southwestern Oklahoma State University $20,295
22. Washington State University $20,788
23. University of Wisconsin-Madison $21,033
24. University of New Mexico $21,390
25. University of Arkansas $21,632
26. University of Oklahoma $21,685
27. Auburn University $21,752
28. Purdue University $22,026
29. Ohio State University $22,497
30. West Virginia University $22,878
31. Wayne State University $22,983
32. University of Missouri-Kansas City $23,088
33. University of Tennessee $23,412
34. University of Florida $23,692
35. University of Hawaii $24,064
36. University of Mississippi $24,422
37. University of Nebraska $24,586
38. Oregon State University $24,627
39. Northeast Ohio Medical University $24,739
40. University of Iowa $24,874
41. Chicago State University $24,931
42. Ferris State University $25,240
43. University of Kansas $25,698
44. University of North Carolina $26,028
45. Medical University of South Carolina $26,045
46. University of Arizona $26,262
47. Southern Illinois University Edwardsville $26,294
48. University of South Carolina $26,356
49. University of Louisiana at Monroe $26,786
50. University of Kentucky $27,250

Methodology: Student Loan Hero surveyed tuition and fees costs for 141 U.S. pharmacy schools. Rankings were determined by each school’s combined in-state tuition and fees. Room and board costs were not included in the calculations. All data was sourced from the AACP.

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1 Important Disclosures for Ascent.

Ascent Disclosures

Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.

  1. Ascent rates are effective as of 04/01/2019 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account. Competitive rates calculated monthly at the time of loan approval.
    Ascent Tuition Cosigned Loan: Variable rate loans are based on a margin between 2.00% and 11.00% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.491%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 4.24% – 13.24%. Fixed rate loans have an APR range between 5.07% – 14.15%. For Ascent Tuition loan current rates and repayment examples visit www.AscentTuition.com/APR.
    Ascent Independent Non-Cosigned Loan: Variable rate loans are based on a margin between 4.00% and 12.50% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.491%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 5.88% – 13.16%. Fixed rate loans have an APR range between 6.69% – 13.45%. For Ascent Independent non-cosigned loan current rates and repayment examples visit www.AscentIndependent.com/APR.
  2. Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.
  3. Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options that include fully deferred, interest only and $25 minimum repayment.
  4. Flexible repayment plans may be offered up to a fifteen (15) year repayment term for a variable rate loan and ten (10) year repayment term for a fixed rate loan. Students must be enrolled at least half-time at an eligible school. Minimum loan amount is $2,000.
  5. Interest rate reduction of 0.25% for enrollment in automatic debit applies only when the borrower and/or cosigner signs up for automatic payments and the regularly scheduled, current amount due (including full, flat, or interest only payments, as applicable) is successfully deducted from the designated bank account each month. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of In-School, Deferment, Grace or Forbearance. If you have two (2) returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the 0.25% interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the 0.25% interest rate reduction.
  6. All applicants (individual and cosigner) are required to complete a brief online financial literacy course as part of the application process to be eligible for funding.
  7. Eligibility, loan amount and other loan terms are dependent on several factors, which may include: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.
  8. The legal age for entering into contracts is eighteen (18) years of age in every state except Alabama where it is nineteen (19) years old, Nebraska where it is nineteen (19) years old (only for wards of the state), and Mississippi and Puerto Rico where it is twenty-one (21) years old.
  9. 1% Cash Back Graduation Reward subject to terms and conditions. >Click here for details. In order to be eligible for the 1% Cash Back Graduation Reward, borrower must meet the following criteria after graduation:
    · The student borrower has graduated from the degree program that the loan was used to fund.
    · The student borrower may change majors and/or transfer to a different school, but must obtain the same level of degree (e.g. – undergraduate or graduate)
    · The graduation date is more than 90 days and less than five (5) years after the date of the loan’s first disbursement.
    · Any loan that the student has borrowed under the Ascent loan is not more than 30-days delinquent or in a default status as of the graduation date and until any Graduation Reward is paid.
  10. Students can apply to release their cosigner and continue with the loan in only their name after making the first 24 consecutive regularly scheduled full principal and interest payments on-time and meeting the other eligibility criteria to qualify for the loan without a cosigner.

* Application times vary depending on the applicants ability to supply the necessary information for submission.


2 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

  1. All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
  2. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7% variable Annual Percentage Rate (“APR”): 96 monthly payments of $179.28 while in the repayment period, for a total amount of payments of $17,211.20. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
  3. As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 4/1/2019. Variable interest rates may increase after consummation.


3 Important Disclosures for Discover.

Discover Disclosures

  1. At least a 3.0 GPA (or equivalent) qualifies for a one-time cash reward of 1% of the loan amount of each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.

* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
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5 Important Disclosures for SunTrust.

SunTrust Disclosures

Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.

Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.

SunTrust Bank, Member FDIC. ©2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.

