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.

When applying for a Citizens Student Loan™ with a cosigner, both the primary borrower and cosigner must complete an application. Let's say you have your child start the application; they will select "Student" in the "Tell us who you are" dropdown menu. In the next dropdown menu listed as "Select your loan type", they will choose "I want to apply for a new loan." Towards the bottom of that same page, they must indicate that they will be applying with a cosigner. After your child completes their application, they must submit the completed portion of the application to allow you to complete your part as the cosigner. They will receive an application ID number which they must provide to you so you can access the application they started as the primary borrower.

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

The student loan borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their cosigner (if applicable) has a qualifying account in existence with us at the time the borrower and their cosigner (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account (our student checking account might be worth considering in this case), savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A.

You may borrow up to the maximum qualified 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.

We do not have a student loan calculator but you can get your rate in two minutes or less with no impact to your credit score here.

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.

For more information on our current Citizens Scholarship, please visit our Citizens Scholarship page. Other FAQs relating to the Citizens Scholarship can be found here.