FAQs about the Citizens Bank Student Loan
Do I need to file the Free Application for Federal Student Aid (FAFSA) form to apply for a student loan?
No. Private student loan borrowers DO NOT need to submit a FAFSA. Simply complete the online Citizens Bank Student Loan application to apply.
How much can I borrow with a Citizens Bank Student Loan?
You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of:
Can a private student loan help pay for my books and my personal expenses while I’m at school?
Medical: $225,000 (MD, DO, DMD, DDS)
Other Graduate Degrees: $150,000
Yes. Our Citizens Bank Student Loan can be used to help pay for your indirect costs while you are enrolled in school. The maximum you can borrow each year is determined by your individual school through loan certification.
How do I apply for Citizens Bank Student Loans?
All you need to do is fill out the quick and easy online application. Before you apply, make sure you have the following items available so you can easily complete your application:
Are there any fees for Citizens Bank Student Loans?
Name, address, phone number, email address
Date of birth
Social Security Number
Recent pay stub (no more than 60 days old) or other proof of income and
monthly housing payment.
Employer name, phone number and length of employment (if applicable)
Name of school you plan to attend
Cost of attendance and any financial aid received (see award letter from
Student’s anticipated graduation date, loan period and loan amount
Student borrowers will need to provide a reference.
Co-signer name and valid email address (if applicable)
Remember, students are encouraged to apply with a qualified co-signer to increase their chances of approval and receiving the lowest rate possible.
If you’re a parent, take a look at our Citizens Bank Student Loan for Parents—with an average fee savings of $6371, it’s a better alternative to the Federal Direct PLUS Loan.
The Citizens Bank Student Loan and Citizens Bank Student Loan for Parents have no origination, application, or disbursement fees.
What kind of credit is required for a Citizens Bank Student Loan?
We will need to see a reasonably strong credit history, which is derived from your credit score. If you do not have a sufficient credit history, you should apply with a creditworthy co-signer.
Will this loan application impact my credit score?
The Citizens Bank Student Loan is a credit-based loan which will be seen as an inquiry on the applicant’s credit report.
How often do I need to request funds?
With our new Multi Year Borrowing Option, qualified borrowers can now lock in terms to reserve the loan for multiple years.2 As the only national lender to offer this option, we’re committed to staying with you all the way to graduation day.
What if I apply and I'm not approved?
If you apply for a private student loan on your own, without a co-signer, and are denied, it may be because you have an insufficient personal credit history, which is typical for a student. If you are denied, you can add a qualified co-signer to increase your chances of approval and receiving the lowest rate possible.
Are there any penalties for paying off a Citizens Bank Student Loan early?
There’s no prepayment penalty.
Read more student loan FAQ