Citizens Bank Student Loan Review

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Edited byMargarita Barresi

Updated: September 4, 2023

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Citizens Bank offers private student loan and refinancing options at competitive interest rates, flexible payback arrangements and rate-reduction options. It allows graduates with low incomes to qualify for loans if they have a creditworthy co-signer. But what sets it apart from other lenders is its multi-year approval commitment, where the bank agrees up-front to fund your college costs through graduation.

At a Glance: Citizens Bank Student Loans

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MoneyGeek Breakdown: Citizens Bank Student Loan Details

Citizen Bank Details

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Is Citizens Bank Right for You?

Comparing fees, loan terms and conditions are critical steps when choosing a student loan. Here MoneyGeek has identified the borrowers best suited to a Citizens Bank student loan.

Type of Student Citizens Bank Is Perfect For

Citizens Bank loans are best for current bank clients, who immediately enjoy a rate reduction.

Citizens Bank is also a suitable option for students with good financial standing who haven’t completed their education and non-U.S. citizens who have a qualifying co-signer. Parents who want to borrow money to pay a portion of their child’s education may also find Citizens Bank’s rates competitive.

Citizens Bank private student loans are an excellent option for applicants with good credit who need funding for the entire term of their education. The bank simplifies the process of applying for financial aid through its multi-year approval option. Borrowers apply once and can obtain subsequent student loans simply by making a request and undergoing a soft credit check.

Who Should Not Choose Citizens Bank

Citizens Bank may not be the best option if you have limited or bad credit unless someone with an excellent credit score is willing to be your co-signer.

If you want to take over your parents’ loan, you may find Citizens Bank’s process complex compared to other lenders. Your parents will need to refinance their loan first and include you as a co-signer.

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What to Do if You Are Rejected From Citizens Bank

Receiving a loan rejection can be discouraging, but know there are always other options for you. When lenders reject an application, they should provide a basic explanation for their decision. Feel free to give the bank a call and ask why you were denied. You can work on improving the factors that contributed to your rejection before reapplying to Citizens Bank or elsewhere.

If you decide to go with a different lender, thoroughly review the application requirements. Make sure to have all the necessary documents, and improve upon determining factors where you can.

Lastly, aside from student loans, there are several other ways to pay for college. These include financial aid from your school, federal student loans or grants and scholarships.

Frequently Asked Questions About Student Loans

If you’re interested in a Citizens Bank student loan, MoneyGeek has answers to frequently asked questions, including who these loans are best suited for, how long it takes to get approved and others.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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