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Citizens Bank Student Loans Review
Citizens One at a glance
|Lender||Loan Amount||APY Range||Terms||Key Benefit|
|Citizens Bank||$1,000 – 350,000||as low as 3.99% fixed; as low as 1.18% variable||5 – 15 years||Multi-year approval program|
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 as low as 3.99% and a variable rate APR as low as 1.18%. 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:
- 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.
- Complete the online application, adding a co-signer if necessary.
- Select your rates and terms.
- 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
Discover Undergraduate LoanLowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.
1Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. The interest rate ranges represent the lowest and highest interest rates offered on the Discover Undergraduate Loan. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of January 1, 2021. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Your APR will be determined after you apply. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates.