Citizens Bank has more than 40 years of experience in lending student loans, offering both private student loans and refinance loans. The lender reports that its refinance loans have saved customers an average of $4,248 annually.
Citizens Bank makes it easy to get started, and offers some unique benefits that other lenders don't, including multi-year approval. Learn more in this Citizens Bank review to decide if this student loan lender is right for you.
Citizens Bank makes borrowing simple. This starts with its quick two-minute prequalification process, which doesn’t require a hard credit check and won’t impact your credit score. However, the biggest perk of Citizens Bank is its multi-year approval.
With the lender's multi-year approval policy, which few competitors offer, you won’t need to submit a full application for each year of school. You’ll only need to apply for your first year. After that, you just log in to your account before each academic year to request the funds you need. There is no additional application to submit and no hard credit check required for any subsequent years.
Multi-year approval saves you time and protects your credit score, as hard inquiries remain on your credit reports for two years, and too many in a short period can lower your score. You do need to meet qualification requirements for multi-year approval, but once you've cleared that hurdle, you won't have to worry about finding a loan for subsequent school years, and borrowing becomes virtually effortless.
Multi-Year Approval
Citizens
Fox Money rating
Min. Credit Score
720
Fixed APR
3.99 - 15.60%
Variable APR
5.99 - 16.60%
Loan Amount
$1,000 to $350,000 (depending on degree)
Term
5, 10, 15
Pros and cons
Multiyear approval for qualifying applicants
Lends to international students with an eligible cosigner
Customized loans for various programs and parents
Autopay and loyalty discounts
Parent loans don’t have deferred payment option
Limited loan terms to choose from
Relatively long cosigner release requirement
No option to prequalify with a soft credit check
More details
Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Interest rates
Fixed or variable
Minimum credit score
Minimum income
Does not disclose
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type
Cosigner release
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
You must meet certain criteria for your application for a Citizens Bank student loan to be approved. Eligibility requirements include the following:
- U.S. citizenship or permanent residency (eligible noncitizens can qualify with a cosigner who is a citizen or permanent resident)
- Credit qualification
- Enrollment at least half time in a degree-granting program at an eligible academic institution
- Must be the age of majority in your state or have a cosigner who has reached the age of majority
Borrowers unable to qualify on their own will need a cosigner. Citizens Bank indicates 99% of their undergraduate applications are cosigned. Cosigner release is available after 36 months, which is longer than some competitors require.
- Multi-year approval streamlines the borrowing process in subsequent years, allowing you to log in to your account and request funds each year with no new application or hard credit check.
- Borrowers can qualify for a loyalty discount of 0.25 percentage points if either the borrower or their cosigner has a qualifying Citizens Bank account when the application to borrow is submitted.
- Borrowers can qualify for an autopay discount of 0.25 percentage points if they set up autopay from their bank account.
- You can get a personalized rate quote in minutes with no hard credit check.
- Your rate quote is good for 30 days, offering plenty of time to comparison shop for loan offers.
You must meet underwriting criteria to be eligible for multi-year approval. When you request additional funds, you will need to undergo a soft credit check. Citizens Bank indicates that borrowers qualifying for multi-year approval have a 99% approval rate when seeking additional funds for later school years.
In addition, keep in mind that it will take at least three years before you can release a cosigner from your loan.
You can apply for a Citizens Bank student loan within minutes. Here are the steps:
- Click “Apply Now” on the Citizens website.
- Provide preliminary information to obtain a rate quote with no hard credit check. This includes your name and contact details.
- Compare loan options, choosing between fixed- and variable-rate choices with different loan terms.
- Upload supporting documents, such as a government-issue ID.
- Sign your loan paperwork electronically and accept your loan agreement.
The loan approval process is typically very streamlined. When you submit your application, you will also find out if you are eligible for multi-year approval.
Existing Citizens Bank customers benefit from a loyalty discount when they get a refinance loan. This makes the lender an ideal choice for current customers, because the discount reduces your interest rate by 0.25 percentage points. You can also get an additional discount of 0.25 percentage points by signing up for automatic payments.
