Frequently Asked Questions: Student Loan

For people with multiple student loans, consolidation can help simplify payments by combining these separate loans into one. When you use an Education Refinance Loan, Citizens will combine these separate loans into a new, single loan. This new loan will have new terms, such as a new monthly payment amount, interest rate and repayment length. Student loan consolidation is for people carrying multiple student loans with separate due dates, payment amounts and interest rates. By combining these many loans into one, you can simplify your loan payments and make it easier to fit student loan repayment into your budget.

Federal loan consolidation is common, but only recently have students been able to consolidate their federal and private loans together. If you need to simplify your student loan payment process, the Citizens Education Refinance Loan® gives you the option of consolidating your federal and private loans together and receive a new term, a new repayment length and a new interest rate.^† Unlike federal loan consolidation where your new interest rate is based on a weighted average of each loan's rate, Citizens will base your new interest rate on the market and your credit profile.

If you have questions about whether student loan consolidation is right for you, speak with one of our Student Lending Specialists.

1. Click Get My Rate to determine the rate you may qualify for
2. Fill out an application for an Education Refinance Loan, 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 payments until you receive confirmation that your loans have been paid-in-full. You will begin repaying your Citizens Education Refinance Loan right away.

We know you’re excited to see your rates. So to serve yours up as quickly as possible, we skip the lengthy questionnaires and only ask for the basics:

• Name
• Address
• Email address
• Phone number
• Birthdate
• Citizenship status
• Social security number
• Monthly rent or mortgage cost
• Highest degree earned
• Employment status and income
• Expected residency completion date (for medical residents/fellows)

You can include any student loan debt used for financing your education (for example, Citizens Student Loans, other private student loans from other lenders, or your federal loans^† like Federal Direct PLUS or Stafford loans). You cannot include any other debt (for example, credit card or mortgage), even if it was used to pay education expenses. Other non-collegiate loans are also ineligible, such as primary school (K-12) and college prep loans.

You may also be able to refinance your student loan debts, even if you previously consolidated them into a single loan.

Our application has a list of the most common loan servicers; however, you may submit loans for which the servicer is not on our list. When we review your application, we will review whether loans from that servicer may be refinanced.

Minimum: $10,000

Maximum:

• $300,000 (Bachelor’s degree)
• $500,000 (Graduate degree)
• $750,000 (Professional degree)

• You cannot be currently enrolled in school, unless you have already completed your undergraduate studies. If you are currently enrolled in school and are seeking additional financing, please consider the Citizens Student Loan.
• 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 with student loans from a domestic or foreign school being serviced by accredited/licensed U.S. based servicers or servicers in U.S. territories. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident.
• You must have at least $10,000 in student loans to refinance.
• Applicants with a bachelor's degree or higher.

For more information about eligibility requirements, speak to a Student Lending Specialist.

When we review your application and credit profile, we’re looking for things that show us you’re able to repay your loan. Generally, those include a reasonably strong credit history and annual income of at least $24,000. Got both? Great! You’re in good shape.

Missing one (or both)? Consider applying with a cosigner^†. Since a cosigner agrees to pay your loan if you can’t – and often has a more established credit history – adding one may help you get approved and even get a better interest rate.

Fixed interest rates stay the same for the length of your loan, so you’ll always have the same monthly payments – but they tend to cost more than variable interest rates.

Variable interest rates go up and down, so your monthly payment will too. That means less predictability, but also potential savings: if it dips lower than a fixed interest rate, you’ll pocket the difference.

Both the borrower and co-signer may need to submit the following:

• Social Security number (or Alien ID number for permanent resident)
• Gross monthly income
• Employer name, phone number, and length of employment (if applicable)
• Monthly rent or mortgage payment (if applicable)
• The current lender/servicer of your existing student loans, full account number of those loans, current loan balances, your monthly payment, the next payment due date, and the interest rate and type. Your most recent monthly billing statement will have all of this information.

1. Application - Fill out an application for a Citizens Education Refinance Loan which will include personal information as well as details about your existing student loans. Determine if you would like to apply as an individual or with a co-signer.
2. Decision - We will validate your (and your co-signer’s, if applicable) credit profile and application to determine eligibility.
3. Options - If approved, we will present you with different loan options, including new fixed or variable interest rates, repayment terms and monthly payment amounts.
4. Term Selection - You (and your co-signer, if applicable) will be required to sign your application and promissory note.
5. Old Loans Paid Off - Before we deliver your refinance loan proceeds to your previous lender(s), we will provide to you a Final Disclosure which will confirm the terms of the loan and provide you a Right to Cancel without penalty for a minimum period of 3 business days, along with instructions on how to do so. Then, we will make payment(s) to your current loan servicer(s) to pay-off your student loans.
6. New Loan Begins - Continue to make on-time payments until you receive confirmation that your loans have been paid-in-full. You will begin repaying your Citizens Education Refinance Loan right away.

Education Refinance Loan borrowers and co-signers must be US citizens or permanent residents with valid Social Security numbers.

• US citizen: a copy of your Social Security card, your birth certificate, or your passport.
• Permanent resident: proof of residency in the form of your current U.S. Citizenship & Immigration Services (USCIS) Form I 551 (Resident Alien Card). If you do not have yours available, a temporary WSCIS Form I 551, a passport stamped "Temporary 551," or Form I90 (Application to Replace Alien Registration Card) may be used.

We got you, doc! Our Education Refinance Loan for medical residents and fellows fixes loan payments at just $100 per month^† during your program and has only three requirements:

1. You have over $10,000 in private or federal student loan debt.
2. You have graduated from medical school and are matched to an MD, DO, DDS, DMD, DPM, VMD, PharmD or OD residency or fellowship program at the time of application.
3. You meet our credit criteria.

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 individual who claims 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.

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

For assistance with the Education Refinance Loan call 1-888-333-0128.