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.

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 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.

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

A Citizens Bank Education Refinance Loan is a good option if you are no longer attending school and need to refinance your student loans. You are also eligible to receive up to a 0.5% discount on your APR for being an existing Citizens Bank member and enrolling in automatic payments. Ultimately, whether it’s worth it to refinance your student loans or not depends on how bad your current loan(s) are and how much better your new loan could be. If you’re interested in finding out, there’s no harm in checking your rate with Citizens Bank.