Citizens Bank launches Citizens Bank TruFit Student Loan
Students can select repayment option that fits their needs
Providence, R.I. (July 1, 2009) - Citizens Bank today announced it is accepting applications for its Citizens Bank TruFit Student Loan, which offers students the convenience of multiple repayment options as well as an interest-rate reduction for automatic payments with any eligible Citizens Bank account.
“As the cost of tuition continues to rise, it’s becoming increasingly challenging for students and their families to pay for a college education. Citizens Bank is pleased to offer a funding source that can complement grants, scholarships and federal student loans, and enable students to realize their dream of a college education,” said Brad Conner, Vice Chairman, Head of Consumer Finance.
With the Citizens Bank TruFit Student Loan, students have three repayment choices: immediate, interest only or deferred. Borrowers will receive a 0.50 percent interest rate reduction for automatic payment with any eligible Citizens Bank account, including Green Checking, the bank’s free checking account. Green Checking has no minimum-balance requirements or monthly maintenance fees.
The Citizens Bank TruFit Student loan is available to eligible students who are enrolled at least half-time in a four-year undergraduate or graduate program.
According to the nonprofit College Board, the average annual total charges (tuition, fees and room and board) at private four-year colleges and universities in 2008-09 are $34,132, a 5.6 percent increase from a year earlier. The average total charges at public four-year colleges and universities in 2008-09 for in-state students are $14,333, up 6.4 percent from the year prior, while total charges for out-of-state students at public schools are $25,200, up 5.2 percent.
Since federal student loans are capped at $5,500 per year for first-year college and university students, the Citizens Bank TruFit Student Loan can help bridge the gap left after federal loans, grants and scholarships have been exhausted. If necessary, however, students can borrow up to the cost of education with a Citizens Bank TruFit Student Loan.
To help parents save for their child’s education, Citizens earlier this year launched CollegeSaver, which enables customers who save a minimum of $25 per month until their child is 18 to earn a $1,000 bonus plus interest for opening an account by their child’s sixth birthday. Customers receive the $1,000 bonus plus all the accrued interest when the child turns 18.
Students can apply for a Citizens Bank TruFit Student Loan online at www.citizensbank.com/trufitstudentloan, or call 1.800.708.6684 for more information.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is a $167 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,450 branches, approximately 2,650 ATMs and approximately 23,000 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets. CFG is owned by RBS (The Royal Bank of Scotland Group plc).