Frequently Asked Questions: Student Loan Refinancing for Parents

Refinance the loans you took out on someone else’s behalf. Benefits include a potentially new interest rate, monthly payment amount, and repayment length. You can also combine different loans for multiple children, even before you’ve made any payments.

1. Click Get My Rate to determine the rate you may qualify for
2. Fill out an application for an Education Refinance Loan for Parents which will include personal information as well as details about existing loans in your name or loans you have co-signed
3. Determine if you would like to apply as an individual or with a co-signer
4. We will review your and your co-signer’s credit profile and your application to determine eligibility
5. We will present you with different loan options, including new rates, terms and monthly payment amounts
6. You choose the option that works best for you. Need additional assistance? Contact our Student Lending specialists at 1-877-405-2262
7. We will make payment(s) to your current loan servicer(s) to pay-off your student loans.
8. Continue to make on-time loan payments until you receive confirmation that the loans have been paid-in-full

No. You may qualify if you are looking to combine one or more student loans taken out for the benefit of another person.

You can include any student loan debt used to finance your child’s education. For example:

1. Federal Direct PLUS
2. Student loans and alternative student loans from other lenders (including loans you may have co-signed)

During our review process, we will confirm whether the loans that you have submitted are eligible for refinancing with Citizens.

You must have been a party to the original loan (either primary borrower or co-signer) in order to be eligible to refinance.

You cannot include any other debt that is not an education loan (for example, credit card or mortgage), even if it was used to pay education expenses.

Minimum: $10,000

Maximum: $500,000

• 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 aliens must apply with a co-signer that is a U.S. Citizen or permanent resident with a valid U.S. Social Security Number residing in the United States.
• Borrowers must have at least $10,000 in student loans to refinance

Benefits to refinancing student loans can include: reducing monthly payment amounts, lower interest rates, switching from a fixed to variable rate, getting out of debt sooner, or combining multiple loans into one monthly payment. Check out "Is Refinancing Right for Me?" to help evaluate whether refinancing your student loan debt is the right decision. Still have questions? Call our Student Loan Specialists at 1-877-405-2262.

There are no application, origination or disbursement fees to apply for our Citizens Education Refinance Loan for Parents.

Yes. You may apply for a Citizens Bank Education Refinance Loan for Parents at any time - even while the student is still in school and before you’ve made any payments.

No, your child’s graduation is not a requirement to apply for the Citizens Bank Education Refinance Loan for Parents.

You will need to present a reasonably strong credit history, which is derived from your credit score, along with a minimum gross annual income (borrower and co-signer combined) of $24,000. Although a co-signer is not required, we strongly encourage borrowers with little or no credit history to apply with a qualified co-signer to increase their chances of being approved.

No. Co-signer release is not available through the Citizens Education Refinance Loan for Parents.

Now you can find out your interest rate and potential monthly savings in 2 minutes. Simply click "Get My Rate" and enter in a few pieces of information. Once submitted, you will be presented with your interest rate options, without affecting your credit score. You can then go on to complete the online application. Your final interest rate and loan terms will be based on the verified information entered in your loan application.

Selecting "Get My Rate" only requires a "soft credit pull" which does not affect your credit score. Submitting a full application results in an inquiry on your credit report.

You will need the following personal information in order to find out your rate and savings:

• Name
• Address
• Date of Birth
• Social Security Number
• Email Address
• Phone Number
• Total Amount to Refinance
• Total Current Monthly Payments

The interest rates offered are what you will receive based on the verified information you enter if you continue and apply for an Education Refinance Loan in session by selecting “Apply Now” from the rate quote results page. If you come back at a later time, the initial rate offer may no longer be available to you. You may return at any time to request a new rate quote.

The FAFSA is considered the application for federal student loans, and is typically a student's first step in applying for financial aid.

You can fill out the form online at www.fafsa.ed.gcov. Students are strongly encouraged to apply online, but if you prefer, you can complete a paper version of the FAFSA and send it via mail. Check with your high school guidance counselor or college financial aid office for a paper form.

No. Private student loan borrowers DO NOT need to submit a FAFSA. Simply complete the online Citizens Bank Student Loan application to apply. However, students are encouraged to exhaust all available Federal Aid before taking a private student loan to pay for college.