You can qualify for the discount if you or your cosigner have a qualifying account, including a checking, savings, money market, certificate of deposit, auto loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank.
These discounts can result in substantial savings, especially if you have a large student loan balance to refinance.
Current account holders
Citizens
Fox Money rating
Min. Credit Score
Does not disclose
Fixed APR
6.50 - 10.99%
Variable APR
7.06 - 12.45%
Loan Amount
$10,000 - $750,000
Term
5, 7, 10, 15, 20
Pros and cons
Repayment terms between 5 and 20 years
Can prequalify and check your rates online
Autopay and loyalty discounts
Must make 36 payments before eligible for cosigner release
Must make 12 payments on your loans before you can refinance if you earned an associate degree or didn’t complete your degree
Relatively high loan minimum
More details
Overview
Citizens offers student loan refinancing to qualifying borrowers who refinance at least $10,000 in student loan debt.
Undergraduate borrowers can refinance up to $300,000 in student loans, while those who borrowed for graduate or professional degrees have higher limits of $500,000 or $750,000. Citizens offers fixed and variable rates and repayment terms between five and 20 years.
If you’re a medical resident, you can refinance your student loans and only pay $100 per month for up to four years while completing your residency or fellowship.
Interest rates
Fixed or variable
Minimum credit score
Minimum income
Does not disclose
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Cosigner release
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
Here are the requirements to be eligible to refinance student loans with Citizens Bank:
- Have a minimum of $10,000 in student loans you need to refinance.
- Be a U.S. Citizen, permanent resident, or resident alien.
- Have a valid Social Security number.
- Hold at least a bachelor's degree.
- For parent refinance loans, the primary applicant must be the primary borrower or cosigner on the loan that is being refinanced.
- You must meet credit and other financial requirements.
If you are unable to meet the requirements based on your personal credit score, you are allowed to apply for a refinance loan with a cosigner. Cosigners can be released from responsibility for the loan after you've made 36 consecutive on-time payments.
- Loyalty discount reduces your interest rate by 0.25 percentage points
- Automatic payment discount reduces your rate by 0.25 percentage points
- Flexible repayment options, with a choice of 5-, 7-, 10-, 15-, and 20-year terms
- No application, origination, or disbursement fees
- No prepayment penalty
The maximum borrowing limits are $300,000 if you have a bachelor's degree, $500,000 for grad degrees, and $750,000 for professional degrees. While these amounts are higher than some competitors, the minimum loan limit of $10,000 is also higher. This means Citizens Bank is an ideal choice for borrowers with substantial student loans.
Here are the necessary steps to get a Citizens Bank refinance loan:
- Select "Apply Now" on the Citizens Bank website to check your eligibility and get a rate quote without a hard credit inquiry.
- Complete an application, which includes your personal information and details about any educational loans you have in your name, either as a primary borrower or a cosigner.
- Choose a loan option that makes sense for your situation.
- Keep paying your current loan until you get confirmation that your full balance has been paid. You’ll then start making payments on your Citizens loan.
Citizens Bank is a trusted provider. It has been providing student loans for more than 40 years, and the lender has a B rating with the Better Business Bureau.
Citizens Bank allows you to apply and get preliminary approval and a customized rate quote within minutes. The lender does require you to meet its credit requirements, but is willing to accept a cosigner, which can make it easier to get approved to borrow.
Citizens Bank indicates borrowers must meet credit score requirements, but the lender does not disclose a specific minimum credit score requirement on its website. Borrowers who do not have strong credit on their own can apply with a cosigner.
In many cases, Citizens Bank provides an immediate decision on student loan applications. When the bank is not able to provide immediate approval, it can take as long as three to five business days to get a decision. The lender also indicates that the entirety of the application process takes an average of two to four weeks.
Meet the contributor:Christy Bieber
Christy Bieber has been working full-time as a freelance writer since 2008. She has written blogs, news articles, textbooks, and online courses on the topics of law, finance, and history. She lives with her husband, two children, and beagle.
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