How To Refinance Your Student Loans With Citizens Bank (Complete Guide)

Citizens Bank can help you get a lower interest rate and new terms that fit your needs. Their loan specialists can help you find the best option and walk you through the process. 

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Citizens Bank Student Loan Refinance Overview.

Citizens Bank has one of the lowest loan minimums, low-interest rates, and multi-year approvals, so you can only borrow what you need for school. For your undergraduate studies, you can borrow up to $150,000, and you have up to 15 years to repay the loan.

  • Citizens Bank provides parent, graduate, and undergraduate student loans.
  • You can select from deferred repayment, interest-only, and immediate repayment options.
  • There are lifetime aggregate limits that apply to both federal and private student loans.
  • Some borrowers can get multi-year approval from Citizens Bank.
  • After 36 months of continuous, on-time payments, cosigners are eligible for release.
  • Additionally, Citizens Bank provides student loan refinancing.

Pros:

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  • Multi-year approval available
  • Offers loyalty discount
  • Co-signer release is available
  • Bar study and residency loans are available

Cons: 

  • No pre-qualification available
  • No flat in-school repayment option
  • Not as tech-forward as other lenders

How Citizens Bank Student Loan Refinance Works

A refinance can help you save money on your loan and potentially lower your interest rate. Refinancing can also allow you to pay off your loan faster, which could reduce the amount of debt you owe in the long run. 

Citizens Bank Student Loan Refinancing at a Glance

  • Borrowers without a degree can refinance.
  • Offers personalized rate estimates via a soft credit check.
  • The loan qualifies for co-signer release after 36 months of on-time payments.

Citizens Bank Student Loan Refinance Rates, Fees, and Terms

Citizens Bank is one of the most popular banks in the United States. They offer various products and services, including student loan refinancing.  

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Here are some key things to know about Citizens Bank student loan refinance rates, fees, and terms: 

  • The interest rate on a Citizens Bank student loan refinance can be between 4.00% and 6.00%. 
  • No origination fees on a student loan refinance with Citizens Bank. 
  • The minimum down payment for a Citizen’s Bank student loan refinance is 3%. 
  • The closing costs for a Citizen’s Bank student loan refinance are typically $495.

Citizens Bank Student Loan Refinance Credit Score Requirements

Citizens Bank requires a credit score of 720 or higher to qualify for a student loan refinance.

Citizens Bank is a Great Option for Refinancing your Student Loans

You’ll need the following information to complete the application:

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  • Pay stub or other proof of income
  • Monthly housing cost (rent or mortgage payment)
  • Expected school graduation date
  • Loan amount
  • Academic period for loan

If approved for a loan, you’ll have to accept the loan and sign a promissory note. You can view your loan information online and start managing your loan.

Read Also:

The Latest Private Student Loan Refinance Rates    

10 Best Student Loan Refinancing Companies

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Top 10 Bad Credit Business Loans in the United States

Loan Eligibility

Citizens, One lays out its eligibility criteria very clearly. Major qualifications include:

  • You must be a U.S. citizen or permanent resident
  • International students without a U. S. Social Security number must have a creditworthy U.S. citizen or permanent resident co-signer
  • You must be enrolled at least half-time in a degree program at an eligible school.
  • You must have good credit or have a qualified co-signer
  • You must have attained the age of majority in the state you reside or have a cosigner
  • You must have no prior student loan defaults

What Citizens One deems “good credit” isn’t specified, but the application does ask for income information to determine eligibility.

FAQS 

Can I Refinance my Student Loans With Citizens Bank?

Yes, Citizens Bank is a great option for refinancing student loans.  

Why is it not a Good Reason to Refinance a Student Loan?

Refinancing a student loan is not always a good idea. There are many reasons why refinancing might not be the best option for you

  • refinancing could result in lower interest rates
  • refinancing could cause your monthly payments to increase, which could lead to bigger debt and financial problems down the road.

Is Citizens Bank a Good Bank?

Yes, Citizens Bank is a good bank. 

Is Citizens One a Legitimate Company?

Yes, citizens, one is a legitimate company

How Long does it take to get a Student Loan from Citizens Bank?

Approving a loan takes a few weeks, and the repayment process is straightforward. 

Is Citizens Bank Owned by Bank of America? 

No, Citizens Bank is not owned by Bank of America. 

Which is Better, Bank of America or Citizens Bank?

Bank of America is generally considered a better option than Citizens Bank, but it’s important to consider each bank’s individual strengths and weaknesses before making a decision. Both banks are reliable and offer great customer service, so it’s up to you to decide which one is right for you.

Is Citizens Bank a Black-Owned Bank?

Yes, Citizens Bank is a black-owned bank that provides financial services to its customers. 

Is Chase Bank Better than Citizens Bank?

Both Chase bank and Citizens Bank are great options. We recommend checking out both banks and choosing the best one for you!

Is Citibank and Citizens Bank the Same? 

Citibank and Citizens Bank are not the same. 

Is Citizens Bank Considered a Big Bank?

Citizens Bank is considered a big bank by many people.

Conclusion

Citizens Bank is a great option for refinancing your student loans. They have competitive interest rates and offer various repayment options to fit your budget. Plus, their customer service is top-notch. So if you’re looking to get your student loan debt under control, reach out to Citizens Bank today.

About Author

Lovethy Precious
I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.

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