About Citizens Bank Education Refinance Loans
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Citizens Bank offers its Education Refinance Loans to help former students restructure their federal and private student loans. By refinancing, borrowers can potentially lower their monthly payments if they qualify for better interest rates. Citizens Bank provides helpful rate calculators on its website, and you can apply in as little as 15 minutes.
- 0.25% APR loyalty discount
- Multiple term options
- Options for non-citizens
- Limited fees
- Must be out of school to qualify
- $10,000 debt minimum
Citizens Bank’s Education Refinance Loans help people refinance federal and private student loans. It has flexible terms and loan options, and its lowest rates are competitive within the industry for those who qualify.
What are Citizens Bank Education Refinance Loans?
Citizens Bank Education Refinance Loans help students reorganize their existing student loans. Citizens Bank provides refinancing options for both former students and their parents.
Maximum refinancing loan amounts depend on your level of education:
- Bachelor’s degree or lower: $300,000
- Graduate degree: $500,000
- Professional degree: $750,000
To pre-qualify, you must fill out an application that includes personal information and a few details about your existing loans. Citizens Bank then presents various refinancing options, including new fixed or variable interest rates. Once you decide which option is right for you, you can apply on your own or with a cosigner.
Citizens Bank Education Refinance Loan requirements
You need to have at least $10,000 in student loans to refinance with Citizens Bank. Borrowers with an Associate’s degree or no degree must have made a minimum of 12 qualifying payments after leaving school, too.
You must also be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security number to apply. Although a cosigner is not required, a qualified cosigner will help those with weak credit histories or low incomes gain approval.
Citizens Bank Education Refinance Loan rates
Citizens Bank offers competitive rates with variable APRs as low as 2.24% and fixed APRs as low as 2.69%, depending on your loan amount, repayment term and level of education. Citizens Bank also offers a loan rate calculator on its website to help you calculate your lowest and highest possible rates before you submit an actual application.
The minimum debt amount for refinancing a student loan with Citizens Bank is $10,000, and its maximum loan amount is $750,000, depending on your education level. You can choose between flexible payment options, such as five-, seven-, 10-,15- or 20-year terms, too.
Citizens Bank Education Refinance Loan benefits
The main benefit of a Citizens Bank Education Refinance Loan is restructuring your existing debt. Essentially, you can use a refinancing loan to pay off your old loans. While your total amount of debt won’t necessarily change, the potential for a better rate and term on your new loan means that your monthly payments can go down.
Citizens Bank Education Refinance Loans also offer a variety of other benefits, including:
- A 0.25% discount for signing up for automatic payments
- A 0.25% discount if you or your cosigner already have an account with Citizens Bank
- No application, origination or disbursement fees
- No prepayment penalties
Citizens Bank Education Refinance Loan FAQ
- Is Citizens Bank good for refinancing student loans?
- Yes, Citizens Bank is a good option if you’re looking to refinance your student loan(s). Its rates are competitive, and it provides a number of benefits for borrowers.
- Where are Citizens Bank student loans available?
- Citizens Bank student loans are available via its website and at its branches, which operate in 11 states, including Rhode Island, Connecticut and New York.
- How long are Citizens Bank’s student refinancing loan terms?
- You have the option of choosing from five-, seven-, 10-, 15- and 20-year repayment periods with a Citizens Bank Education Refinance Loan.
- How do you qualify for Citizens Bank’s student loan refinancing?
To qualify for student loan refinancing with Citizens Bank:
- The student loans you refinance must be in repayment.
- You cannot currently be attending school.
- You must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security number.
- You must have at least $10,000 in student loans to refinance.
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I called Citizens Bank and was informed that I had to cancel my Income Based Plan from my current federal loan consolidation and after 3 months of paying my "full" payment, then Citizens Bank would consider refinancing with me. After calling numerous lenders, no one has this requirement. Just a heads up that you should ask this very important question before applying and doing a "Hard" credit check with this lender.
Citizens Bank Education Refinance Loans Company Information
- Company Name:
- Citizens Bank Education Refinance Loans
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