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Student Lending Disclosures

ELIGIBILITY DISCLOSURES

Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school.

Education Refinance Loan Eligibility: Applicants may not be currently enrolled in school. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced.

Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.

Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens Bank-participating school.

Student Loan for Bar Study Eligibility: Applicants must be enrolled at least half-time in an approved law school with less than six months remaining until graduation or must have graduated from one within the last six months.

Student Loan for Medical Residency Eligibility: Applicants must have graduated in the last 12 months or be enrolled at least half time and be in their second or later year of medical studies. All applicants must be planning to participate in an MD, DMD, DDS, OD, DO, PharmD, DPM, or DVM residency program after graduation.


RATE DISCLOSURES

Variable Rate Disclosure: Variable Rates are based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of #ProductLine=Edfi|Brand=citizensbank|ProductAttribute=libor::liborAsOfDate#, the one-month LIBOR rate is #ProductLine=Edfi|Brand=citizensbank|ProductAttribute=libor::libor#%. Variable interest rates will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable rate is the greater of 21.00% or Prime Rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates require a 5-year repayment term, immediate repayment, a graduate degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Education Refinance Loan Rate Disclosure: Variable interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allvariable|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allvariable|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allvariable|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allvariable|DisclosureAttribute=APRMax# APR). Fixed interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=APRMax# APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=parentErlProductSet|Disclosure=disclosure|DisclosureName=allvariable|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=parentErlProductSet|Disclosure=disclosure|DisclosureName=allvariable|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=parentErlProductSet|Disclosure=disclosure|DisclosureName=allvariable|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=parentErlProductSet|Disclosure=disclosure|DisclosureName=allvariable|DisclosureAttribute=APRMax# APR). Fixed interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=parentErlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=parentErlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=parentErlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=parentErlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=APRMax# APR).

Student Loan Rate Disclosure: Variable interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=APRMax# APR). Fixed interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=APRMax# APR).

Undergraduate Loan Rate Disclosure: Variable interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentUndergraduateVariable|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentUndergraduateVariable|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentUndergraduateVariable|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentUndergraduateVariable|DisclosureAttribute=APRMax# APR). Fixed interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentUndergraduateFixed|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentUndergraduateFixed|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentUndergraduateFixed|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=studentUndergraduateFixed|DisclosureAttribute=APRMax# APR).

Graduate Loan Rate Disclosure: Variable interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=graduatevariable|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=graduatevariable|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=graduatevariable|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=graduatevariable|DisclosureAttribute=APRMax# APR). Fixed interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=graduatefixed|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=graduatefixed|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=graduatefixed|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|Disclosure=disclosure|DisclosureName=graduatefixed|DisclosureAttribute=APRMax# APR).

Business/Law Loan Rate Disclosure: Variable interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Variable|repaymentType=Immediate|loanType=Law|term=5|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::min::rate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Variable|repaymentType=Deferred|loanType=Law|term=15|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::max::rate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Variable|repaymentType=Immediate|loanType=Law|term=5|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::min::APR# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Variable|repaymentType=Immediate|loanType=Law|term=15|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::max::APR# APR). Fixed interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Fixed|repaymentType=Immediate|loanType=Law|term=5|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::min::rate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Fixed|repaymentType=Deferred|loanType=Law|term=15|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::max::rate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Fixed|repaymentType=Immediate|loanType=Law|term=5|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::min::APR# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Fixed|repaymentType=Immediate|loanType=Law|term=15|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::max::APR# APR).

Medical/Dental Loan Rate Disclosure: Variable interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Variable|repaymentType=Immediate|loanType=Medical|term=5|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::min::rate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Variable|repaymentType=Deferred|loanType=Medical|term=15|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::max::rate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Variable|repaymentType=Immediate|loanType=Medical|term=5|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::min::APR# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Variable|repaymentType=Immediate|loanType=Medical|term=15|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::max::APR# APR). Fixed interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Fixed|repaymentType=Immediate|loanType=Medical|term=5|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::min::rate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Fixed|repaymentType=Deferred|loanType=Medical|term=15|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::max::rate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Fixed|repaymentType=Immediate|loanType=Medical|term=5|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::min::APR# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitStudentProductSet|productName=TruFit|rateType=Fixed|repaymentType=Immediate|loanType=Medical|term=15|basedOn=10,000|ProductAttribute=loanOptions::repaymentExample::max::APR# APR).

Bar Study Loan Rate Disclosure: Variable interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=barStudyProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=barStudyProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=barStudyProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=barStudyProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=APRMax# APR). Fixed interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=barStudyProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=barStudyProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=barStudyProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=barStudyProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=APRMax# APR).

