An Education Refinance Loan could reduce your interest rate and lower your payment by an average of $127 a month.1 And now you can consolidate or refinance your federal and private loans at competitive rates, for maximum convenience.
||No application, origination or disbursement fees.
No prepayment penalty.
|Interest Rate Options
Your choice of:
- A fixed rate as low as 4.74%2 or
- A variable interest rate as low as 2.31% APR2
Your actual interest rate is based on your credit and, if applicable, the credit of your cosigner. A qualified cosigner can increase your chance of receiving the lowest possible rate.
View interest rate and repayment examples.
*For eligible applicants.Includes available discounts.
- $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)
- 15 - or 20-year repayment terms
- Your monthly principal and interest payments begin right after you close on your loan
View interest rate and repayment examples.
|Savings & Benefits
||Our customers save an average of $127/month1 on their student loan payments by refinancing with us. The potential benefits can include:
- A better interest rate
- Lower monthly payments
- Simpler student loan repayment with a single monthly payment that consolidates your federal and private student loans
|Refinancing Federal Student Loans
Some federal student loans include unique benefits that you may not receive with a private student loan like our Education Refinance Loan.
When you refinance, you waive any current and potential future benefits of your Federal loans and replace those with the benefits of the Education Refinance Loan.
Please carefully review your current benefits, especially if you are:
- Working in public service
- In the military
- Currently on or considering income-based repayment options
- Concerned about a steady source of future income
We encourage you to review Should I Refinance My Student Loans? for a helpful comparison of federal and private student loan benefits.
|Interest Rate Discounts
When you refinance or consolidate your student loans with us, you can lower your interest rate (as reflected in our rate ranges above) with the following discounts:
- Loyalty Discount: 0.25 percentage points off your interest rate on a new Education Refinance Loan if you or your cosigner (if applicable) has a qualifying account with us when you apply.3
- Automatic Payment Discount: 0.25 percentage points off your interest rate by authorizing our loan servicer to automatically deduct your payments each month from any bank account.3
- Applying with a cosigner may increase your chance of receiving the lowest interest rate.4
If you have little or no credit history, we strongly suggest that you apply with a qualified cosigner as it may also help you secure a lower interest rate.
After 36 consecutive, on-time principal and interest payments, a cosigner may apply for release from the loan.4
|Which Loans Are Eligible?
||All Student Loans are eligible for refinancing and consolidation, including:
- Private graduate and undergraduate student loans
- Federal graduate and undergraduate student loans
|Who Can Apply?5
You must no longer be enrolled in school to apply. Also, you must also meet the following requirements:
- If you have a bachelor’s degree or higher, you may be eligible to refinance your student loans upon making three (3) consecutive, on-time monthly payments of principal and interest.
- If you do not have a bachelor’s degree, you may be eligible to refinance your student loans upon making twelve (12) consecutive, on-time monthly payments of principal and interest
- You must demonstrate 12 consecutive months of recent earnings history unless you have a qualified cosigner.
- You 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. A cosigner must be a U.S. citizen or permanent resident with a valid U.S. Social Security number residing in the United States
To explore your options, call us at 1-888-333-0128.
|What You Need to Apply
- Two of your most recent pay stubs or other proof of income
- Personal information, including employment details and monthly housing payments
- Existing student loan billing statements for the loans you are looking to refinance
|Steps to Getting Your Loan
- Both you and, if applicable, your cosigner, must complete the application.
- We will validate your income and existing student loans.
- You will receive notification of a credit decision.
- If approved,* you choose your loan terms from the options you qualify for, including your interest rate and how many years you have to pay back the loan.
- Borrowers (and cosigners, if applicable) must accept the terms of the loan and sign the promissory note.
- A Final Disclosure will confirm the terms of the loan and provide you with your Right to Cancel notice.
- Citizens Bank will pay off the federal and/or private student loans you are refinancing or consolidating.
- 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.
Is an Education Refinance Loan right for you? Call Citizens Bank at 1-888-333-0128 or check out our Factors to Consider guide to learn if refinancing or consolidation of your student loans can help you better manage your debt.