Written by Jonathan O'Donnell. Last updated October 1st 2017

citizens-bank-student-loans-image

Securing a student loan can be intimidating.

Making a financial decision that will impact you for years into the future may have you double- and triple-checking the fine print of any loans you’re considering.

That’s a smart impulse. Knowing what to expect in terms of fees, repayment schedules, and discounts can help ensure that you’re selecting the right loan to fit your needs.

Today, we’d like to take a deep dive into student loans from Citizens One. If you’re looking for a loan for graduate or undergraduate studies for yourself or a loved one, Citizens One has several options that may be worth considering.

Why Get a Student Loan from Citizens One?

The student loan marketplace has become crowded with the rise of multiple non-traditional lenders. But unlike many of the new players, Citizens One is the national lending division for Citizens Banks, N.A., a bank with a nearly 200-year history of serving customers and communities.

Since then, Citizens Bank has shown itself to be a bank that’s able to change with the times. In 2014, it completed the largest initial public offering (IPO) of a commercial bank in U.S. history. In recent years, it has maintained a strategic focus on leading-edge technology trends in digital banking.

Citizens Bank also prioritizes being a good corporate citizens in the communities where it does business. For National Financial Literacy Month in April of 2017, the bank gave $1.4 million in contributions to 80 nonprofits and deployed 400 Citizens’ employees to teach financial literacy.

And, of course, baseball fans all know Citizens Bank Park as the home of the Philadelphia Phillies.

 
Rates (APR) 3.14%-11.90%1
Loan Types Variable & Fixed
Terms 5-15 years
Rate & Repayment Examples
Degrees Undergrad & Graduate
Loans Student & Parent
Start Your Private Student Loan Application

What Are the Benefits of a Citizens One Student Loan?

Student loans from Citizens One feature some of the lowest starting APRs in the student loan space, with rates as low as 3.14-11.90%1 (as of October 2017).

Plus, Citizens One offers multiple options for repayment. Borrowers who are focused on the bottom line will appreciate the option for a five-year repayment term.Rate & Repayment Examples

This lender also offers several other repayment options, allowing significant leeway for people who would rather conserve cash-in-hand and spread out loan payments over several years. Students may opt to make full or interest-only payments while in school, or they may defer payments until after the completion of their studies.

Underscoring the bank’s focus on digital offerings, loan applicants will appreciate the extremely handy online tools, such as the Student Loan Finder and Calculator, that can help take a lot of the guesswork out of the application process.

Start Your Private Student Loan Application

What Student Loans Does Citizens One Offer?

Citizens One offers student loans for undergraduate and graduate studies, as well as parent loans. It also has special offerings for business and law degrees and medical and dental degrees.

You can apply for a loan as small as $1,000.

Maximum aggregate loan amounts are:9

  • $90,000 for undergraduate
  • $110 for graduate
  • $180,000 for business/law
  • $150,000 or $295,000 for healthcare profesionals (depending on degree)

Citizens also offers a multi-year approval option. 8

With their exclusive multi-year approval, you could qualify now through graduation. No searching for a loan each year or having to re-apply. You just simply request your funds once approved.


  Credit Score
Requirements
Income
Requirements
Loan Limits  
Min 660 for borrower,
620 w/ cosigner
Minimum $12,000
per household
Minimum $1,000 -
Max $90,000 (undergrad),
Max $295,000 (graduate)
Apply

What Are the Eligibility6 Requirements for Citizens One Students Loans?

There is no application fee to apply for a student loan with Citizens One.

Loans are considered with a household income of $12,000 or more.

Applicants must be citizens or permanent residents of the U.S., and students must be enrolled in school at least half-time in order to qualify.6,7

Applicants must have good credit or apply with a qualified cosigner.

Cosigners may be released after 36 consecutive on-time payments if borrowers meet income and credit-check criteria.4

What are the Rates and Fees for a Citizens One Student Loan?

