Frequently Asked Questions: Student Loans

We do offer a private loan, the Citizens Student Loan™. In general, private loans allow you to borrow what you need to cover a gap after federal aid. These loans are credit based, so most students will require a creditworthy co signer, such as a parent or legal guardian, to be approved.

We have an established track record of deep credibility and broad expertise with more than 40 years in the student loan business. Over that time, we’ve developed a network of close relationships with college financial aid offices and other student financial aid professionals, which greatly benefits our borrowers.

Citizens offers Multi-Year Approval^†, because we are committed to staying with you all the way through graduation. Multi-Year Approval provides an easy way to secure funding for additional years in school, without needing a hard credit inquiry for subsequent applications in those later years. When you apply, you will be presented with the total amount you are eligible to borrow for all the years you are in school. If approved, you will be notified after you have submitted your application. This feature is available for both Citizens Student Loan^™ and Citizens Student Loan^™ for Parents. Please note: International students are not eligible for Multi-Year Approval.

The Citizens Student Loan™ and Citizens Student Loan™ for Parents have no origination, application, or disbursement fees.

You may borrow up to the maximum certified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits^† (including both federal and private loan debt) of:

• Minimum: $1000
• Undergraduate: $225,000
• Graduate Degrees: $225,000
• MBA and Law: $300,000
• Healthcare: $225,000 or $400,000 depending on your degree

You could use your private student loan to pay for up to 100% of ‘certified’ college expenses. While these are determined by each individual school, they typically cover a wide range of costs such as tuition, room and board, supplies, books, equipment, and other necessary expenses. If you end up living off-campus, your loan could be used for rent, utilities, internet access and transportation to and from classes. You can get a complete list of certified expenses from your school. Then you’ll have an idea of what your loan can and cannot be used to pay for.

All you need to do is fill out the quick and easy online application. Before you apply, make sure you have the following items available so you can easily complete your application:

• Name, address, phone number, email address
• Date of birth
• Social Security Number
• Recent pay stub (no more than 30 days old) or other proof of income and monthly housing payment.
• Employer name, phone number and length of employment (if applicable)
• Name of school you plan to attend
• Cost of attendance and any financial aid received (see award letter from your school)
• Student's anticipated graduation date, loan period and loan amount needed.
• Co‑signer name and valid email address (if applicable)

Remember, students are encouraged to apply with a qualified co‑signer to increase their chances of approval and receiving the lowest rate possible. If you're a parent, take a look at our Citizens Student Loan™ for Parents—with an average savings of $744^†, it's a better alternative to the Federal Direct PLUS Loan.

We will need to see a reasonably strong credit history, which is derived from your credit score. If you do not have a sufficient credit history, you should apply with a creditworthy co‑signer.