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Home » Student Loans » Student Loan Refinance » Citizens Bank Student Loan Refinancing Review

Citizens Bank Student Loan Refinancing Review

Updated: January 4, 2023 By Robert Farrington

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It doesn't get any more traditional than Citizens Bank. This institution is an established choice that ranks as one of the country's largest lenders among student loans. Founded in 1828, its reputation for straight forward solutions has grown among college-aged borrowers.

Citizens Bank offers unique borrowing options, including one of the highest loan limits available. That consistently puts Citizens on our list of the Top Places To Refinance Student Loans.

Remember, when shopping for student loans, always compare your options. We recommend Credible, where you can compare Citizens against other lenders. Plus, College Investor readers get a $1,000 bonus when they refinance with Credible a loan over $100,000, or $500 for a loan less than $100,000. That's a great deal! See how Citizens Bank compares!


Citizens Bank Review

Quick Summary

  • Student loan refinancing and private student loans
  • One of the highest loan balances available for refinancing
  • Generous loan terms that make it a top place to borrow
GET A QUOTE

Citizens Bank Student Loans Details

Product Name

Citizens Bank Student Loan

Min Loan Amount

$10,000

Max Loan Amount

$500,000

Variable APR

5.09% - 11.67% APR

Fixed APR

5.39% - 11.88% APR

Loan Terms

5, 7, 10, 15, 20 year

Promotions

Up to a $1,000 gift card from Credible

Table of Contents
Citizens Bank Student Loan Refinancing
How Does Citizens Bank Compare?
What Borrower Protections Are Available?
Who Qualifies To Apply?
Are There Any Fees?
Is It Safe And Secure?
How Do I Contact Citizens Bank?
Is It Worth It?
Citizens Bank FAQs
Citizens Bank Student Loan Refinancing Features

Citizens Bank Student Loan Refinancing

Citizens Bank offers more stability over non-bank student loan refinancing lenders that aren't regulated as closely. This means less stress for borrowers about where the funds are coming from. But how do their terms, rates, fees, and benefits compare to the competition? Here's what you need to know.

Interest Rates

Citizens Bank is offering the following rates on it main student loan refinancing product:

  • Variable Rate: 5.09% - 11.67% APR
  • Fixed Rate: 5.39% - 11.88% APR

The maximum rate you will pay on a variable rate loan is the maximum of 21.00% APR or the Prime Rate + 9.00%.

Remember, rates and terms are subject to change. While we do our best to maintain an up-to-date review with accurate information, your best bet is to check out Citizens and confirm everything before applying.

Repayment Terms

Citizens Bank offers 5, 7 10, 15, and 20 year refinance loans. Keep in mind that 5-year loans offer the best rates - especially when it comes to a variable rate loan. If you need to go longer than 5 years, we recommend that you stick to a fixed rate loan.

Special Discounts

There are some great features that could lead to lower rates - up to a 0.50% APR savings on your loans. 

If you already have an account at Citizens Bank, you may qualify for a Loyalty discount of 0.25%. And setting up automatic deductions for your monthly student loan payments will result in your APR being lowered by an additional 0.25%.

Citizens Bank student loan refinancing

Parent PLUS Refinancing

Parent PLUS loans come with higher interest rates than Direct Subsidized and Unsubsidized loans. So parents who took out these loans potentially stand to gain the most by refinancing. Thankfully, Citizens Bank does allow parents to refinance PLUS loans. And it says that the interest rate ranges on these loans are up to 2.61% lower than current PLUS loan rates.

Citizens Bank Parent Plus Loan Refinancing

Cosigner Options

 When applying for any kind of loan product, a cosigner with a good credit history may also lead to lower payment minimums or decreased rates. Citizens does allow cosigners on its refinance loans. It also will allow borrowers to request a cosigner release after they've made at least 36 consecutive on-time payments.

How Does Citizens Bank Compare?

Citizens Bank is not the only student loan lender that focuses on student loan refinancing. However, they are consistently rated well on our list of the best student loan refinancing lenders.

Check out this quick comparison here:

Header
Citizens Bank Comparison
Citizens Bank Comparison: Splash Financial
Citizens Bank Comparison: ELFI

Rating

Variable APR

5.09% - 11.67%

3.99% - 8.99%

3.99% - 7.24%

Fixed APR

5.39% - 11.88%

4.39% - 8.99%

4.83% - 7.64%

Bonus Offer

Up to $1,000

Up to $500

Up to $1,100

Cell
GET A QUOTE
READ THE REVIEW
READ THE REVIEW

What Borrower Protections Are Available?

We all know how hard it can be to find a job right out of college, but nobody prepares for losing their job after years in their respective field. Citizen's Bank offers no formal hardship forbearance policy, but instead evaluates each request on a case-by-case basis. But it does offer death and disability discharge.

As with all private lenders, you won't be able to join an income-driven repayment plan with Citizens Bank if you're struggling to make your payments on your current salary. If you have federal student loans and you're currently dealing with income instability, you may want to hold off on refinancing them.

Who Qualifies To Apply?

Citizens Bank is a traditional bank and lender - and many of their terms align with that. To get the best rates and terms, you should have an excellent credit score. Citizens Bank is a nationwide lender, so no matter where you're going to school in the United States, you can use Citizens.

