Interest Rates For Any Budget

Fixed rates as low as 6.64% APR for eligible applicants2, 3, 4
Above interest rates include automatic payment and loyalty discounts.3, 4

Borrower Benefits

Lower your interest rate by up to .50 percentage points with all available discounts. 3, 4

No Prepayment Fees

No application, origination, disbursement, or prepayment fees.

Flexible Repayment

Manage your payments with a variety of flexible repayment options.


Eligible Schools

You must attend an eligible school.

Interest Rates

Fixed rates ranging from 6.64% APR to 7.24% APR2, 3, 4 for eligible applicants (with automatic payment and loyalty discounts)

Loan Limits

Depending on the student's education level, the borrowing limits vary. The lifetime aggregate amount of your Citizens Bank Student Loan™ for Parents plus federal and other private student loans cannot exceed:

  • Total Citizens Bank Student Loan Limits:
    • Undergraduate: $90,000
    • Graduate: $110,000
    • Business and Law: $180,000
    • Medical and Dental: $295,000
  • Total Aggregate Student Loan Limits:
    • Undergraduate: $120,000
    • Graduate: $150,000
    • Business and Law: $225,000
    • Medical and Dental: $350,000

Minimum borrowing amount is $1,000.

Borrower Benefits

  • 0.50 percentage point interest rate reduction discounts available. 3, 4

Repayment Options

Choose the repayment option that best meets your needs.

  • Immediate Repayment: Make principal and interest payments while the student is in school.
  • Interest-Only Repayments: Make interest only payments while the student is in school.

Repayment Term

Citizens Bank has various repayment options.

Rates and terms

Eligibility Requirements5


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

  • Be a U.S. citizen or permanent resident with a valid U.S Social Security number living at a U.S. address.
  • Be at least 18 years of age and have attained the age of majority in your state of residence.
  • Satisfy all credit requirements.
  • Execute an application, promissory note, and any other documents without alterations including the use of whiteout or any adjustments to the wording on any of the documents. (This includes any supporting documentation such as income verification or a paper promissory note).
  • Have no prior student loan defaults.
  • Meet any other applicable customer identification requirements.
  • The student whose education the funds will benefit must be attending an eligible school.
  • The student must be a U.S. citizen or permanent resident.

Apply for a Parent Loan

Find out what you qualify for.

The following terms are provided by Citizens Bank.

1. Average savings of $643 are calculated using the 2016/2017 Award Year Federal Direct PLUS Loan program reporting (as of 5/03/2017 for quarter ending December 31, 2016 not including Grad PLUS) of originations of ~$11.1 billion to 740,097 borrowers through 769,597 loans with an average loan size of $15,035.30. Average fee savings is possible with either private student loan option we offer, including the Citizens Bank Student Loan® or the Citizens Bank Student Loan® for Parents.

U.S. Dept. of Education. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2017 and September 30, 2018 the origination fee is 4.264%.

2. Interest Rate Disclosure: Fixed interest rates range from 6.64% - 7.24% (6.64% - 7.24% APR) based on applicable terms as of May 31, 2017. 6.74% APR requires a 10-year repayment term and includes our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. For example, a $10,000 loan with a 5-year term and immediate repayment at 6.64% APR will result in 60 monthly payments of $193.09. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. The federal rate of 7.00% applies to PLUS loans first disbursed between 7/1/17 and 6/30/18.

3. Automatic Payment Discount Disclosure: 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. Discount is not available when payments are not due, such as during deferment or forbearance or during periods where you have cancelled automatic deductions. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, you will no longer be eligible for this discount.

4. Loyalty Discount Disclosure: You will be eligible for a 0.25 percentage point interest rate reduction on an Education Refinance Loan if you have a qualifying account in existence with Citizens One or Citizens Bank at the time you and your co-signer (if applicable) have submitted a completed application authorizing us to review your credit request for the Education Refinance Loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, Citizens Bank Student Loan or Education Refinance Loan. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate disclosed in your Education Refinance Loan Approval Disclosure that will be provided to you once your loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

5. Citizens Bank Student Loan for Parents Eligibility Information: Borrowers must be a creditworthy U.S. citizen or permanent resident residing in the U.S. and must have attained the age of majority in their state of residence. The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens Bank participating school. Citizens Bank reserves the right to modify or discontinue these benefits at any time. Any changes to these benefits will not affect loans issued prior to the change date. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens Bank Student Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school.