You will need to complete the Free Application for Federal Student Aid (FAFSA) form. This form will enable your college to determine your eligibility for all types of federal aid, including Federal Direct Loans. After you find out whether you are eligible for the Federal Direct Loan, you will need to complete a Federal Direct Loan Master Promissory Note (MPN). Visit the Federal Student Aid site for complete details about federal loan options.

The types of loans, and amount you're eligible to borrow each year is determined by your school each year. However, there are limits to the amount you can receive. Annual and lifetime limits vary based on the year of school you are in, and whether you filed as a dependent or independent student. You can visit the Federal Student Aid site for more details, but to give you an idea of what to expect, below are the current annual limits:

• First-year undergraduate: $5,500
• Second-year undergraduate: $6,500
• Third-year & beyond undergraduate: $7,500
• Graduate or Professional (independent students): $20,500

Yes. You will need to complete the FAFSA form each year. Every year you will receive a new financial aid award letter from your school.

Usually, you do not have to complete a new MPN each year. These forms are good for 10 years. You may have to fill out a new form if you change schools or change your lender.

Under federal financial aid formulas, you'll qualify for additional financial aid when you have more than one child attending college at once. Just be sure to note on your FAFSA that you have multiple college students. In addition, many colleges and universities offer tuition discounts for more than one child per family.

Simply notify your school of any substantial change in your family's financial situation since you last provided your financial information. You'll need to file an updated FAFSA form that includes documentation of your new circumstances. You may be eligible for some form of additional financial assistance.

Yes, there are interest rate reductions available for borrowers of the Education Refinance Loan. Check out our product pages for detailed information on available discounts.

If you’ve received an email that you need to take action on your loan, you should choose either “Log In” or “Check My Loan Status.” If you do not already have a user account you should create one at this time.

If your application has not been submitted for a credit review, you should choose "Finish an Application." There, you will see four options:

• I have a saved application I would like to finish. If you didn't finish your application when you began it, please select this option and you will be able to log in with your user account.
• I started an application by phone or online and need to create an account. If you have not yet created a user account, please select this option.
• I am the borrower, and for the first time I am logging in to finish the loan the co-signer started. If your co-signer completed his or her portion of the application and you have not started yours, then please select this option.
• I am the co-signer and for the first time I am logging in to finish the loan the borrower started. If the borrower has completed his or her portion of the application but you have not started your portion yet, then please select this option.

If you have already submitted your application for a credit review or created a username and password, you can always choose either to "Log In" or "Check My Loan Status" from the main page to access your most up to date loan status. If you need to get back to the main page, you can select "Start Over."

You may choose whether to physically sign or e‑sign your student loan application and promissory note.

Physically Signing: If you choose to physically sign your note, provide a bank statement verifying your name and physical address as stated on the application. If you cannot provide a bank statement, then a utility bill with this information is acceptable, along with a W‑2 or first two pages of your 1040 verifying your name, address, and SSN. If you do not file taxes or receive W‑2s but can be claimed as a dependent on another's tax return, we will accept the 1040 of the individuals who claim you as a dependent.

E-signing: This must be done through our application portal, not through the Sign and Certify function on Adobe Acrobat products. You must first review and agree to the Electronic Documents Consent. Then, under your Loan Documents Checklist, you can choose to complete your signature on the application and promissory note. You will be asked to complete four steps: 1) review your application/promissory note, 2) enter and validate the e‑sign code found on the bottom of the last page of the note, 3) consent to the terms of the note, and 4) consent to verify identity using the information found on your credit report.

After you select "Continue," you will be asked to answer four questions related to your credit report. These questions are generated by Equifax, a credit reporting agency, and relate to items in your personal credit profile. These questions allow us to verify your identity and protect you from fraud.

Yes, you can, but please note that we cannot currently accept emails in .jpg format. For security purposes, we strongly recommend that you upload your required documents directly to your application by logging in and reviewing your Action Items list.

Via Standard Mail:
Education Finance
P.O. Box 42124
Mailstop RTL295
Providence, RI 02940

Via Overnight Mail:
Education Finance
One Citizens Bank Way
Mailstop: JCA295
Johnston, RI 02919

For assistance with the Student Loan, or Student Loan for Parents call 1‑800‑708‑6684.

Citizens student loans are serviced in-house.

We perform all functions within the Citizens Financial Group family, from origination through repayment, giving the borrower one reliable source from start to finish. You can access the site here where you will be able to sign up for automatic payments, make one-time payments, and update your personal information if necessary. For real-time assistance, please call 833-531-1312 Monday - Friday 8am - 9pm EST.