You may select from fixed or variable interest rates for student loans, with rates from 3.14-11.90% APR1 (as of October 2017). Parent loans come with fixed interest rates of 6.64% - 7.24% APR5

Citizens One offers flexible repayment terms of 5, 10, and 15 years for undergraduate and graduate loans. Borrowers may select from deferred, interest-only, or immediate repayment options.Rate & Repayment Examples

Parent loans are offered for 5 and 10-year repayment terms. Full or interest-only payments are required while the student is still in school.Rate & Repayment Examples

There is no penalty for early payment.

Does Citizens One Offer Discounts for Student Loans?

You can lower your interest rate by up to 0.50 percentage points with the available discounts.

Citizens One offers a loyalty discount(2) of 0.25 percentage points in addition to 0.25 percentage points with automatic payments(3).

Variable Rate (APR) 3.14% - 11.14%1
Fixed Rates (APR) 5.25% - 11.90%1
Application Fee $0
Origination Fee $0
Disbursement Fee $0
Pre-Payment Fee $0
Automatic Payment Discount3  (0.25%)
Loyalty Discount Fee2 (0.25%)
Start Your Private Student Loan Application

What Is the Application Process for a Student Loan from Citizens One?

To apply, you or your cosigner (if applicable) will need a recent pay stub, basic school information (such as anticipated graduation date), and contact information for a personal reference (for someone who does not live with your or your cosigner).

Citizens Bank Student Loan application screenshot

Citizens Bank Student Loan application process


Should You Apply for a Student Loan from Citizens One?

Choosing a student loan is all about matching your needs to the right offering.

Citizens One offers the piece of mind that comes with a traditional lender that has a solid track record in the student loan space. Citizens One also offers a wide variety of repayment options at extremely competitive rates. If you’d like to learn more, go to Studentloans.CitizensOne.com.

Start Your Private Student Loan Application


Citizens One Student Loan Disclosures

1. Undergraduate/Graduate Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of October 1, 2017, the one-month LIBOR rate is 1.24%. Variable interest rates range from 3.14% - 11.24% (3.14% - 11.14% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, chosen discipline and presence of a co-signer. Fixed interest rates range from 5.25% - 11.99% (5.25% - 11.90% APR) and will vary based on applicable terms, chosen discipline and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens One is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens One: Loyalty, Automatic Payment and Co-signer release disclosures

2. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

3. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

4.Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.

5.  Citizens One Parent Rate Disclosure: Fixed interest rates range from 6.64% - 7.24% (6.64% - 7.24% APR) based on applicable terms as of May 31, 2017. 6.74% APR requires a 10-year repayment term and includes our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. For example, a $10,000 loan with a 5-year term and immediate repayment at 6.64% APR will result in 60 monthly payments of $193.09. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. The federal rate of 7.00% applies to PLUS loans first disbursed between 7/1/17 and 6/30/18.

6. Citizens One Student Loan Eligibility: Borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Borrowers must be a U.S. citizen or permanent resident or an international borrower/eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For borrowers who have not attained the age of majority in their state of residence, a co-signer is required. Citizens One reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens One Student Loans private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens One Student Loans-participating school.

Please Note: International Students are not eligible for the multi-year approval feature.

7. Citizens One Student Loan for Parents Eligibility: Borrowers must be a creditworthy U.S. citizen or permanent resident residing in the U.S. and must have attained the age of majority in their state of residence. The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens One Student Loans-participating school. Citizens One reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens One Student Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, school certification of the loan amount, and student’s enrollment at a Citizens One Student Loans-participating school.

8. Multi-year Approval funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, we may refuse to allow you to take out additional loans under the multi-year approval feature, terms and conditions will be outlined in your promissory note.

9. Aggregate limits up to $350,000 for MD, DMD/DDS, OD, DO, PDM, and DVM degrees. Aggregate limits up to $180,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, pharmacy, physical therapy, and physician assistant degrees.

10. STUDENT LOAN REPAYMENT: Student borrowers can make full payments or pay interest only while in school, or defer payments until after graduation (interest continues to accrue during deferment periods).


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