Citizen’s Bank Student Loan Refinancing Review

It doesn't get any more traditional than Citizen's 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.

Of course, the bank offers more stability over lenders that are not regulated as closely. This means increased stability and less stress about where the funds are coming from. Its prominence also means a no-hassle approach to constantly fluctuating terms or rates that could become costly as students reduce their debts.

Remember, when shopping for student loans, always compare your options. We recommend Credible, where you can compare Citizen's Bank against other lenders. Plus, College Investor readers can get a $200 bonus when they refinance with Credible.

Citizen's Bank Credit Scores

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

If you want to improve your score, learn how student loans impact your credit score.

Prices and Fees

A great feature for the bank is lack of fees. Unlike some programs, Citizen's 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. The no-fee approach to repaying a loan before its due date encourages students to throw as much as they can towards payments, which means less money spent on interest overall.

Payment Schedule

5, 10 and 15 year loans are available. Keep in mind that 5 year loans offer the best rates. An average of 5.7% for the most qualified applicants is below many online lenders. If a 15 year loan is your only option, consider a comparison of other student loan programs.

Special Discounts

There are some great features that could lead to lower rates. If you have an account at Citizens Bank or has ever had a student loan in the past, the APR may be lowered. Automatic deductions each month can result in APRs being lowered by up to .25%. Repayment doesn't start until six months after graduation. When applying, a co-signer with a good credit history may also lead to lower payment minimums or decreased rates.

Easy To Reach

Sometimes, you just have to talk to a representative. Emergencies or unexpected questions happen, even in the middle of the night. There are several ways to contact the bank including an 800 phone number, email, and regular mailing address.

No Unemployment Clause

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 unemployment clause. That means interest will continue and payments are still expected on regularly scheduled dates.

Good for Certain Borrowers

Citizen's Bank is not a choice for everyone, but it's a viable option for people with good credit. The no-fee application process doesn't punish potential borrowers. On the other hand, the lack of maneuverability for life's challenges makes it less than optimal for anyone who does not 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 a $200 bonus when they refinance through Credible. Citizen's Bank could be the best choice, and you get a bonus!