Medical Residency Loan Rate Disclosure: Variable interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=medicalResidencyProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=medicalResidencyProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=medicalResidencyProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=medicalResidencyProductSet|Disclosure=disclosure|DisclosureName=studentVariable|DisclosureAttribute=APRMax# APR). Fixed interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=medicalResidencyProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=medicalResidencyProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=medicalResidencyProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=medicalResidencyProductSet|Disclosure=disclosure|DisclosureName=studentFixed|DisclosureAttribute=APRMax# APR).

Parent Loan Rate Disclosure: Variable interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitParentProductSet|Disclosure=disclosure|DisclosureName=parentVariable|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitParentProductSet|Disclosure=disclosure|DisclosureName=parentVariable|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitParentProductSet|Disclosure=disclosure|DisclosureName=parentVariable|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitParentProductSet|Disclosure=disclosure|DisclosureName=parentVariable|DisclosureAttribute=APRMax# APR). Fixed interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitParentProductSet|Disclosure=disclosure|DisclosureName=parentFixed|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitParentProductSet|Disclosure=disclosure|DisclosureName=parentFixed|DisclosureAttribute=MaxRate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitParentProductSet|Disclosure=disclosure|DisclosureName=parentFixed|DisclosureAttribute=APRMin# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=trufitParentProductSet|Disclosure=disclosure|DisclosureName=parentFixed|DisclosureAttribute=APRMax# APR).


STUDENT LENDING PROGRAM DISCLOSURES

Wireless Charges: Wireless carrier, text, and/or data charges may apply if you use our website or apply for a loan from your mobile device.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (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, 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. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Get My Rate: Selecting “Get My Rate” only requires a "soft credit pull" which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.

Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, we may refuse to allow you to take out additional loans under the multi-year approval feature, terms and conditions will be outlined in your promissory note. Please Note: International students and non-citizens, including permanent residents, are not eligible to receive an offer for multi-year approval.

Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.

Health Profession Aggregate Limits: Aggregate limits up to $350,000 and loan limits up to $295,000 for MD, DMD/DDS, OD, DO, PDM, DVM, and PharmD degrees. Aggregate limits up to $180,000 and loan limits up to $150,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degrees.

Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Bank Education Refinance Loan, Education Refinance Loan for Parents, Student Loan, Student Loan for Parents, Bar Study Loan, or Medical Residency Loan through the employer’s or partner’s dedicated Citizens Bank website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000 for the Education Refinance Loan and Education Refinance Loan for Parents, a minimum of $50/maximum of $500 for the Student Loan or Student Loan for Parents, a minimum of $50/maximum of $160 for the Bar Study Loan, and a minimum of $50/maximum of $200 for the Medical Residency Loan. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per primary borrower for the Citizens Bank Education Refinance Loan and Education Refinance Loan for Parents or per loan for the Citizens Bank Student Loan, Student Loan for Parents, Bar Study Loan, and the Medical Residency Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens Bank reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision on our website including FAQs and Should I Refinance My Student Loans? , which includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2019 and September 30, 2020 the origination fee is 4.236%.


SAVINGS DISCLOSURES

Education Refinance Loan Average Monthly Payment Savings: The average monthly payment savings estimated amount is based on 17,756 Education Refinance Loan customers who refinanced their loans between March 1, 2019 and March 1, 2020 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $6,250 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Borrower’s overall repayment amount may be higher than the loans they are refinancing even if monthly payments are lower.

Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 26,359 Education Refinance Loan customers who lowered their interest rate on loans between March 1, 2019 and March 1, 2020. The calculation is derived by averaging the rate savings across Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 18.80% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. The borrower’s interest rate savings might vary based on the interest rates they qualify for, chosen terms and previous interest rate of the loans they are seeking to refinance. The borrower’s overall interest rate may be higher than the interest rate on the loans they are refinancing even if their monthly payments are lower.

Education Refinance Loan for Parents and Federal Loan Savings Comparison: Interest rate savings are calculated as the difference between the Citizens Bank Education Refinance Loan for Parents’ lowest offered fixed rate of #ProductLine=Edfi|Brand=citizensbank|ProductSet=parentErlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=APRMin# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=parentErlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=APRMin# APR) and the Federal Parent PLUS Loan interest rate of 7.08% for loans first disbursed between July 1, 2019 and July 30, 2020. The Citizens Bank Education Refinance Loan for Parents lowest rate includes the available Citizens Bank loyalty and automatic payment discounts for eligible and creditworthy applicants.

Parent Loan Savings: Origination fee savings of $664 are calculated using the Federal Direct Plus Loan origination fee of 4.236% (for loans first disbursed between 10/1/19 and 9/30/20) and an average amount financed of $15,673 as compared to the Citizens Bank Student Loan, which has no origination fees.

Graduate Loan Savings: Origination fee savings of $917 are calculated using the Federal Direct Plus Loan origination fee of 4.236% (for loans first disbursed between 10/1/19 and 9/30/20) and an average amount financed of $21,640 as compared to the Citizens Bank Student Loan, which has no origination fees.