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Student Loan Refinancing

Lower your student loan payments
— and your stress level.

Rates as low as

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#ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=APRMin# APR Fixed1

Calculate My Rate

One Affordable Loan for All Your Student Loan Debt

Free yourself — and your budget — from costly student loan debt. With a Citizens Bank Education Refinance Loan, you can save an average of $3,036 per year* by refinancing and consolidating all your private and government, and undergraduate and graduate loans, into one affordable loan. Lower your interest rate, reduce your monthly payment, fix a variable-rate, even remove a cosigner to gain financial independence and control.

Are you a parent? Check out our refinance loan options for parents.

  • Fixed Rates

    #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=MaxRate# APR1

    Your interest rate will remain constant over the life of your loan and your monthly payment amount will remain the same.


    Rate and Repayment Examples
    Calculate My Rate

  • Variable Rates

    #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allvariable|DisclosureAttribute=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allvariable|DisclosureAttribute=MaxRate# APR1

    Get a potentially lower rate and lower monthly payments. The interest rate will fluctuate monthly, and therefore, your monthly payment amount will vary over time.

    Rate and Repayment Examples
    Calculate My Rate

3 Reasons to Choose Citizens Bank

  • Lower Rates - Discounts of up to 0.50%

    Lower rates

    Discounts of up to 0.50%2

    With our competitive fixed and variable rates, you could save an average of $253 each month or $3,036 annually*. You can also fix a variable-rate loan to get predictable monthly payments and peace of mind.

    View our rates

  • Lower payments - Payments on your terms

    Lower payments

    Payments on your terms

    With our low rates and flexible terms of 5, 7, 10, 15 or 20 years, you may be able to lower your monthly payments, giving you more room in your budget.

  • Time savings and convenience - A single payment

    Time savings
    and convenience

    A single payment

    Combine all your federal and private loans and undergraduate and graduate loans into one loan, allowing you to make one low monthly payment to one lender3. We are here to help.

Student Loan Refinancing Features

  • Repayment

    Choose from 5, 7, 10, 15 and 20-year repayment periods, depending on your budget.
    After making 36 consecutive on-time payments of principal and interest, a borrower may apply to release the cosigner from their Loan.4

    View our repayment examples.

  • Eligibility5

    • At least $10,000 in student loans to refinance
    • US Citizens, permanent residents and resident aliens with a valid U.S. Social Security Number can apply
    • Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school

  • Loan Amounts

    Minimum:
    $10,000

    Maximum:
    $300,000 (Bachelor's degree or below)
    $500,000 (Graduate degree)

3 Easy Steps to Apply

You’re busy. We get that. So, we’ve made applying for the Education Refinance Loan fast and easy. You can do it in 15 minutes with 3 easy steps.
Apply Now

1

Complete the online application

Apply from your computer or mobile device6. You also have the option to add a cosigner, which may increase your likelihood of approval, and getting the most favorable rate.

2

Select your rate and terms

Choose a fixed or variable rate, the loan term, and how and when you want to repay the money.

3

Sign and accept.

You and your cosigner (if applicable) will sign and accept your loan documents electronically.

Learn More About Refinancing your Student Loans

Wondering if refinancing is right for you? Here is some information to assist you. Of course, if you have any additional questions, you’re always welcome to Ask a Citizen.

  • What information will I need to get my rate?
    You will need the following personal information in order to find out your rate and savings:
    • Name
    • Address
    • Date of Birth
    • Social Security Number
    • Email Address
    • Phone Number
    • Highest Degree Attained
    • Total Amount to Refinance
    • Total Current Monthly Payments
    • Total Current Monthly Income
    • Total Current Monthly Rent or Mortgage Payment
  • Will getting my rate have an impact on my credit score?
    Selecting "Calculate My Rate" only requires a "soft credit pull" which does not affect your credit score. Submitting a full application results in an inquiry on your credit report.
  • Which loans can I include in my refinancing?
    You can include any student loan debt used for financing your education (for example, Citizens Bank Student Loans, other private student loans from other lenders, or your federal loans like Federal Direct PLUS or Stafford loans)3. You cannot include any other debt (for example, credit card or mortgage), even if it was used to pay education expenses. You may also be able to refinance your student loan debts, even if you previously consolidated them into a single loan.

    Our application has a list of the most common loan servicers; however, you may submit loans for which the servicer is not on our list. When we review your application, we will review whether loans from that servicer may be refinanced.
  • Do you offer cosigner release for the Education Refinance Loan?
    Borrowers may apply for cosigner release after making 36 consecutive on‑time payments of principal and interest. When applying for cosigner release, a credit review will be performed to ensure the borrower meets certain credit and eligibility guidelines for holding the loan on their own. For the purpose of cosigner release, on‑time payments are defined as being made within 15 days of their due date. Borrowers who use deferment or forbearance will need to make 36 consecutive on‑time payments after reentering repayment to qualify for release. Borrowers must complete an application for release and provide income verification documents as part of the review. Those interested can request an application for release by calling our trusted servicing partner, Firstmark Services, at 866‑259‑3767.
  • Am I eligible to refinance?
    • The student loans you refinance must be in repayment and you cannot currently be attending school. If you are currently enrolled in school and are seeking additional financing, please consider the Citizens Bank Student Loan.
    • You must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number, residing in the United States. Resident aliens must apply with a co‑signer who is a U.S. citizen or permanent resident.
    • You must have at least $10,000 in student loans to refinance.
    • Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school.

    For more information about eligibility requirements, speak to a Student Lending Specialist.

                Want to learn more? See our FAQs section.


Speak with a Student Lending Advisor
1-888-411-0266


Mon – Fri: 8:00 am – 9:00 pm ET
Sat: 8:30 am – 5:00 pm ET

Estimate My Savings

Questions? Ask a Citizen.
Questions? Ask a Citizen.

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* The average monthly payment savings estimated amount is based on 15,839 Education Refinance Loan customers who refinanced their loans between September 1, 2018 and September 1, 2019 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.

1Education Refinance Loan Rate Disclosure: Variable rate, 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 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) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. 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=MinRate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|Disclosure=disclosure|DisclosureName=allfixed|DisclosureAttribute=MaxRate# APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.

2Interest rate reduction of up to 0.50 percentage points is possible with the following discounts:

Loyalty Discount: The 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, 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.

3Federal 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 with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, 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 and replace those with the benefits of the Education Refinance Loan. 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 at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

4Cosigner Release: Borrowers may apply for cosigner release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for cosigner 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 cosigner 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 cosigner release must be a U.S. citizen or permanent resident. If an application for cosigner release is denied, the borrower may not reapply for cosigner release until at least one year from the date the application for cosigner release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for cosigner release. Note: cosigner release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.

5Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. 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. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.

6Wireless carrier, text, and/or data charges may apply.