Citizens Bank offers a wide range of student loan options tailored to meet the needs of students and their families.
Whether you are a first-time student in need of financial assistance for college or have already taken out loans and are looking for a new lender, Citizens Bank can provide you with a loan that fits your circumstances.
With this blog post, we’ll explore the student loan options, features at Citizens Bank, and what you need to know before you take out a loan.
We’ll also look at qualifying for Citizens Bank student loans. Let’s jump into the details!
What Is Citizens Bank Student Loans?
Citizens Bank Student Loans is a financial product offered by Citizens Bank, one of the largest banks in the United States.
Citizens Bank Student Loans is to provide a convenient solution for students and their families looking to finance their college education.
This Citizens Bank Loan product offers competitive interest rates, flexible repayment terms, and no origination fees.
Citizens Bank Student Loans can cover tuition and other educational expenses such as room and board, books, technology, etc.
Various repayment plans are available to fit each individual’s needs, including income-based repayment plans, fixed payments, and interest-only payments.
What Types of Citizens Bank student loans?
Citizens Bank offers a variety of student loan options for students and their families. Their student loan options are suitable to meet each borrower’s individual needs.
Citizens Bank offers a range of loan programs, from federal student loans to private loans and various repayment options.
Undergraduate Student Loans
- Borrowing limits for undergraduates are either $1,000 or the lesser of the total cost of their education (not to exceed $150,000).
- If you enroll in a recognized educational institution, you may delay payments for up to six months.
Graduate Student Loans
- The Citizens One graduate student loan is available to students enrolling at least half-time in a graduate degree program at an approved institution.
Parent Loans
- Parents can make either total or interest-only payments while their child enrolls in school.
MBA Loans
- Students enrolled at least half-time in an approved MBA program may borrow the lesser of the total cost of attendance or $225,000.
Health Profession Loans
- The bank may make loans of up to $350,000 to students pursuing a qualifying medical, dental, veterinary, or pharmaceutical doctorate program (MD, DMD/DDS, OD, DO, DPM, PharmD, or DVM).
- It can be up to $180,000 available for those with degrees in cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, or physician assistant.
Law School Loans
- Students enrolled at least half-time in an approved legal degree program may borrow up to the lesser of their annual tuition and fees or $225,000.
Medical Residency Loans
- Recent graduates of medical schools or students in at least their second year of medical school are welcome to apply.
Bar Study Loans
- Anyone within six months of graduating from law school or enrolled full-time at a qualified legal school is welcome to apply.
Pros And Cons Of Citizens Bank Student Loans
Citizens Bank offers a wide range of student loan options for those looking for financial assistance for college.
As with any loan, it is essential to consider the pros and cons of Citizens Bank student loans before committing to a loan product.
Pros
- Possible multi-year approval: Citizens One allows you to apply for multiple consecutive years in advance, beginning in your sophomore year.
- Discounts for loyalty customers: Loan interest rates for Citizens Bank customers can decrease by 0.25%.
- Available option to release the co-signer: After making 36 timely payments, borrowers can petition to remove their co-signers.
- Borrowing funds for law school or residency: Citizens One offers rates cheaper than many personal loans if you’ve already graduated but need money for things like bar test preparation or medical residency.
Cons
- No pre-approval for anything: You’ll need to complete a thorough application to learn about your eligibility and potential interest rates. Doing this will require a severe credit check, that could lower your score.
- No simple installment plan while in school: Many lenders provide the option of making a minimum monthly payment, often as low as $25, for students who don’t afford interest, only the payments but also don’t would like to defer repayment indefinitely.
- Low technological innovation: The website’s interface is as dated as traditional banks from the past (there is a chat feature, but it could be more user-friendly).
How Do Citizens Bank’s Student Loans Work?
Citizens Bank offers a variety of student loan options to help students and their families pay for college.
Their student loan products include federal and private loan options, so borrowers can find the right product to meet their financial needs.
Citizens Bank provides competitive interest rates, flexible repayment options, and quick and easy application processing.
Here is how Citizens Bank’s Student Loans Work:
Step 1: Students applying for the student loan Citizens Bank must submit a completed loan application and provide proof of enrollment in a qualifying degree program.
Step 2: Once approved, Citizens Bank will disburse the loan proceeds directly to the school, and the borrower will be responsible for repaying the loan according to the terms of the loan agreement.
What Are the Loan Terms, Fees, and Discounts on Citizens Bank Student Loans?
Citizens Bank offers several student loan options to provide financial aid for college and graduate studies. Understanding the loan terms, fees, and discounts available can help determine which loan option is best for you.
