Citizens Bank Student Loans Review 2022 – Everything You Need to Know

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Citizens Bank offers private student loans to graduate and undergraduates who are struggling to pay for their education. You can also get multiyear approvals which can grants you access to take a student loan throughout your entire program at the college. If you are have been banking with Citizen bank for a very long, you might earn an interest rate discounts at Citizens Bank for student loans.

Citizens Bank Student Loans Review 2022 - Everything You Need to Know

Student loan at Citizens Bank also offers two refinancing options for both student and parent. The first one comes in as a loan in the student’s name and the other loan come as a parent’s name. Citizens Bank student loans offer you low competitive rates, flexible repayment terms, loyalty and automatic payment discounts. Plus, there are no application fees, origination fees, and disbursement fees when you apply for Student loans at Citizens Bank and no penalty fees. 

Applicants can choose how and when they want to pay by either making full payment or interest-only payments while in school, and you can even choose to put your payment on hold until after you finish.  Citizens Bank offers student loans to graduate, undergraduate, law school, health profession, MBA, bar study, medical residency, parent and refinancing loans.

Unlike other lenders who restrict their student loans to only U.S citizens or permanent residents but on the contrary, Citizens Bank offers student loans to international students but they apply with a co-signer with a good credit history.

Pros & cons of Citizens Bank Student loans

 Pros

  • Citizens Bank customers get loyalty discounts
  • You can get Multiyear loan approval for your entire academic year from start to finish
  • Six-month grace period extension
  • International students can also apply

Cons

  • You may not know if you qualify and the rate except you go through a hard check
  • Applicant must be pursuing a B.Sc degree or higher like M.Sc or Ph.D
  • Aggregate limit of loan at maximum of $150,000 for undergraduate
  • Doesn’t reveal its minimum credit score on its website

Types of Citizens Bank Student Loans

  • Undergraduate
  • Graduate
  • Law
  • Health professions
  • MBA
  • Bar study
  • Medical residency
  • Parent
  • Refinancing

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Citizens Bank Student Loan requirements

To qualify for student loans at Citizens Bank, you must meet the following eligibility requirements;

  • Applicants must be a U.S. citizens or permanent residents. International students can apply with a creditworthy U.S. citizen or permanent resident cosigner
  • The student must be enrolled at least half-time in a degree-granting program at an eligible institution. Half-time enrollment is typically 6-8 credit hours per semester and varies by school. Please consult your school’s financial aid office for details.
  • Must have good credit or have a qualified cosigner
  • Must have attained the age of majority in your state of residence or if you have not met the age of majority in your state of residence, a cosigner will be required
  • Have no prior student loan defaults

How to Apply for Citizens Bank Student Loan

To apply to Citizens Bank for student loan, parent loan, and refinance loan is by using the online application page available on the Citizens Bank website.

To apply you will need your personal information which include Pay stub (no more than 30 days old) or other proof of income, Monthly housing cost (rent, mortgage, other), employer information, the school you plan to attend, International borrowers and DACA applicants will be required to provide documentation regarding current immigration status in the United States, and Social Security number. Keep in mind that the document(s) must be valid through the loan period.

To apply with your School information, you need the following – Anticipated graduation date, Loan amount, and Academic period for loan.

On the application page, kindly click on the orange “start a new application” button at the top-right corner of the page. On the next page, you have four steps to provide your information which include “get started”, “your information”, “school & employment information” & “review & submit”.

  • Start by identifying yourself by choosing who you are either a U.S. student, international student or parent/cosigner.
  • Next: choose your loan type and enter your first name, middle initial, last name, and suffix.
  • Then, enter the name of the school you are attending and type in your email address and confirm the email address.
  • Enter your primary phone and secondary phone number.
  • The next step to check the “yes” or “no” box to confirm if you are currently a Citizens Bank customer.
  • Click on “continue”.
  • On the next page, follow the prompts and submit your application.

Once you submit your application, Citizens Bank will review your information and notify you if you are approved.

 What Repayment Options Does Citizens Bank Offer? 

There are three available repayment options you can get for your Citizens Bank student loans.

  • In-school interest-only: while you are in school and during your grace period (six-months), you are required to make interest-only monthly payments to lower your overall loan cost and receive a 0.35% interest rate discount.
  • Immediate: while you in school and during your grace period, you are required to make your principal and interest payment as soon as you receive your loan funds.
  • Deferred: Monthly payments are not required until 9 months after you graduate or your enrollment drops below half-time.

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How Much Can I Borrow with Citizens Bank Student Loan?

If you qualify for student loan at Citizens Bank, you can borrow the total cost of your education but keep in mind that Citizens Bank student loans have lifetime aggregate limit which include both federal and private loan debt. So you can borrow up to $1,000 minimum and $150,000 maximum for undergraduate.

Repayment terms  

The repayment terms of Citizens Bank student loans varies by the type of loan you are applying for. However, all student loans come with a grace period of six months.

Undergraduate, graduate, law, MBA and health profession loans come with a repayment term of five, 10 or 15 years. Parent loans, medical residency loans and bar study loans offer repayment terms of five and 10 years.

Borrowers can refinance their loans get repayment term options of five, seven, 10, 15 and 20 years.

Steps to Apply for Citizens Bank Multi-Year Approval Loan

If you want to apply for your multi-year approval loan, kindly go the Multi-approval application page and click on “Get started”. On the next page, click on the “Request Multi-year Approved funds” to follow the prompts and get your loan approved. However, the steps below will guide you when filling your application form.

  • Apply online on your mobile device or PC
  • Select rate and terms by choosing how and when you want to repay the loan
  • Submit your application
  • Sign and accept your loan documents electronically
  • Year two and beyond – for each additional year that you need loans, simply request additional funds with no hard credit inquiry or additional documents needed.

How to Contact Citizens Bank Loan Customer Service

If you are having any issue regarding your student loan, parent loan or refinance loan, you can speak with a Citizens Bank student loan expert by calling at 1-888-411-0266.  

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