© 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 savings based on 23,759 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 6, 2014 and October 2, 2015. The borrower’s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower’s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.
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 February 1, 2016, the one-month LIBOR rate is 0.43%. Variable interest rates range from 2.18% - 7.93% (2.18% - 7.93% 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 and presence of a co-signer. Fixed interest rates range from 4.74% - 9.39% (4.74% - 9.39% APR) based on applicable terms and presence of a co-signer. Lowest rates shown requires application with co-signer, are for eligible applicants, require a 5-year repayment term, 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 their loan.
2 Our lowest rates include an interest rate reduction of 0.50 percentage points, which is possible with the following discounts:
Loyalty Discount: You will be eligible for a 0.25 percentage point interest rate reduction on an Education Refinance Loan if you or your co-signer (if applicable) has a qualifying account in existence with us at the time you and your co-signer (if applicable) have submitted a completed application authorizing us to review your credit request for the Education Refinance 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, Education Refinance Loans, Citizens Bank Student Loan Student Loan for Parents, or any other private student loan from Citizens Bank. 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 your Education Refinance Loan Approval Disclosure that will be provided to you once your 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. Rates and offer subject to change. All accounts, loans and services subject to individual approval.
Automatic Payment Benefit: During periods when payments are due, you will be eligible to receive a 0.25 percentage point interest rate reduction on your loan by authorizing our loan servicer to automatically deduct your payments each month from any bank account you designate. 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, you will no longer be eligible for this benefit.
3 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.