| Type of loans | Loans Terms | Loans Amount | Fees | Fixed Rates | Variable Rates | Discounts |
| Undergraduate Student Loans | 5, 10, or 15 years | $1,000-$150,000 | 5% late fee | 4.99% to 13.46% | 4.59% to 13.46% | 0.25% interest rate |
| Graduate student loans | Not disclosed | $1,000-$350,000 | 5% late fee | 5.99% to 14.25% | 5.24% to 14.25% | 0.25% interest rate |
| Parent Loans | 5 or 10 years | $1,000-$350,000 | 5% late fee | 7.13% – 13.02% | 6.33% – 13.02% | 0.25% interest rate |
| MBA Loans | Not disclosed | $1,000-$225,000 | 5% late fee | 5.99% – 11.52% | 5.24% – 11.52% | 0.25% interest rate |
| Health Profession Loans | Not disclosed | $1,000-$350,000 | 5% late fee | 5.99% – 8.96% | 5.49% – 8.61% | 0.25% interest rate |
| Law School Loans | Not disclosed | $1,000-$225,000 | 5% late fee | 5.99% – 11.52% | 5.24% – 11.52% | 0.25% interest rate |
| Medical Residency Loans | 5 or 10 years | $1,000-$350,000 | 5% late fee | 6.97% – 10.08% | 7.02% – 10.13% | 0.25% interest rate |
| Bar Study Loans | 5 or 10 years | $1,000-$225,000 | 5% late fee | 7.39% – 12.82% | 7.95% – 12.96% | 0.25% interest rate |
How to Qualify for a Citizens Bank Student Loan?
If you want a Citizens loan, you will be a whole- or part-time student at an approved school.
Any citizen as well as permanent resident of the United States, or an international student with the co-signer who is a citizen as well as permanent resident of the United States, may apply for a federal student loan.
Eligibility Requirements
- Borrowers must be at least 18 years of age, have a valid Social Security Number, and be US citizens or permanent residents.
- Borrowers must have a good credit history and demonstrate a consistent financial account, such as steady employment or a regular source of income.
- Borrowers must provide a minimum credit score, debt-to-income ratio, and proof of enrollment in an eligible school.
Co-signer Options
- Citizens Bank will approve private student loans and refinancing applications with co-signers.
- After 36 timely payments, borrowers can request their co-signer from their loan.
How To Apply For Citizens Bank Student Loans?
Citizens Bank doesn’t offer a pre-qualification tool for its private student loans, unlike several other lenders.
Loan eligibility and interest rate information are acceptable only when you submit an application and perform a thorough credit check.
Step 1: To apply online, you’ll need to provide basic information about yourself and your institution.
- You’ll also need your monthly mortgage or rent payment, your expected graduation date, and any recent pay stubs or other proof of income.
- As a DACA or international student, you must prove your legal right to study in the United States.
Step 2: When you submit your application to Citizens, they’ll analyze it and do a credit check.
Step 3: If you apply for a loan and get approved, Citizens will let you know your loan term options so you can choose the one that best suits your needs.
Step 4: You must sign a promissory note and agree to the loan’s terms once you’ve decided on a loan.
Step 5: Citizens Bank will electronically transfer the money to your school when you sign the agreement and promissory note.
What Are the Additional Features of Citizens Bank’s Student Loans?
Citizens Bank offers student loans with various features to meet borrowers’ needs.
- These features include competitive interest rates, flexible repayment options, and no origination fees.
- Rewards for on-time payments, a 0.25% interest rate reduction for signing up for automatic payments, and the cosigner release option for qualified borrowers.
- Access to various resources to help borrowers better understand and manage their student loans.
- These resources include online account management tools, budgeting worksheets, and tools to help borrowers compare and select the best loan option.
Citizens Bank is committed to helping borrowers succeed and secure their desired financial future.
FAQs
Are Citizens Good for Student Loans?
Yes, Citizens Bank is an excellent option for those in need of student loan financing. Citizens Bank offers a variety of loan products, including fixed-rate and variable-rate loans, to meet the needs of different borrowers.
Are Student Loans Erased After 20 Years?
The short answer is that the bank can erase student loans after 20 years, but you must meet specific requirements for this to happen.
Is A Citizens Bank Student Loan Federal Or Private?
A Citizens Bank student loan can be either federal or private.
Which Groups Are Eligible For The Citizens Bank Student Loan?
The Citizens Bank Student Loan is available to undergraduate and graduate students enrolled in an eligible institution. Eligible institutions include accredited colleges, universities, and trade or vocational schools in the United States.
What Credit Score Do You Need For A Citizens Bank Student Loan?
Generally, Citizens Bank requires a minimum credit score of 740 to qualify for the student loan. The credit score necessary for approval may vary depending on the type of loan and other factors.
What Is Citizen’s Customer Service Like?
Citizen’s customer service is renowned for its high level of excellence and dedication to providing superior customer service. Customers should search Citizens Bank hours to be assisted immediately.
Their highly-trained customer service representatives are available to answer questions, provide assistance, and resolve any issues that may arise.
What Are Citizens’ Forbearance and Discharge Options?
Citizens of the United States have several forbearance and discharge options available when managing their student loan debt.
It is essential to understand these options and how they work to make informed decisions that can help manage the burden of student loan debt. Forbearance and discharge options include:
- Forbearance, which is the temporary suspension of loan payments.
- Discharge is the cancellation of some or all of the loan balance due to particular circumstances.
Final Thoughts
In conclusion, Citizens Bank offers a wide variety of student loans to help students afford college tuition and fees.
They provide competitive rates and flexible repayment terms, making it easier for students to manage their loan payments.
Furthermore, their loan counselors are knowledgeable and helpful in guiding borrowers through their loan process.
Students can trust that they are getting the best possible Citizens Bank student loans experience. Thank you for your attention!
