Bachelors Degree and Below

Rates

Variable rates as low as 2.79% APR2
Fixed rates as low as 4.74% APR2

for eligible applicants with automatic payment and loyalty discounts3, 4, 5

Graduate, MBA and Doctoral Degrees

Rates

Variable rates as low as 2.79% APR2
Fixed rates as low as 3.35% APR2

for eligible applicants with automatic payment and loyalty discounts3, 4, 5

Medical, Dental and Law Degrees

Rates

Variable rates as low as 2.79% APR2
Fixed rates as low as 3.35% APR2

for eligible applicants with automatic payment and loyalty discounts3, 4, 5

Borrower Benefits

Lower your interest rate by up to 0.50 percentage points with all available discounts.3, 4

Co-signer Release

You may apply for co-signer release after 36 on-time payments.6

Refinance Parent Loans

Parents can refinance their Federal PLUS and private student loans.

No Prepayment Fees

No application, origination, disbursement, or prepayment fees.

Flexible Repayment

Manage your payments with a variety of flexible terms.

Details

Interest Rates

You have a choice of either a fixed or variable interest rate. Interest rates are determined by the borrower's and/or co-signer's credit, repayment term, and highest level of education obtained.

  • Bachelors Degree and Below
    • Variable rates as low as 2.79% APR2 for eligible applicants5 (with automatic payment3 and loyalty discounts4)
    • Fixed rates as low as 4.74% APR2 for eligible applicants5 (with automatic payment3 and loyalty discounts4)
  • Graduate, MBA and Doctoral Degrees
    • Variable rates as low as 2.79% APR2 for eligible applicants5 (with automatic payment3 and loyalty discounts4)
    • Fixed rates as low as 3.35% APR2 for eligible applicants5 (with automatic payment3 and loyalty discounts4)
  • Medical, Dental and Law Degrees
    • Variable rates as low as 2.79% APR2 for eligible applicants5 (with automatic payment3 and loyalty discounts4)
    • Fixed rates as low as 3.35% APR2 for eligible applicants5 (with automatic payment3 and loyalty discounts4)

Loan Limits

  • Minimum loan amount: $10,000
  • Maximum aggregate student loan limits:
    • $90,000 for borrowers with bachelor’s degree or below.
    • $225,000 for borrowers with graduate and doctoral degrees, including MBA.
    • $300,000 for borrowers with a law degree.
    • $350,000 for borrowers with professional degrees, such as dental or medical.

Borrower Benefits

  • 0.25 percentage point interest rate reduction with Automatic Payment Discount3
  • 0.25 percentage point interest rate reduction with Loyalty Discount4

Repayment Options

Immediate Repayment

Refinancing loans that are currently in a grace period may cause you to forgo any remaining grace period for these loans.

Repayment Term

Citizens Bank has various payment options available.

Rates and terms

Eligibility Requirements5

Requirements

  • You must have at least $10,000 in student loans to refinance.
  • You must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security number, residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident.
  • The student loans you refinance must be in repayment and you cannot currently be attending school.
  • If you have not earned at least a bachelor’s degree from a federally accredited college or university, you must have made at least twelve (12) full on-time payments on all the loans you wish to refinance.
  • Borrowers with a verified graduate degree do not have a minimum payment requirement and may apply while in their grace period.
  • Federal loans currently on an income driven repayment plan are not eligible to refinance. Ineligible Federal repayment programs include: Revised Pay As You Earn Repayment Plan (REPAYE Plan), Pay As You Earn Repayment Plan (PAYE Plan), Income-Based Repayment Plan (IBR Plan), and Income-Contingent Repayment Plan (ICR Plan).
  • Borrowers with a verified bachelor’s degree must have made at least three (3) full on-time payments on all the loans you wish to refinance and may need to provide proof of graduation.

The following terms are provided by Citizens Bank.

Selecting "GET MY RATE” only requires a "soft credit pull" which does not affect your credit score. Submitting a full application results in an inquiry on your credit report.

1. Principal Balance Reduction Offer: Offer available from 9/5/17 - 11/15/17. To qualify for the offer, the borrower and co-signer (if applicable) must submit a completed application between 9/5/17 and 11/15/17, including authorizing us to review the credit request for an Education Refinance Loan. Qualified borrowers will receive a reduction in their principal balance equal to one percent (1%) of the disbursed loan amount or $500.00, whichever is less. The Education Refinance Loan must be active and in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per applicant. Principal reduction will be applied with an effective date equal to the loan’s disbursement date. Principal reduction may take up to 2nd billing cycle to display on monthly statement. The Principal Balance Reduction Benefit will be processed as a reduction of principal to the Education Refinance Loan and will not impact the required monthly payment amount or the payment due date for the loan. The value of the Principal Balance Reduction Benefit may be reported to the IRS. You are solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. Please consult your tax advisor. Citizens Bank, N.A. does not provide tax advice. Citizens Bank Student Loans reserves the right to modify the terms of this offer at any point in the future for new applications.

2. Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of October 1, 2017, the one-month LIBOR rate is 1.24%. Variable interest rates range from 2.79% - 8.14% (2.79% - 8.14% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.35% - 8.24% (3.35% - 8.24% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible applicants, require a 5-year repayment term and include our Loyalty discount4 and Automatic Payment3 discounts of 0.25 percentage points each, as outlined in the Loyalty4 and Automatic Payment3 Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. 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. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.

3. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. 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, the borrower will no longer be eligible for this discount.

4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the 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, or other student loans owned by Citizens Bank, N.A. 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 and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the 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.

Citizens Bank Student Loans 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.

5. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.

6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.

Disclosures