Citizens Bank Student Loan Refinancing Review
Citizens Bank student loan refinancing can be a great option for getting a better rate.
Please note: All variable rates are current as of 6/6/2023. We are not compensated by Citizens Bank if you refinance with them. See how This College Life makes money here.
Snapshot:
- Minimum loan of $10,000 to refinance
- Need a valid Social Security Number, whether a US Citizen, resident alien or permanent resident
- Up to a .5 percentage point discount on APR
- .25 percent auto pay discount is part of the potential .5% APR discount
- 5.40% – 10.65% Fixed APR (includes auto pay and loyalty discount)
- 6.67% – 12.02% Variable APR (includes auto pay and loyalty discount)
- Terms of 5, 7, 10, 15, or 20 years
- Soft credit pull to see your rate without affecting credit score
Check your rate for Citizens Bank Student Loan Refinancing here.
To Qualify
The required minimum loan that qualifies for Citizens Bank Student Loan refinancing is $10,000.
Those eligible to apply are U.S. Citizens, permanent residents, and resident aliens with a valid U.S. social security number (where to find your social security number).
You will need to have made at least 12 qualifying payments after leaving school if applying with an associate’s degree or no degree at all. The minimum income must be $24,000 per year to qualify with Citizens Bank.
Documents Needed to Apply
Applicants need to be able to present a recent pay stub or other information to verify income. As mentioned, you will need a valid social security number and date of birth, along with a driver’s license or state ID number. Current contact information for you will also be necessary. This includes a phone number, email, and address.
One really useful thing we noticed about the Citizens Bank site is that they provide a wide range of potential rates a person could see depending on their degree, repayment length, loan, and rate type.
What makes Citizens Bank Student Loan Refinancing Unique?
The Discount
If you or your co-signer have a qualifying Citizens Bank account, you’re in luck. This will allow you to take .25 percentage points off your new loan’s interest rate.
On top of that, an additional .25 percentage points can come off your rate by authorizing their loan servicer, Firstmark (a division of Nelnet) to automatically deduct payments each month from any bank account with KwikPay.
The .5 percentage points off could be a big perk if your initial rate is already low.
Repayment Flexibility
Their co-signer release application becomes available after 36 consecutive on-time payments of principal and interest.
Wide Range of Accepted Borrowers
Not all banks will give non-U.S. citizens a chance at refinancing, but Citizens may make it possible.
Any Drawbacks with Citizens Bank Student Loan Refinancing?
As with refinancing any federal student loans, certain federal borrower benefits are given up in the process. This could mean that you miss out on things like income-based repayment, loan forgiveness for certain borrowers in public service jobs, and military benefits. See the full list here.
Additional Points On Citizens Bank Student Loan Refinancing
Forbearance:
Up to 12 months total available.
The amount that can be refinanced depends a lot on your education level.
In order for Citizens to give you a rate estimate, they will need to perform a soft credit pull. This will not affect your credit score. Their Better Business Bureau rating is an B+, however, their average review is 1.08/5 stars.
According to Glassdoor, here’s what some of their employees have to say about working there:
“Love my team and love what we do”
“Love the people but too many meetings and not enough staff (yet)” (probably from someone at a branch)
Overall, 3.7/5 stars with 83% approval of CEO Bruce Van Saun.
Sound like Citizen’s Bank student loan refinancing is a good fit for you?
Check your rate with them here.
Information from This College Life on financial services products should be used for educational purposes only. Consult a licensed financial professional before making any major decisions.
