Citizens Bank Review  

By loansmack

Key Features

  • Student loans for undergraduate and graduate.
  • Refinance student loans for former students.
  • Can apply with & without a cosigner; cosigner release offered.
  • 5, 10, 15, 20 year repayment terms.
  • Loan Rates: Variable Rates - 3.14% – 11.14%  Fixed Rates - 5.25% – 11.90%.  
  • Refinance Rates: Variable Rates - 2.79% – 8.14%  Fixed Rates - 3.35% – 8.33%.  
  • No origination fees or prepayment penalties.
  • Interest-rate reduction of 0.25% if you enroll in Auto Pay.
  • Interest-rate reduction of 0.25% if have an account with Citizens Bank.
  • Can refinance even if you didn't graduate.

About Citizens

Citizens bank is based in Providence, Rhode Island, and has been in business since 1828. The bank has a number of services including checking & savings accounts, mortgages, personal loans, etc. The student loan division of the bank allows students and parents to take out loans to pay for college, as well as refinance student loans for people that have already graduated.  Citizens will also refinance student loans for those that did not finish college.


  • Loyalty Discount - You will get an additional 0.25% off your rate if you or your cosigner has an account with Citizens Bank. 
  • Multi-Year Borrowing - In 2015, Citizens announced the ability for students to reserve financing for the duration of their education without having to re-apply each year. This simplifies your application process and helps eliminate the concern of losing access to funding midway through your education. 
  • No origination fees or prepayment penalties.


  • Rates – Depending on your credit or your cosigner's credit, you may not get your desired rate.  

How to get started with Citizens

You can get started with Citizens through their online process.  Remember, when you get a rate estimate from a lender, this involves a 'soft credit' check, which will not affect your credit score.  When you decide to actually apply for a loan, the lender will do a hard credit pull which will slightly affect your credit score.

Documents you'll need for when applying to most lenders:

  • Government ID (passport, driver's license, green card).
  • Income verification (if applicable); this can include pay stubs, W-2's, etc.
  • Social Security number.