How to Refinance Student Loans: Application Checklist

Learn what you'll need to apply for student loan refinancing

If you're interested in potentially lowering your student loan interest rate or monthly payment, this guide on how to refinance education debt could help. While each lender is different, Citizens Bank has a simple application process that makes it easy to refinance your existing student loans or consolidate multiple loans into a single monthly payment. Before you fill out an application for an Education Refinance Loan, learn more about what you'll need and what to expect during the application process.

Check your eligibility before filling out an application for student loan refinancing

Before you learn how to refinance or consolidate your student loans, make sure that the following criteria apply to you:

  • You are no longer enrolled in school.
  • Your loans are in repayment.
  • You have a minimum of $10,000 in student loans.
  • Your student loan balances are less than $90,000 for a bachelor's degree or below; $225,000 for a graduate or doctoral degree (including MBA); or $300,000 (law degree); or up to $350,000 (professional degree such as dental or medical degree).

Refinancing federal student loans may affect your loan terms - federal student loans have unique benefits that are waived when you refinance your student loans. When you refinance, you replace your current and future benefits with the benefits of the Education Refinance Loan, but be sure to review all potential benefits of refinancing. For more information about eligibility and loan limits, speak with a Citizens Bank Student Lending Specialist.

Have the right documents ready when applying for student loan refinancing

As you prepare to apply for student loan refinancing or consolidation, take some time to gather the following documents:

  • Proof of citizenship or resident alien status (a Social Security Number or government ID number for resident aliens).
  • Personal information, including proof of employment and monthly housing payments.
  • Proof of income (such as paystubs).
  • Billing statements for your federal and private loans.

Resident aliens will need a cosigner in order to be eligible for an Education Refinance Loan. You can find more information about application documents on our application process page.

Follow these steps to complete your application for student loan refinancing

Once you have confirmed your eligibility and gathered the right documents, take the following steps to complete your student loan refinance application:

  • Speak with a Student Lending Specialist to answer any questions or address concerns.
  • Fill out the Education Refinance Loan application.
  • Submit any proof of income documentation and receive credit approval.
  • Review loan options and agree to loan terms.
  • Sign and return promissory note.
  • Receive final disclosure and Right to Cancel notice.

After you sign your promissory note, Citizens Bank will pay off the student loans you have refinanced and repayment on your new loan will begin.

Apply for an Education Refinance Loan from Citizens Bank to help you manage your student loan debt

If you want a simpler way to manage your student loans after graduation, consider refinancing or consolidating your student loans with Citizens Bank. Our Education Refinance Loan allows you to potentially lower payments and interest rates on both federal and private loans, making it easier to manage your money. For more information about our Education Refinance Loan, contact a Citizens Bank Student Lending Specialist today.