  1. Interest rates and APRs (Annual Percentage Rates) depend upon (a) the student’s and cosigner’s (if applicable) credit histories, (b) the repayment option and repayment term selected, (c) the requested loan amount and (d) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms effective for applications received on or after 3/1/2019. The current variable APRs for the program range from 4.251% APR to 13.250% APR and the current fixed APRs for the program range from 5.351% APR to 14.051% APR (the low APRs within these ranges assume a 7-year $10,000 loan, with two disbursements and no deferment; the high APRs within these ranges assume a 15-year $10,000 loan with two disbursements). The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index to your margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the Money Rates section of The Wall Street Journal (Eastern Edition). The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One-month LIBOR index is 2.500% on 3/1/2019. The variable interest rate will increase or decrease if the One-month LIBOR index changes. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount.
  2. Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The student must be enrolled at least half-time to be eligible for the partial interest, fully deferred and interest only repayment options unless the loan is being used for a past due balance and the student is out of school. With the Full Deferment option, payments may be deferred while the student is enrolled at least half-time at an approved school and during the six month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. The Partial Interest Repayment option (paying $25 per month during in-school deferment) is only available on loans of $5,000 or more. For payment examples, see footnote 7. With the Immediate Repayment option, the first payment of principal and interest will be due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment is $50.00. There are no prepayment penalties.
  3. The 15-year term and Partial Interest Repayment option (paying $25 per month during in-school deferment) are only available for loan amounts of $5,000 or more. Making interest only or partial interest payments while in school deferment (including the grace period) will not reduce the principal balance of the loan. Payment examples within this footnote assume a 45-month deferment period, a six-month grace period before entering repayment and the Partial Interest Repayment option. 7-year term: $10,000 loan disbursed over two transactions with a 7-year repayment term (84 months) and 8.468% APR would result in a monthly principal and interest payment of $199.90. 10-year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and 8.938% APR would result in a monthly principal and interest payment of $162.92. 15-year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and 9.423% APR would result in a monthly principal and interest payment of $136.90.
  4. The 2% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation (e.g. copy of diploma, final transcript or letter on school letterhead) must be provided to the servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
  5. Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”). Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings, or money market account. The auto pay discount will continue until (1) automatic deduction of payments is stopped (including during any deferment or forbearance) or (2) three automatic deductions are returned for insufficient funds during the life of the loan. The extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank account will be applied after the first automatic payment is successfully deducted and will be removed for the reasons stated above. In the event the auto pay discount is removed, the loan will accrue interest at the rate stated in your Credit Agreement. The auto pay discount is not available when payments are deferred or when the loan is in forbearance, even if payments are being made.
  6. A cosigner may be released from the loan upon request to the servicer provided that the student borrower is a U.S. citizen or permanent resident alien, has met credit criteria and met either one of the following payment conditions: (a) the first 36 consecutive monthly principal and interest payments have been made on-time (received by the servicer within 10 calendar days after their due date) or (b) the loan has not had any late payments and has been prepaid prior to the end of the first 36 months of scheduled principal and interest payments in an amount equal to the first 36 months of scheduled principal and interest payments (based on the monthly payment amount in effect when you make the most recent payment). As an example, if you have made 30 months of consecutive on-time payments, and then, based on the monthly payment amount in effect on the due date of your 31st consecutive monthly payment, you pay a lump sum equal to 6 months of payments, you will have satisfied the payment condition. Cosigner release may not be available if a loan is in forbearance.
  7. If the student dies after any part of the loan has been disbursed, and the loan has not been charged off due to non-payment or bankruptcy, then the outstanding balance will be forgiven if the servicer is informed of the student’s death and receives acceptable proof of death. If the student becomes totally and permanently disabled after any part of the loan has been disbursed and the loan has not been charged off due to non-payment or bankruptcy, the loan will be forgiven upon the servicer’s receipt and approval of a completed discharge application. If the student borrower dies or becomes totally and permanently disabled prior to the full disbursement of the loan, and the loan is forgiven, all future disbursements will be cancelled. Loan forgiveness for student death or disability is available at any point throughout the life of the loan.

6 Important Disclosures for LendKey.

LendKey Disclosures

Additional terms and conditions apply. For more details see LendKey


7 Important Disclosures for CommonBond.

CommonBond Disclosures

A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.

Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.

Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
If you are unable to pay your government loan, the government can refer your loan to a collection agency or sue you for the unpaid amount. In addition, the government has special powers to collect the loan, such as taking your tax refund and applying it to your loan balance.

A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If you refinance your government loan, your new lender will use the proceeds of your new loan to pay off your government loan. Private student loan lenders do not have to honor any of the benefits that apply to government loans. Because your government loan will be gone after refinancing, you will lose any benefits that apply to that loan. If you are an active-duty service member, your new loan will not be eligible for service member benefits. Most importantly, once you refinance your government loan, you will not able to reinstate your government loan if you become dissatisfied with the terms of your private student loan.

If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of government loans, a refinance of your government loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.

If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.

Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.


8 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Undergraduate Rate Disclosure: Variable 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 March 1, 2019, the one-month LIBOR rate is 2.48%. Variable interest rates range from 4.45%-12.42% (4.45%-12.32% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 5.74%-12.19% (5.74% – 12.09% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school 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. 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 the loan.
  2. Graduate Rate Disclosure: Variable 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 March 1, 2019, the one-month LIBOR rate is 2.48%. Variable interest rates range from 4.45% – 12.18% (4.45% – 11.82% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 5.74% – 11.95% (5.74% – 11.65% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school 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. 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. You will be presented with an Application Disclosure and an Approval Disclosure within the application process before you accept the terms and conditions of your loan.
  3. Citizens One Student Loan Eligibility: Borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Borrowers must be a U.S. citizen or permanent resident or an international borrower/eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For borrowers who have not attained the age of majority in their state of residence, a co-signer is required. Citizens One reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens One Student Loans private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens One Student Loans-participating school. Please Note: International Students are not eligible for the multi-year approval feature.
  4. 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. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.
4.24% – 13.24%1Undergraduate and Graduate

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