Citizens Bank
Student Loan™

Put great rates and flexible terms
to work for you.

Get the private student loan that fits your life

Looking to make financing your education easy and affordable? Ask a Citizen. Our Citizens Bank Student Loan is available for graduate students and parents. Review available rates and terms below—then start your student loan application today.

NEW Multi Year Borrowing Option

Qualified borrowers have access to a simplified, streamlined process to request funds in subsequent years. Terms and Conditions apply.1 Applicants who qualify will be presented with the Multi Year Borrowing Option in the application.

Apply Now >

Save up to .50 percentage points off your interest rate2

Benefits

Fees

  • No application, origination or disbursement fees.
  • No prepayment penalty.

Potential benefits

  • Lower your interest rate by up to 0.50 percentage points with available discounts2

Loan amounts

  • Loans from $1,000 to $170,000 depending on your education level.

Loan Amount Details

Multiple term options

Choose the time period to repay your loan:

  • 5 year term: Typically has both lowest interest rates and lowest total cost of borrowing.
  • 10 year term: Typically has lower interest rates and moderate savings on total cost of borrowing.
  • 15 year term: Typically has lowest monthly payment but highest interest rates and total cost of borrowing.

No matter which term you choose, you can always make additional payments without penalty. This lets you pay off your college student loans faster and saves you money.

Rate and Repayment Examples

Fixed or variable rate

  • A fixed interest rate as low as 5.75% or a variable interest rate as low as one-month LIBOR plus 2.50%.3
  • Actual interest rate is based on credit, presence of a co-signer and repayment option chosen.3

Students are encouraged to apply with a qualified co-signer to increase chances of approval and receiving the lowest rate possible.4

Repayment options

Choose the repayment option that best meets your needs. We recommend that you pay off your balances as quickly as possible to reduce the overall cost of your loan.

  • Pay immediately, pay interest only, or defer your payment.
  • Multiple repayment term options.

Our college student loan details

  • Money Saving Benefits

      Ways to save:

          •   You will be eligible for a 0.25 percentage point interest rate reduction on a new Citizens Bank Student
              Loan if you or your co-signer (if applicable) has a Citizens Bank Student Loan or qualifying account
              in existence with us when you apply for a student loan.2
          •  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.2

      All together, you could save up to 0.50 percentage points on your interest rate.

  • Disbursement

      We'll send your private student loan funds directly to the school you're attending.

  • Who's Eligible?

      To qualify for a Citizens Bank Student Loan, you need to:

          •  Be a U.S. citizen or permanent resident
          •  Be enrolled at least half time in a degree-granting program at an eligible institution
          •  Have good credit or have a qualified co-signer
          •  Have attained the age of majority in your state of residence or if you have not met the age of majority in
             your state of residence, a co-signer will be required

      International students can apply for the Citizens Bank Student Loan with a creditworthy U.S. citizen or permanent resident co-signer.

  • Co-signer Requirements

      For students with little or no credit history, we strongly suggest that you apply with a qualified co-signer to increase your chances of being approved. A qualified co-signer may also help you secure a lower interest rate on your private student loan.

      Co-signers can now start the student loan application online.

      After 36 consecutive, on-time principal and interest payments, a borrower may apply to have the co-signer released from the loan.4

How to apply

Submit the fast, easy Citizens Bank Student Loan application5 online. You can even e-sign. If you’re applying with a co-signer (which we recommend to improve your chances of approval and to get the best available rates), he or she can also start the application online.

Things you’ll need for the student loan application

  •  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
     your school)
  •  Student’s anticipated graduation date, loan period and loan amount
     needed.
  •  Student borrowers will need to provide a reference.
  •  Co-signer name and valid email address (if applicable)

Apply Now >

Save up to .50 percentage points off your interest rate2

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:

  •  Undergraduate: $120,000
  •  Medical: $225,000 (MD, DO, DMD, DDS)
  •  Law: $175,000
  •  MBA: $175,000
  •  Other Graduate Degrees: $150,000

Can a private student loan help pay for my books and my personal expenses while I’m at school?

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:

  •  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
     your school)
  •  Student’s anticipated graduation date, loan period and loan amount
     needed.
  •  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 $6276, it’s a better alternative to the Federal Direct PLUS Loan.

Are there any fees for Citizens Bank Student Loans?

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.

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.1 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.

Any other questions about our Citizens Bank Student Loan?

Ask a Citizen. We have a team of Education Finance Specialists who are ready to help with all your college student loan needs. Simply call 1-800-708-6684.

 
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