Paying for college is a challenge, and finding the right student loan can make all the difference. Citizens Bank offers student loans, parent loans, and refinancing options with competitive rates and flexible terms.
Its lending division, Citizens One, provides clear eligibility guidelines and valuable rate discounts, helping students and parents manage education costs effectively. With transparent application requirements and flexible borrowing limits, Citizens Bank is a solid choice for those looking to finance higher education.
Eligibility Criteria for Citizens Bank Student Loans
To qualify for a Citizens Bank student loan, you must be a U.S. citizen or permanent resident. Non-citizens can apply with a cosigner who meets these criteria. You must also be enrolled at least half-time at an eligible school.
Citizens Bank does not specify a minimum credit score, but a strong credit history—or applying with a creditworthy cosigner—will improve your approval chances and help secure a lower interest rate. Loan amounts start at $1,000, making it an option even if you need only a small loan to cover tuition or other education-related expenses.
The maximum amount you can borrow depends on your degree program and total student loan debt, including federal and private loans.
Loan Limits by Degree Type
| Degree Type | Aggregate Loan Limit | Maximum Loan from Citizens Bank |
|---|---|---|
| Undergraduate | $225,000 | Up to the total cost of education, not exceeding $225,000 |
| Graduate | $225,000 | Up to the total cost of education, not exceeding $225,000 |
| MBA and Law | $300,000 | Up to the total cost of education, not exceeding $300,000 |
| Healthcare Professions | $225,000 or $400,000* | Up to the total cost of education, not exceeding $225,000 or $400,000* |
*Higher limits apply to specific healthcare degrees. Check with Citizens Bank for details.
Loan approval is subject to creditworthiness, enrollment status, and financial eligibility. Borrowers should also consider the total cost of attendance, as Citizens Bank will not lend more than what is required to cover tuition, fees, and other educational expenses.
Repayment Options for Citizens Bank Student Loans
Citizens Bank offers flexible repayment plans to fit different financial situations. Borrowers can choose from several options based on their ability to make payments while in school:
- Immediate Repayment: Begin making full principal and interest payments while still in school. Payments start within 30 days after the first loan disbursement.
- Interest-Only Repayment: Pay only the interest while in school and during the six-month grace period after leaving school. Full principal and interest payments start after this period.
- Deferred Repayment: Postpone all payments until six months after graduation, leaving school, or dropping below half-time enrollment. Interest will continue to accrue, increasing the total cost of the loan.
Loan Term Options
Borrowers can select repayment terms of 5, 7, 10, 15, or 20 years, depending on their financial goals:
- Shorter terms (e.g., 5 years): Higher monthly payments but less interest paid over time.
- Longer terms (e.g., 15 or 20 years): Lower monthly payments but more interest accrued over the life of the loan.
Choosing the right repayment plan depends on your budget and future earning potential. Those who can afford higher monthly payments may benefit from shorter terms, while those needing lower payments might opt for longer repayment periods.
Student Loan Options from Citizens Bank
Citizens Bank offers a range of student loan options designed to meet the needs of students and their families. Whether you’re a student financing your education, a parent looking to support your child, or a graduate hoping to refinance, there are options to consider.
Citizens Bank Student Loans for Students
These loans are available to undergraduate and graduate students and can cover up to the total cost of education, including tuition, fees, and living expenses. While a cosigner isn’t required, applying with one—such as a parent or guardian—can improve approval chances and may lead to better interest rates.
Borrowers can apply for a cosigner release after making 36 consecutive on-time principal and interest payments, allowing the student to assume full responsibility for the loan.
Citizens Bank Parent Loans
For parents or guardians who prefer to take on the responsibility of financing their child’s education, Citizens Bank offers private parent loans. These loans differ from Federal Parent PLUS Loans in a few key ways:
- Interest Rates: Citizens Bank’s parent loans often offer lower interest rates than the fixed rate on Federal Parent PLUS Loans. Additionally, borrowers can choose between fixed and variable rate options, unlike the federal program, which only offers a fixed rate.
- No Origination Fees: Federal Parent PLUS Loans include an origination fee deducted from the loan amount, whereas Citizens Bank parent loans do not have this fee, reducing the overall borrowing cost.
