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.
Before you learn how to refinance or consolidate your student loans, make sure that the following criteria apply to you:
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.
As you prepare to apply for student loan refinancing or consolidation, take some time to gather the following documents:
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.
Once you have confirmed your eligibility and gathered the right documents, take the following steps to complete your student loan refinance application:
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.
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.