© Copyright 2015 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 savings are calculated using the 2014/2015 Award Year Federal Direct PLUS Loan program reporting (as of 2/2015 not including Grad PLUS) of originations of ~$9.4 Billion to 608,991 borrowers through 643,152 loans with an average loan size of $14,624.12.
1 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 September 1, 2015, the one-month LIBOR rate is 0.20%. Variable interest rates range from 2.70% - 9.45% (2.70% - 9.21% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-signer. Fixed interest rates range from 5.75% - 11.75% (5.76% - 11.51% APR) based on applicable terms and presence of a co-signer. Lowest rate requires application with co-signer, 5 year repayment term, and borrower making scheduled payments while in school. 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.
Interest rate reduction of up to 0.50 percentage points is possible with the following discounts:
2 LOYALTY DISCOUNT: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has 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.
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 Student Loan™: Borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Borrowers must be a U.S. citizen or permanent resident or an international borrower with a creditworthy U.S. citizen or permanent resident co-signer. For borrowers 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 or discontinue these benefits at any time. Any changes to these benefits will not affect loans issued prior to the change date. Rates subject to change. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and – if applicable – self-certification form, school certification of loan amount, and student’s enrollment at a Citizens Bank-participating school. Please Note: International Students are not eligible to receive an offer for the Multi Year Borrowing Option.
3 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.
4 INTEREST RATE DISCLOSURE: Fixed interest rates range from 6.19% - 6.29% (6.19% - 6.29% APR) based on applicable terms as of September 1, 2015. Rate of 6.29% requires a 10-year repayment term and includes 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.
Citizens Bank Student Loan for Parents Eligibility Information: 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 a Citizens Bank-participating school. 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. Interest rates subject to change. Citizens Bank Student Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, school certification of the loan amount, and student’s enrollment at a Citizens Bank-participating school.
Rates and offer subject to change. All accounts, loans, and services are subject to individual approval.