With immediate repayments, you pay the lowest cost overall. That's because both principal and interest payments begin one month after your loan is disbursed.
With interest-only repayment, you pay only the accrued interest on the loan while you're in school, rather than letting it increase until after graduation. This option lowers the total cost of the loan compared to the full in-school deferment option. Full principal and interest payments begin six months after graduation, or if you fall below half-time status.
Deferred repayment offers the convenience of no payments if you're enrolled in school at least half time. Payments begin six months after graduation or if you fall below half-time status, which makes it the best option for students who can't pay for their loan while in school.
Invest in your future
save up to
percentage pointsoff your interest rate2
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1Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of October 1, 2015, the one-month LIBOR rate is 0.19%. Variable interest rates range from 2.69% - 9.44% (2.69% - 9.15% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-signer. Fixed interest rates range from 5.75% - 11.75% (5.76% - 11.51% APR) based on applicable terms and presence of a co-signer. Lowest rate requires application with co-signer, 5 year repayment term, and borrower making scheduled payments while in school. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. You will be presented with an Application Disclosure and an Approval Disclosure within the application process before you accept the terms and conditions of your loan.
2Interest rate reduction of up to 0.50 percentage points is possible with the following discounts:
Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on a new Citizens Bank Student Loan if the borrower or co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and co-signer (if applicable) have submitted a completed application authorizing us to review the credit request for a Citizens Bank Student Loan. The following are qualifying accounts: checking accounts, savings accounts, money market accounts, certificates of deposit, automobile loans, home equity loans, home equity lines of credit, mortgages, credit card accounts, Education Refinance Loans or Citizens Bank Student Loans. This discount will be reflected in the interest rate disclosed in the Approval Disclosure that will be provided once the loan is approved. There is a limit of one loyalty discount per loan, and the discount will not be applied to prior loans. The loyalty discount will remain in effect for the life of the loan.
ACH Benefit: During periods when payments are due, you will be eligible to receive a 0.25 percentage point interest rate reduction on your loan by authorizing our loan servicer to automatically deduct your payments each month from any bank account you designate. Benefit is not available when payments are not due, such as during deferment or forbearance or during periods where you have cancelled automatic deductions. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, you will no longer be eligible for this benefit.
Citizens Bank Student Loan:
Students must be enrolled at least half-time in a degree-granting program at an eligible institution. Students must be a U.S. citizen or permanent resident or an international student with a creditworthy U.S. citizen or permanent resident co-signer. For students who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify or discontinue these benefits at any time. Any changes to these benefits will not affect loans issued prior to the change date. Ranges subject to change. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and – if applicable – self-certification form, school certification of loan amount, and student’s enrollment at a Citizens Bank-participating school.
Rates and offer subject to change. All accounts, loans and services subject to individual approval.