Citizens Bank offers student loans and parent loans with no application fees, low APR rates, and numerous repayment options.
Citizens Bank offers two types of student loan, for students and for parents of students. They immediately stand out from the crowd as they do not have any application or origination fees, and they claim that this results in an average saving of $640 for undergrads and $948 for graduate students.
They offer loans ranging from $1,000 all the way up to $295,000, and there are a number of other benefits available for graduate students, including lower rate options. Citizens Bank offers interest rate discounts for those that already have an account, and there are further ways to reduce the interest rate. Overall, they offer fast and reliable service, and it is worth taking a very close look if you are interested in a student loan.
In general, Citizens Bank offers two types of student loan, loans for students and loans for parents.
The loans for students and designed to allow students to start building credit while sharing responsibility with the help of a co-signer. They have interest rates as low as 4.29% APR and they allow you to make full or interest-only payments while studying, or wait until after you have graduated. If you are taking a graduate student loan, you will be eligible for benefits such as increased loan limits by degree, extended deferment dependent on your degree, and lower rate options. They have repayment schedules lasting 5, 10 or 15 years.
The parent loans share many similarities, but also some key difference. The parent or other credit-qualified individual signs for the loans. There are no application fees, and obviously, this helps to reduce the amount of debt faced by the student. They have interest rates starting at 5.27% APR and they require you to make full or interest-only payments while the student is studying. The loan lengths are also shorter, with 5 or 10-year repayment options.
Regardless of the type of loan taken, Citizens Bank is the only lender that offers multi-year approval for student loans, which means less paperwork and less of a negative impact on credit scores.
|Low starting APRs||Co-signer usually needed|
|Multi-year approval||No unemployment clause in loan conditions|
|Numerous options for repayment schedules|
|Benefits for graduate loans|
You can apply for a Citizens Bank Student Loan if you are a U.S. citizen or permanent resident, or you are an international student with a creditworthy U.S. citizen or permanent resident co-signer. You need to be enrolled in at least a half time degree program, and you must have good credit or a qualified co-signer. You must also have reached the age of majority in your state of residence and have no prior student loan defaults.
If you are applying for a Citizens Bank Student Loan for Parents you need to be a U.S. citizen or permanent resident with a valid U.S. social security number. You need to be at least 18 years old and have reached the age of majority in your state, you must have no prior student loan defaults, and you must be applying on behalf of a student who is enrolled in at least half time degree studies and is a U.S citizen or permanent resident.
Applying for both types of loan is very fast and easy. You can fill out an application online, and even e-sign it so that you do not have to print and post the forms. You will need some basic information to complete the application, such as a pay stub or other proof of income and monthly housing cost. You will also need information about the school including the student’s graduation date, loan period and the loan amount. It will take hardly any time to fill out the form and you will receive an answer very quickly.
The Citizens Bank website dealing with student loans is extremely clear and makes it very easy to find all the information you will need. Most questions are answered on the site, but if you do have more questions, you can contact them by telephone. During the application process, any questions that arise can be dealt with over live online chat.