Get relaxed as we are about to talk about the citizens bank student refinancing loan, amazing right? It doesn’t get any more traditional than Citizens Bank. This institution is an established choice that ranks as one of the country’s largest lenders among student loans.
Founded in 1828, its reputation for straightforward solutions has grown among college-aged borrowers. Citizens Bank offers unique borrowing options, including one of the highest loan limits available. That consistently puts Citizens on our list of the Top Places to Refinance Student Loans. Remember, when shopping for student loans, always compare your options.
I recommend Credible, where you can compare Citizens against other lenders. Plus, College Investor readers get a $1,000 bonus when they refinance with Credible a loan over $100,000, or $500 for a loan less than $100,000. That’s a great deal! See how Citizens Bank compares. Read down for more details.
Citizens Bank Student Refinancing
Citizens Bank is not the only student loan lender that focuses on student loan refinancing. The Bank offers more stability over non-bank student loan refinancing lenders that aren’t regulated as closely. This means less stress for borrowers about where the funds are coming from. But how do their terms, rates, fees, and benefits compare to the competition?
When applying for any kind of loan product, a cosigner with a good credit history may also lead to lower payment minimums or decreased rates. Citizens do allow cosigners on their refinance loans. It also will allow borrowers to request a cosigner release after they’ve made at least 36 consecutive on-time payments.
What Is Student Loan Refinancing?
When you refinance your education loans, you’re using funds from one private lender to pay off higher-interest loans you have with other lenders. The result is having one new loan that offers a lower interest rate.
The loans you pay off could be private student loans with other financial institutions or even federal loans you have with the government. They also could be from a federal parent PLUS Loan. Keep in mind, though, that refinancing federal loans with a private lender could result in forfeiting some of the benefits available with federal loans.
Is It Safe and Secure?
As would be expected from a bank, Citizens take account security very seriously. Its site is protected with Extended Validation Secure Socket Layer Certificates (EV SSL). It also uses advanced fraud detection systems and promises to never sell your personal information. If you also happen to have a savings or checking account with Citizens Bank, your deposits are protected.
Citizens Bank offers 5, 7 10, 15, and 20 years refinance loans. Keep in mind that 5-year loans offer the best rates – especially when it comes to a variable rate loan. If you need to go longer than 5 years, we recommend that you stick to a fixed-rate loan.
Who Qualifies To Apply?
Below are the criteria that qualify you for a loan;
- Citizens Bank is a traditional bank and lender – and many of their terms align with that. To get the best rates and terms, you should have an excellent credit score. Citizens Bank is a nationwide lender, so no matter where you’re going to school in the United States, you can use Citizens.
- People with lower credit scores may have trouble securing a loan through Citizens Bank. Although the bank does not disclose the actual minimum credit score, it’s implied to be 700 to 750. For that reason, know your credit score before even attempting an application with the bank. Learn how student loans impact your credit score.
- Citizens are one of the few student loan refinancing companies that will accept applications from associate’s degree borrowers. But to qualify you must be someone who’s made at least 12 on-time payments on your existing loans since leaving school.
Citizens Bank offers student loan refinancing from a traditional bank. It won’t be the right choice for everyone, but it’s a viable option for anyone with good credit, including those with associate’s degrees. You can get more details by clicking here.