- Flexible Repayment Options: Repayment for Federal Parent PLUS Loans typically begins 30-60 days after full disbursement, with deferment options while the student is enrolled at least half-time. Citizens Bank parent loans offer similar flexibility, including immediate and interest-only payment options while the student is in school.
Student Loan Refinancing
Citizens Bank also provides refinancing options for both federal and private student loans. Refinancing can lower interest rates, reduce monthly payments, or adjust repayment terms. Eligibility typically requires borrowers to have completed their degree and meet credit and income requirements.
Refinancing federal student loans with a private lender means giving up federal protections and benefits, such as income-driven repayment plans and loan forgiveness programs. Borrowers should weigh their options carefully before refinancing.
Fee Structure and Interest Rates at Citizens Bank
Citizens Bank eliminates extra costs that come with many student loans, offering a more affordable way to finance education.
No Fees for Borrowers
Unlike some lenders, Citizens Bank does not charge:
- Application fees – No cost to apply.
- Origination fees – No upfront charges for processing the loan.
- Disbursement fees – Full loan amount goes toward education expenses.
In comparison, Federal Direct PLUS Loans include a 4.228% origination fee, which is deducted from the loan before disbursement. For example, borrowing $20,480 results in an upfront fee of $865, increasing overall costs.
Interest Rate Discounts
Borrowers can lower their interest rates with two available discounts:
- Autopay discount: 0.25% reduction for setting up automatic payments.
- Loyalty discount: 0.25% reduction if the borrower or cosigner has an eligible Citizens Bank account.
These discounts can combine for a total interest rate reduction of up to 0.50%, helping borrowers save over the life of the loan.
Fixed vs. Variable Rates
Citizens Bank offers both fixed and variable interest rates. The right choice depends on financial priorities:
- Fixed rates – Stay the same for the life of the loan, making monthly payments predictable.
- Variable rates – Start lower but can change with market conditions, potentially increasing costs over time.
By eliminating unnecessary fees and offering discounts, Citizens Bank provides student loans that can help borrowers reduce costs while financing their education.
Citizens Bank Student Loan Application Process
Applying for a Citizens Bank student loan is a straightforward process that can be completed entirely online. To ensure a smooth application, have the following information ready:
- Contact details: Address, phone number, and email.
- Personal information: Date of birth and Social Security number.
- Income details: Recent pay stub, monthly housing payment, employer name, phone number, and length of employment.
- School details: Name of the school you’ll be attending, cost of attendance, anticipated graduation date, and financial aid award letter.
- Loan request details: Loan period and the amount you need to borrow.
- Cosigner information (if applicable): Name and email address.
Once the application is approved, Citizens Bank sends the loan funds directly to the school for disbursement. This eliminates extra steps for the borrower and ensures tuition and fees are covered without delays. With a fully digital process and clear requirements, getting approved for a Citizens Bank student loan is quick and hassle-free.
Exclusive Benefits of Choosing Citizens Bank Student Loans
Citizens Bank offers unique features that simplify the borrowing process and help students and parents manage education costs more efficiently.
Multi-Year Approval
Citizens Bank is one of the few private lenders offering multi-year approval, allowing students to secure funding for their entire degree program with just one application. Once approved, borrowers can request additional funds for future academic years without undergoing another hard credit check or submitting extra paperwork.
This feature saves time, reduces stress, and helps limit the impact on credit scores. Borrowers who qualify for multi-year approval have a high likelihood of securing additional funds when needed.
Cosigner Release
Many students rely on a cosigner to qualify for a private loan. Citizens Bank offers a cosigner release option after 36 consecutive on-time principal and interest payments. This allows the student to take full responsibility for the loan while relieving the cosigner of any further obligation.
College Planning Tools
Citizens Bank provides a College Planning Center to help families make informed financial decisions. Resources include guidance on saving for college, understanding financial aid, and exploring scholarships. These tools can assist in building a solid financial plan for education expenses.
Bottom Line
Citizens Bank combines competitive interest rates, flexible repayment terms, and exclusive benefits like multi-year approval to make student loan financing more accessible. With no application or origination fees, borrowers can focus on education without unnecessary costs.
Whether you’re a student seeking funding or a parent looking to support your child’s education, Citizens Bank offers clear terms and helpful resources to streamline the loan process.