People with lower credit scores may have trouble securing a loan through Citizens Bank. Although the bank does not disclose the actual minimum credit score, it's implied to be 700 to 750. For that reason, know your credit score before even attempting an application with the bank. Learn how student loans impact your credit score.

Citizens is one of the few student loan refinancing companies that will accept applications from associate's degree borrowers. But to qualify you must be someone who's made at least 12 on-time payments on your existing loans since leaving school.

Are There Any Fees?

A great feature for the bank is lack of fees. Unlike some programs, Citizens does not charge a fee for the application or processing. Even accessing your credit score is covered for no additional charge.

There is also great news for anyone looking to finish out their loan early. Citizens Bank doesn't charge prepayment penalties. This no-fee approach encourages students to throw as much as they can towards payments, which means less money spent on interest overall.

However, Citizens Bank isn't so generous if you're late with your payments. The bank charges a fee of 5% of the past due amount once your payment is at least 15 days late.

Is It Safe And Secure?

As would be expected from a bank, Citizens takes account security very seriously. Its site is protected with Extended Validation Secure Socket Layer Certificates (EV SSL). It also uses advanced fraud detection systems and promises to never sell your personal information. 

If you also happen to have a savings or checking account with Citizens Bank, your deposits are protected up to $250,000 with FDIC insurance.

How Do I Contact Citizens Bank?

Sometimes, you just have to talk to a representative. Thankfully, it easy to contact Citizens Bank.

You can call their customer service team at 1-866-259-3767. Hours are 8:00 AM to 9:00 PM Mon-Fri and 8:30 AM to 5:00 PM Sat.

And unlike with the many online-only lenders, you may also be able to speak with a Citizens customer service representative in person at one of their 1,000+ local branches.

Is It Worth It?

Citizen's Bank won't be the right choice for everyone. But it's a viable option for people with good credit. The no-fee application process doesn't punish potential borrowers. If you have great credit and want to refinance a high balance loan, Citizens Bank is one of the best choices available.

On the other hand, the lack of a formal forbearance policy makes it less than optimal for anyone who doesn't anticipate a steady job for years to come.

Remember, always shop around for your loan. Check out Credible and see how Citizen's Bank stacks up against other lenders. And don't forget that College Investor readers get up to a $1,000 bonus when they refinance through Credible. Citizen's Bank could be the best choice, and you get a bonus!

Citizens Bank FAQs

Here are some of the most questions that we receive about Citizens Bank student loan refinancing:

Where is Citizens Bank located?

Citizens Financial Group is headquartered in Providence, Rhode Island but it's able to offer student loan refinancing in all 50 states.

Who services Citizens Bank's student loans?

Citizens Bank uses Firstmark Services to manage its borrower accounts and process payments.

Is Citizens Bank legit?

Yes, Citizens Bank has been around since 1828 and is currently the 13th-largest retail bank in the United States.

Is Citizens Bank good for refinancing student loans?

Citizens tends to offer competitive rates and can provide autopay and loyalty discounts of up to 0.50%. But it lacks a defined forbearance policy and doesn't offer as many repayment terms as some other lenders.

Citizens Bank Student Loan Refinancing Features

Min Loan Amount

$10,000

Max Loan Amount

$500,000

Rate Type

Fixed or variable

APR

  • Fixed: 5.39% - 11.88%
  • Variable: 5.09% - 11.67%

Autopay Discount

0.25%

Loyalty Discount

0.25%

Loan Terms

5,7,10,15, and 20 years

Origination Fees

None

Prepayment Penalty

None

Minimum Credit Score

Not disclosed

Late Payment Fee

5% of the amount due

Cosigners Allowed

Yes

Cosigner Release

Yes, can be requested after 24 months of consecutive, on-time monthly payments

Grace Period

Unlear

Eligible Schools

Title-IV accredited schools

Associate Degree Refinancing

Yes, for borrowers who have made at least 12 monthly payments on their loans

Customer Service Phone Number

1-866-259-3767 Hours are 8:00 AM to 9:00 PM Mon-Fri and 8:30 AM to 5:00 PM Sat.

Customer Service Hours

Mon-Fri, 8:00 AM to 9:00 PM

Sat, 8:30 AM - 5:00 PM 

Customer Service Email Address

Must submit a support ticket here:


https://www.citizensbank.com/ask-a-citizen/overview.aspx

Loan Servicer

Firstmark Services

Address For Sending Payments

Firstmark Services
P.O. Box 82522
Lincoln, NE 68501-2522
Fax: 1.866.258.9233

Promotions

Up to a $1,000 gift card from Credible

Citizens Bank Student Loan Refinancing
  • Rates and Fees
  • Application Process
  • Customer Service
  • Products and Services
Overall
4

Summary

Citizens Bank offers student loan refinancing from a traditional bank. It won’t be the right choice for everyone, but it’s a viable option for anyone with good credit, including those with associate’s degrees.

Pros

  • Low rates for highly-qualified borrowers
  • Will refinance associate’s degree loans
  • Offers rates discounts of up to 0.50%
  • Up to a $1,000 gift card bonus if you refinance with Citizens through Credible

Cons

  • No formal forbearance policy
  • Takes 36 months to qualify for cosigner release
  • Get A Quote
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Citizens Bank Student Loan Refinancing Review

Editor: Clint Proctor Reviewed by: Claire Tak

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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