Student Borrowing

Education Refinance Loan

Simplify your life and your payments by refinancing your private student loans.

Refinance or consolidate private student loans to take control of your debt

With an Education Refinance Loan from Citizens Bank, you can consolidate multiple private student loans into one or refinance an existing private student loan. It’s an easy way to take control of your payments and simplify your life.

Learn more about the benefits, terms and next steps for refinancing student loans

Fees No application, origination or disbursement fees
Interest Rate Options
  • A fixed rate as low as 5.24%1 or
  • A variable interest rate as low as one-month LIBOR plus 2.65%1

Actual interest rate is based on credit, and presence of a cosigner. Applicants are encouraged to apply with a qualified cosigner to increase chances of receiving the lowest rate possible.

View interest rate and repayment examples.

Loan Limits Minimum: $10,000
Maximum Loan Amounts:
  • $90,000 (bachelor’s degrees and below)
  • $130,000 (graduate and doctoral degrees, including MBA)
  • $170,000 (professional degrees such as dental, medical and law)
  • Payments of principal and interest begin immediately
  • 15 or 20 year repayment options
Benefits Consolidating or refinancing student loans could help you receive a lower interest rate and one convenient loan payment each month, which may be lower than your current loan payment. You’ll also receive the peace of mind and simplicity of having all your private student loans with one trusted lender who offers you the following benefits:
  • Loyalty Discount: 0.25 percentage point interest rate reduction on a new Education Refinance Loan if you or your cosigner (if applicable) has a qualifying account in existence with us at the time of application.2
  • Automatic Payment Discount: 0.25 percentage point interest rate reduction by authorizing our loan servicer to automatically deduct your payments each month from any bank account.2
  • Cosigner Release: Cosigner may be released from loan responsibility after making 36 consecutive, on-time principal and interest payments.3
Eligibility Requirements4 Available only for private student loans. Federal student loans are not eligible for our refinancing product. However, graduate and undergraduate private loans may be consolidated together.
  • Applicants must be in repayment on their existing private student loan(s) and cannot be currently enrolled.
    • Borrowers with a bachelor’s degree or higher may be eligible to refinance their private student loan(s) upon making 3 consecutive, on-time monthly payments of principal and interest.
    • Borrowers without a bachelor’s degree may be eligible to refinance their private student loan(s) upon making 12 consecutive, on-time monthly payments of principal and interest.
  • If applying on their own, the borrower must demonstrate 12 consecutive months of recent earnings history.
  • 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 alien applicants require cosigners. Cosigners (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States
Application Process

Anyone no longer in school can apply to refinance or consolidate their private student loans.

You’ll want to have the following documentation ready for the application:

  • Two of your most recent pay stubs or other proof of income
  • Personal information, including employment details and monthly housing payments
  • Existing private student loan billing statements for the loans you are looking to refinance

Here are the steps you can expect when consolidating or refinancing student loans:

  1. Complete your application (both the primary borrower and, if applicable, the cosigner).
  2. Your income and existing private student loans to refinance will be validated.
  3. You are then notified of a credit decision.
  4. If approved*, you choose your loan terms from the options you qualify for, including how many years you have to pay back the loan and your interest rate.
  5. Borrowers (and cosigners, if applicable) must accept the terms of the loan and sign the promissory note.
  6. You will receive a Final Disclosure that will confirm the terms of the loan and provide you with your Right to Cancel notice.
  7. Citizens Bank will pay off the private student loans you are consolidating.
  8. Repayment of your Education Refinance Loan begins immediately.

*Approval and rates for a student loan refinance will depend on your credit score, and presence of a cosigner. Rates and terms available may not be better than your original loan, and lower monthly payments may cause you to pay more in interest over the extended life of the loan.

Because there are different loan terms on the market, refinancing or consolidating your student loans may or may not deliver the benefits you expect. Check out our Factors to Consider guide for valuable information that can help determine if an Education Refinance Loan is right for you.

Apply Now

Save up to 0.50 percentage points off your interest rate2

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