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Student Loan Payment Examples

Review potential student loan repayment plans based on current rates

You worked hard to graduate, and now you’re ready to take charge of your student loan debt. If you want a student loan repayment plan that’s designed with you in mind, the Citizens Bank Education Refinance Loan® could be the answer. When you refinance your student loan, you may be able to simplify billing, lower your interest rate based on your credit score, choose a fixed or variable interest rate, or lower your monthly payments.

Review the student loan repayment plans below. These tables will give you an idea of your monthly payments based on the type of interest rate and payment term you choose and current rates available.

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Four quick questions to see how refinancing might lower your monthly payment.

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Benefits of refinancing to a variable rate

  • If you choose a variable rate, the interest rate for your loan can fluctuate over the life of your loan. As the rate fluctuates, your monthly payment will go up or down.
  • When your loan begins, your initial interest rate will equal the LIBOR Rate plus a pre-determined percentage that is based on your credit rating and the presence of a cosigner. A qualified cosigner may increase your chance of getting the lowest rate possible.

Benefits of refinancing to a fixed rate

  • If you choose to refinance your student loans at a fixed rate, the rate will remain the same over the life of your loan and therefore, your monthly payment will not change.
  • While you may have established a credit history that allows you to apply on your own, if you choose to apply for a refinance loan with the help of a cosigner it may increase your chance of getting a lower rate.

Student repayment plan examples based on a fixed or variable rate

Refinancing FAQs

What loans can I include in my refinancing?

Am I eligible to refinance?

How good must my credit be to be eligible?

What are the steps to getting my loan?

See all FAQs

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How do I apply for adjusted student loan repayment plans?

Applying to refinance or consolidate your student loans is easy. You provide:

Completed Application
Filled out by you and, if applicable, your cosigner.

Existing Student Loan Information
Billing statements for the loans you wish to refinance.

Income & Expense Information
Details on your employment and monthly housing payments, as well as two recent pay stubs or other proof of income.

The application process

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