Citizens Bank Student Loan Repayment Options

The Citizens Bank Student Loan program provides different repayment options or schedules by student loan type.

Undergraduate Students
The Citizens Bank Student Loan program for undergraduate students offers three repayment options:

1.  For immediate repayment loans, payment of principal and interest begins 30-60 days after disbursement.

2.  For loans with deferred principal and interest, both principal and interest are deferred for up to four (4) years (five (5) years if enrolled in a 5-year degree program), repayment begins 180 days after graduation (or if the student ceases to be enrolled at least half-time prior to graduation, repayment of principal and interest begins 180 days after that event).

3.  For loans with deferred principal payments, interest payments begin 30-60 days after the loan disbursement for up to four (4) years while continuously enrolled in school (five (5) years if enrolled in 5-year degree program), and principal payments begin 30-60 days after graduation (or if the student ceases to be enrolled at least half-time prior to graduation, repayment of principal begins 30-60 days after that event).

• Minimum monthly payment of $25.00
• Up to 20 years to repay if loan amount is less than $40,000
• Up to 25 years to repay for loan amounts of $40,000 or more

Note: For loans in full deferment of both interest and principal, the interest will be capitalized (added to the loan principal) quarterly while in deferment and once at repayment.

View the undergraduate student repayment example.

Graduate Students
For the Citizens Bank Student Loan program for graduate students, both principal and interest are automatically deferred while the student is in school at least half-time, up to a maximum of four and one half (4½) years from the disbursement of the loan and repayment begins 180 days after graduation or separation from school (the four and one half (4½) years period includes the 180 day post graduation deferment).

• Minimum monthly payment of $25.00
• Up to 20 years to repay if loan amount is less than $40,000
• Up to 25 years for loan amounts of $40,000 or more

Note: The interest will be capitalized (added to the loan principal) quarterly while in deferment and once at repayment.

View the graduate student repayment example.

Continuing Education Students
For the Citizens Bank Student Loan program for continuing education students (students must attend less than half-time, regardless of school or education program), repayment begins based on the following:

1.  If the student is enrolled in a degree or certificate-granting program at the school, repayment begins the earlier of the dates which are (i) 180 days after the student graduates or earns the certificate, (ii) 180 days after the student ceases to be enrolled at the school, or (iii) two (2) years after the date of the last loan disbursement.

2.  If the student is not enrolled in a degree or certificate-granting program at the school, repayment begins the earlier of the dates which are (i) 180 days after the end of the academic period to which the loan relates, or (ii) 180 days after the student ceases to be enrolled at the school.

• Minimum monthly payment of $25.00
• Up to 20 years to repay for all loan amounts

Note: If principal and interest payments are deferred, the interest will be capitalized (added to the loan principal) quarterly while in deferment and once at repayment.

View the continuing education student repayment example.