The Education Refinance Loan Application Process

Learn what you need before applying for student loan refinance

An Education Refinance Loan may help you to lower your interest rate and monthly payment so you can save money over the life of your loan. If you're ready to simplify or potentially lower your monthly student loan payments (both federal and private) with an Education Refinance Loan, you may be wondering what you'll need to get started.

Before you apply for a student loan refinance application form, take some time to learn about what you'll need and what to expect during the application process. If you have questions about your application or how an Education Refinance Loan can help you potentially lower the interest rate and monthly payments on your student loans, contact a Citizens Bank Student Lending Specialist today.

Check eligibility before filling out a student loan refinance application

Just like a mortgage or car loan, you must meet certain qualifications to be eligible for an Education Refinance Loan:

  • Your total student loan balance must be greater than $10,000.
  • Your total student loan balance cannot be more than $90,000 for a bachelor's degree, $225,000 for graduate or doctoral degrees or $300,000 for medical, dental or law degrees.
  • You cannot be enrolled in school when you apply for a refinance loan.
  • If you have a bachelor's degree, you must make a minimum of 3 consecutive, on-time payments on your current loans before you can apply for student loan refinance via an Education Refinance Loan.
  • If you do not have a bachelor's degree, you must make a minimum of 12 consecutive, on-time payments on your current loans before you can apply for an Education Refinance Loan.
  • Borrowers with a verified graduate degree do not have a minimum payment requirement and may apply while in their grace period.
  • Consider whether or not you want to apply with a co-signer.
  • Federal loans currently on an income driven repayment plan are not eligible to refinance. Ineligible Federal repayment programs include: Revised Pay As You Earn Repayment Plan (REPAYE Plan), Pay As You Earn Repayment Plan (PAYE Plan), Income-Based Repayment Plan (IBR Plan), and Income-Contingent Repayment Plan (ICR Plan).

Before you visit the application page or speak to one of our Student Lending Specialists, take a moment to review our eligibility and loan limit requirements to make sure that our Education Refinance Loan is the right choice for you.

Understanding the Education Refinance Loan application process

When you apply to consolidate and/or refinance your student loan, your lender will need some specific information to determine your interest rate and payment terms. To prepare for the application process, take some time to gather the following documents:

  • Your Social Security Number (or Alien ID number for permanent residents).
  • Proof of income - recent pay stubs or other documents.
  • Monthly housing costs (rent or mortgage payments).
  • Name and contact information for your employer, as well as the length of employment.
  • Billing statements for your current student loans.

After you and your cosigner (if applicable) fill out an Education Refinance Loan application, Citizens Bank will review and validate your existing student loan and employment information. If you are approved for an Education Refinance Loan, Citizens Bank will contact you and your cosigner and present you with your repayment options. After choosing the refinance package that works best for you, you will need to sign a promissory note to receive Final Disclosure and Right to Cancel Documents. Once this step is completed, you have officially converted your previous loans, and repayment on your Education Refinance Loan begins.

Lower your interest rate with an Education Refinance Loan from Citizens Bank

If you want to apply for student loan refinancing and learn how to potentially lower your monthly payment and reduce the interest rate on your current student loans, an Education Refinance Loan from Citizens Bank can help. For more information about your Education Refinance Loan options, contact a Citizens Bank Student Lending Specialist today.