Strongly not recommended
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Citizens Financial Group is one of the largest banks in the United States, with $137.3 billion in total assets and 1,200 branches. Citizens is also one of the oldest banks in the U.S. It was founded in Providence, Rhode Island, back in 1828, as the High Street Bank, which then established Citizens Savings Bank in 1871. Citizens Bank still has its headquarters in Providence, RI. It has a D rating with the BBB and a four-star rating with Bauer Financial.
Citizens Bank offer a wide selection of business, personal and student loans.
How Do Citizens Bank's Student Loans Work?
Citizens Bank runs the full gamut of student loans. It provides student loans to undergraduate students, graduate students, students' parents loans, and also refinancing of existing student loans. Its student loans can be set as variable rate or fixed rate loans. Its rates are among the lowest in the market, have flexible payment options and there are no origination or disbursement fees to worry about. Borrowers who already have an account with Citizen or who enroll in automatic payments receive rate reductions of up to 0.50%. Citizen also provides borrowers with a Multi-Year borrowing option that streamlines future loans once a borrower is approved for an initial loan.
What Are Citizens Bank's Rates and Terms?
The rates for Citizens student loans vary widely depending on credit profile, loan amount, educational attainment and loan type.
For private student loans, you can choose between having a variable or fixed APR.
- Citizens Bank's variable rate APRs range from 3.12% to 10.67%.
- Citizens Bank's fixed rate APRs range from 5.09% to 11.8% APR.
How Much Money Can I Borrow from Citizens Bank?
Maximum loan amounts range from $1,000 to $295,000 and terms vary from 5 to 15 years. The monthly payment of a loan varies widely depending on the rate you qualify for and whether you start repaying the loan immediately or defer payments till you graduate.
For example, a $10,000 loan with a 10-year repayment period and an 8.44% APR will have monthly payments of $122 and a total cost of $14,632, if the borrower starts making payments immediately. On the other hand, a borrower with the same loan that only makes interest payments (but no principal payments) will pay $124 a month at a total cost of $18,214.
Which States Does Citizens Bank Operate In?
Citizens Bank offers student loans online to borrowers from all 50 states, as long as they attend an eligible school.
How Is Citizens Bank Better than Other Lenders?
If you have excellent credit and a solid source of income, Citizens has among the lowest rates available. It has extremely flexible payment schedules of 5 to 15 years and the option to start making payments immediately, only paying interest, or deferring payments to after graduating. It also caters for undergraduate, graduate, student parents' loans and refinancing of existing loans.
Existing clients and people willing to enroll in automatic payments receive rate reductions of up to 0.50%. There are no application, origination or disbursement fees which can cost anything from 1% to 5% with other lenders. Loan amounts are flexible: anything from $1,000 to $295,000.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Grace Period for Late Payment (Days)||6|
|No Origination Fee|
|No Prepayment Fee|
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Variable APR||3.12% - 10.67%|
|Loan Amount||$1K - $295K|
|Loan Term (Years)||5 - 15|
|Fixed APR||5.09% - 11.8%|