Citizens Bank Student Loan Refinance

Citizens Bank is a financial institutions based in the United States that provides student loan and refinancing for national and international students. Learn more about Citizens Bank refinance, eligibility, loans plans and terms

Updated by Alice Jojo on 22nd May 2019


Student’s looking out for educational loans here it is the Citizens Financial Group, Inc. or Citizens Bank. It is the former and gigantic financial institutions in the United States that take care of the student loan and refinancing for national and international students.

It offers its a broader range of customer benefits, service & assistance making banking more accessible to the civilians and especially students. Like the Student Loans, Student Loan for Graduate Students, Student Loan for Parents, Student Loan Refinance, Student’s Loan Refinancing for Parents and student.

The United States has always been a hub for higher education across the countries. With it’s globally acknowledged academies, colleges, schools, and institutions. Students from across the globe infiltrate in America to accomplish their higher education. Citizens bank provides secure loans for students internationally to finance their education.


Table of Contents

Number Topics
1 Citizens Bank Student Loan Refinance for Parents and Students
2 Benefits of Citizens Bank Student Loan Refinancing
3 Eligibility for Citizens Bank Refinance
4 Repayment Plan Terms
 5. Student Loan Repayment Mode Options
 6.  Citizens bank refinance reviews

Citizens Bank Student Loan Refinance for Parents and Students

Educational loans increase debt and are a matter of concern for Students as well as Parents. The Citizens Bank offers a solution to this problem by introducing Student Loan Refinancing. It consolidates private and federal loans. Loan Refinancing is a process in which a new loan is taken to pay-off the other outstanding loans.

The Refinancing of Loan is generally done because it has lower interest rates or there is a reduction in repayment amount. Refinancing student loans combine several other Students loan to a single payment. As the total Loan amount taken will increase the loan will become long term with a decrease in the monthly deposits.  

Citizens Bank Refinancing for Private and Federal Student Loans

It offers a lower and competitive, fixed and variable interest rate on Refinance. Reduces the rate of interest and gives longer repayment options.  

Citizens bank offers Loyalty Discounts 0.25% off the interest rate of the refinance loan if the account holder or the co-signer is certified.

It also offers another Automatic Payment discount that enables the servicer to directly deduct the payment monthly from the investees account. it gives 0.25% off on the interest rate in loan refinancing. Repayments are flexible.

The borrower can have one monthly repayment amount with an optional rate of interest. The borrower is free to choose the period of the loan taken whether the loan would be the long run or the short run.

The refinance term options vary from 5 years to 20 years depending on the borrowed amount.

There is an option of releasing a co-signer. If any co-signer exists, after making 36 chronological on-time payments of the payable amount, the interested borrower could apply to release the co-signer from the agreement.    


Benefits of Citizens Bank Student Loan Refinancing

The benefits of Citizens Bank student loan refinancing are as follows.

  • Lower rate of interest - When the refinancing is done the rates are variable and fixed. One can switch from fixed to a variable rate depending upon the credit source and duration of the loan. Due to the change in Variable rate, there are changes in the monthly payments accordingly.
  • Lesser monthly payments - The long-running loans including lower interest rates result in decreased monthly payments.

  • The option of fixed and variable rates - Fixed rate gives constant monthly payments whereas in variable rates the monthly payments fluctuate.

  • Refinancing combines Multiple-loan - Refinancing combines all the student loans and makes it a single loan with a single monthly deposit with reduced interest rates. 

  • Faster and variable repayments option - With the decrease in the reduced interest rate and paying the same amount as before means more of your payments will go toward the principal.

  • Setting free co-signer - It also gives you the option of setting your co-signer free after the depositing 36 payments in the bank chronologically.

  • Multi-year approval - it provides loans for a continuous year of the course period. It makes taking loans easier for the student and the parents by covering the course period of a maximum of 4 years. 


Eligibility for Citizens Bank Refinance

 Documents required for an international and national student applying for refinancing  

  • Citizenship of the U.S is required.

  • The student should be enrolled in the degree at an eligible academy or institution.

  • Personal details of parents or co-signer (Name, address, phone number, email address, date of birth).

  • Society security number (SSN).

  • Income proof (monthly housing payment or recent).

  • Employer details (Name, phone number and period of employment).

  • Name and details of the institution the student has applied for.

  • Students personal details (SSN, Visa, and passport).

  • Cost of financial aid received

  • Student's course period

  • Details about loans or billing statements of the loan that is to be refinanced (the amount required and the period)  


Repayment Plan Terms

There are several repayment options including a 5-year plan, a 10-year plan, and a 15-year plan. The period to repay the loan is optional and can be chosen.

Additional payments can be made without penalty to pay off loans swiftly.

5-year plan - Interest rate and cost of borrowing are at the lowest.

10-year plan: The Interest rate is lower and average saving in the cost of borrowing.

15-year plan: Elevated interest rate with the lowest monthly deposit and the cost of borrowing.


Student Loan Repayment Mode Options

Different forms of the transaction can be used to pay off the loan. It can be done through

1) Phone number - 1-888-805-0200.Through this number, the borrower can pay his/her bills on Phone

2) Web payment - the borrower can pay by Setting Up Recurring Payments and by making a one-time payment

3) E-mail payments - The borrower having an account can log in through Online Banking and send the bank a Secure Message with all the queries about any of our products and services.

4) Setting up automated payments - The borrower can enable this facility directly through his servicer and the monthly or weekly amount would be deducted directly from the borrower's account


Citizens bank refinance reviews

Citizen bank is the best for student loans refinancing for students as well as parents. It provides an easy online banking platform for borrowers in web and mobile apps.

There are certain points which are useful for a person looking for refinancing. Like refinances with low-interest rates. It provides extended repayment terms which reduces the monthly repayment amount. It unites multiple loans including private and federal loans from any lenders and consolidates the debt. It sorts out the problem of managing multiple loans making it easy and simple to handle. 

It offers discounts like Loyalty Discounts and Automatic Payment Discount. It also allows the co-signer to release after paying 36 consecutive on-time payments.

With the help of Citizens Bank, You can easily take responsibility for your debt even without a degree.

 


FAQ'S

  Which loans can I include in Citizens Bank education refinance loan?


You can include all private and federal loans. It can be multiple loans, but it would only include educational loan and no other loans.

  How much a parent can borrow in citizens bank education refinance?


A minimum amount of $10,000 and a Maximum Amount of $5000,000.

  Can I take a refinance loan as a parent for my child?


Yes, a parent can take the loan if the child is still studying in school.

  Does the child need to be graduated for applying education refinance loan?


No, the child need not be graduated the loan itself will cover his course period.

  What should my credit history be for applying to refinance loan?


Your annual income should be at least $24,000. Borrowers with little or no credit history are encouraged.

  How do I find my rate?


You can find a link in the official site “Get My Rate” you can add all the information and find out the rate easily.

  Are international students eligible to borrow?


Yes, Citizens bank allows the international students to borrow loans as well as loan refinancing.

  When can we apply for releasing the co-signer?


After making 36 consecutive payments you can apply to release the co-signer.

  The flexibility of the form of payments?


The borrower can pay through phone, web payment, by mail or by setting up automated payments.

  Is there any offer in education loan refinance?


Yes, there are two types of discount. Loyalty Discounts 0.25% off on the interest rate of the refinance loan if the account holder or the co-signer is validated and the Automatic Payment discount which is also 0.25% off the interest rate. It allows deducting the payment directly from the account monthly.