Student Loans
for Parents

Get real savings with a better alternative to the
Federal Direct PLUS Loan.

With an average fee savings of $6041 our parent loan for college is a better alternative to Federal Direct PLUS Loans

Looking for a new way to pay for college? Ask a Citizen about our new Student Loan for Parents, a better alternative to the Federal Direct PLUS Loan with no origination fees and a lower interest rate. Explore why this could be the right option for you, and apply for your parent loan today.

Apply Now >

Lower your interest rate by up to .50 percentage points2

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
  • 10-year fixed interest rate as low as 6.05% APR for approved borrowers (includes available discounts).3

Rate and Repayment Examples >

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 or pay interest only while the student is in school.
  • Choose the time period to repay your loan (5 or 10 year options).

Rate and Repayment Examples >

Our parent 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 for Parents if you have a Citizens Bank Student Loan or qualifying account in existence with
              us at the time of application submission.2
          •  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 points2 on your interest rate.

      Compare parent loans for college

  • Disbursement

      We'll send your parent loan funds directly to the school the student is attending.

  • Who's eligible?

      To qualify for a Citizens Bank Student Loan for Parents4, you need to:

          •  Be a U.S. citizen or permanent resident.
          •  Student must be enrolled at least halftime in a degree-granting program at an eligible institution.
          •  Have a good credit score.

  • Loan Amounts

      Loan Amounts are available from $1,000 to $170,000 depending on your education level.

      Loan Amount Details

  • How to Apply

      Submit the fast, easy Citizens Bank Student Loan application 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 for Parents

Do I need to file the Free Application for Federal Student Aid (FAFSA) form to apply for the Citizens Bank Student Loan for Parents? 

No. Private student loan borrowers DO NOT need to submit a FAFSA. Simply complete the online Citizens Bank Student Loan for Parents application to apply.

How much can I borrow with a Citizens Bank Student Loan for Parents?

You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. The Citizens Bank Student Loan for Parents 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 parent loans for college help pay for the student’s books and personal expenses while in school?

Our Citizens Bank Student Loan for Parents can be used to help pay for indirect costs while the student is enrolled in school. The maximum the student can borrow each year is determined by the individual school through certification.

How do I apply for a Citizens Bank Student Loan for Parents?

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.
  •  Name of school the student plans to attend
  •  Student’s Name, Date of Birth and Social Security Number
  •  Cost of attendance and any financial aid received (see award letter from
     the school)
  •  Student Graduation date, loan period and the loan amount.

Are there any fees for parent student loans?

The Citizens Bank Student Loan for Parents has no origination, application, or disbursement fees.

What kind of credit is required for a Citizens Bank Student Loan for Parents?

We will need to see a reasonably strong credit history, which is derived from your credit score.

Will this loan application impact my credit score?

The Citizens Bank Student Loan for Parents is a credit-based loan which will be seen as an inquiry on the applicant’s credit report.

What if I am not approved for a Citizens Bank Student Loan for Parents?

If you apply for private parent loans for college and are denied, it may be due to your credit history. Speak to your financial aid office about the Federal Direct PLUS loan or try and consider being a co-signer for the Citizens Bank Student Loan.

Are there any penalties for paying off a Citizens Bank Student Loan for Parents early?

There’s no prepayment penalty.

Read more Frequently Asked Questions

Have questions about our private parent loans?

Ask a Citizen. Call us at 1-800-708-6684 to talk to one of our Student Lending Specialists.

 
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