Citizens Bank Student Loans Review

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Citizens Bank’s lending arm, Citizens One, offers student loans as well as student loan refinancing to qualified borrowers.

Fixed APR

4.18%–10.83%

Loan Amount

$1K–$150K

Fees

Late fee

SimpleScore

3 / 5.0

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SimpleScore Citizens One 3

Max Fixed APR 3

Perks 3

Transparency 4

Loan Amount 1

Fees 4

In particular, Citizens One offers loans for international students and are also a good deal for existing banking customers who may be interested in taking out student loans. Citizens One student loan rates are competitive and transparent, while the lender itself offers plenty of benefits to borrowers for undergraduate, graduate and parent loans.

Citizens One Disclosure

Variable Rate Disclosure: Variable Rates advertised are 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 June 1, 2021, the one-month LIBOR rate is 0.09%.Variable interest rates will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree and presence of a co-signer. Your final variable rate may be based upon the 30-day average SOFR index, as published by the Federal Reserve Bank of New York. The maximum variable rate is the greater of 21.00% or Prime Rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), 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. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Citizens One at a glance

What we like about it

Citizens One allows international students to apply for private loans provided they have a co-signer who is a citizen or permanent resident of the United States. Domestic students are offered multiyear loan approval, which allows them to request loans for subsequent years with only a soft credit check after an initial application. Multiyear approval allows borrowers to skip the step of reapplying each year for another loan. Citizens One allows for the release of the applicant’s co-signer from the loan after 36 months of on-time payment. The lender also offers a loyalty discount in the form of a 0.25% interest rate reduction if either the student or co-signer has a pre-existing account with Citizens Bank.

Things to consider

While Citizens One doesn’t have set eligibility requirements to apply and doesn’t disclose a minimum credit score required, it generally recommends that applicants have good to excellent credit. For borrowers who may not qualify, a co-signer can help ensure loan approval and the lowest interest rate possible. Citizens One doesn’t have many options for students who might struggle with making consistent on-time payments, offering only the standard forbearance program of 12 months in total, with payments waived in two-month blocks. Only students in 4-year bachelor degree programs are eligible for Citizens One private loans, disqualifying many community college and trade programs.

What you need to know about Citizens One

Students enrolled at least half time at an eligible institution may qualify for loans from $1,000 to $150,000 for undergraduate borrowers, with the total amount of private and federal debt capped at $150,000. Certain degree programs like law school, MBA degrees and healthcare degrees also offer higher maximum loans.

Citizens student loans have a fixed rate APR 1.91%–11.33% and a variable rate APR 1.68%–11.07%. Loan repayment terms offered are for five, 10 and 15 years. Citizens One also offers three repayment plans: immediate repayment once school begins, interest-only repayment until the end of school and deferred repayment that allows the lender to hold off making any payments until after a 6-month grace period following graduation.

Here’s how to apply for a Citizens One student loan:

1. Gather any necessary information, including your social security number, proof of income, information about your school, and immigration status documentation for international and DACA borrowers.
2. Complete the online application, adding a co-signer if necessary.
3. Select your rates and terms.
4. Sign and accept your loan documents.

Citizens One fees and penalties

Citizens One does not charge an application fee or an origination fee, unlike many lenders, making both applying for your loan and processing it free of charge. It also does not charge any fee for pre-payment. Citizens One does issue fees for late payment. Any payment not made within 15 days of the due date will accrue a fee amounting to 5% of that payment’s amount.

Citizen One alternatives 

Ascent

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Ascent offers two different types of private student loans, a cosigned credit-based loan and a non-cosigned future income-based loan.

Fixed APR

3.85%–12.94%

Loan Amount

$1K–$200K

Fees

5% of past due amount

SimpleScore

3.6 / 5.0

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SimpleScore Ascent 3.6

Rates 2

Perks 5

Transparency 4

Loan Amount 3

Fees 4

Students are allowed to apply on their own for student loans or add a cosigner in order to secure favorable rates. Even students with low incomes and no credit history may qualify. The interest rates for both types of loans are 5.42%–14.50% variable and 3.85%–12.94% fixed. The major advantage of Ascent is their future income-based loans for independent students who plan on applying without a cosigner or those with a poor credit history. To qualify, students need to be enrolled at least half-time and maintain a certain GPA.