© Copyright 2016 Citizens Financial Group, Inc. All rights reserved.
Citizens Bank is a brand name of Citizens Bank, N.A. (NMLS ID# 433960) and Citizens Bank of Pennsylvania (NMLS ID# 522615).
Citizens Bank corporate headquarters: One Citizens Plaza, Providence, RI 02903
* Average fee savings is possible with either private student loan option we offer, including the Citizens Bank Student Loan or the Citizens Bank Student Loan for Parents. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. Origination fee of 4.292% is valid through September 30, 2015. On or after October 1, 2015 and before October 1, 2016 the origination fee will be 4.272%.
Average savings of $637 are calculated using the 2014/2015 Award Year Federal Direct PLUS Loan program reporting (as of 7/2015 not including Grad PLUS) of originations of ~$10.6 billion to 711,917 borrowers through 822,117 loans with an average loan size of $14,925.65.
Average savings of $986 for graduate school loans are calculated using the 2015/2016 Award Year Federal Direct PLUS Loan program reporting (as of September 2015 not including Federal Direct PLUS Loans for undergraduate students) of originations of ~$8 Billion to 349,164 graduate borrowers through 483,782 loans with an average loan size of $23,084.04.
1 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. 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.
2 AUTOMATIC PAYMENT BENEFIT: 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. Benefit 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 two or more times within any 12-month period, the borrower will no longer be eligible for this benefit.
Citizens Bank reserves the right to modify or discontinue these benefits at any time. Any changes to these benefits will not affect loans issued prior to the change date.
3 To achieve a $787 savings over the life of their loan, borrowers must take advantage of both the loyalty discount and automatic payment benefit, a total of 0.50 percentage point interest rate reductions. For example: based on a loan amount of $15,000, at 6.50% APR, 51 months deferment of principal and interest and a 15 year repayment term, total finance charges before any interest rate reductions would be $11,041.13. After a 0.50 percentage point interest rate reductions total finance charges would be reduced to $10,253.28, 0.25 percentage point loyalty discount applied at time of loan origination and 0.25 percentage point ACH discount applied at repayment. Actual savings will vary based on terms selected, deferment period and any prepayment of outstanding principal.
4 Borrowers need to remain credit qualified in order to access funds in subsequent years. We reserve the right to discontinue this loan program at any time. If we do so, we will provide you with advance notice. If you enroll in this loan program, your Promissory Note will describe the complete terms, conditions and limitations of the program.
5 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.
6 RATES: Rates and offer subject to change. All accounts, loans and services subject to individual approval.
7 Undergraduate Rate: 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 August 1, 2016, the one-month LIBOR rate is 0.49%. Variable interest rates range from 2.49% to 9.99% (2.49% - 9.49% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 5.25%to 11.75% (5.25% - 11.75% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Benefit disclosures. 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 the loan.
8 Interest rate: Fixed interest rates range from 5.95% - 6.55% (5.95% - 6.55% APR) based on applicable terms as of August 1, 2016. Rate of 6.05% requires a 10-year repayment term and includes our Loyalty and Automatic Payment Discounts of .025 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Benefit disclosures. 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.
9 STUDENT LOAN REPAYMENT: Student borrowers can make full payments or pay interest only while in school, or defer payments until after graduation (interest continues to accrue during deferment periods).
10 PARENT LOAN REPAYMENT: Parent borrowers have the option to make full payments or pay interest only while the student is in school. Deferment of payment is not offered.
Citizens Bank Student Loan eligibility: Students must be enrolled at least half time in a degree-granting program at an eligible institution. Students must be a U.S. citizen or permanent resident or an international student with a creditworthy U.S. citizen or permanent resident co-signer. For students who have not attained the age of majority in their state of residence, a co-signer will be required. Rates subject to change.
Citizens Bank Student Loan for Parents eligibility: Borrowers must be a creditworthy U.S. citizen or permanent resident residing in the U.S. and must have attained the age of majority in their state of residence. 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 an eligible institution.
Citizens Bank student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and – if applicable – student-certification form, school certification of loan amount, and student’s enrollment at a Citizens Bank-participating school.