Citizens Bank Student Loans Guide and Requirements 2024

Filed in Loan, Student Loan by on November 17, 2020

Citizens Bank student loans are one of our top recommendations, especially if you have a strong credit score and prefer the convenience of completing a single application to secure funding for multiple academic years.

Citizens Bank Student Loans

The bank is ideal for borrowers who like a physical location (but you can apply online).

Many student loan businesses are only available online, so you won’t have the option of speaking with a loan officer in person like you would with Citizens.

Additionally, customers who wish to lock in their financing for several years may appreciate Citizens Bank’s multi-year approval option. 

Student loans are available to U.S. citizens and permanent residents, and international students may apply with a creditworthy citizen or permanent resident cosigner.

In addition, you must be enrolled at least half-time in your degree and have no previous student loan defaults.

You can apply with a cosigner, which may lower your interest rate and loan costs.

According to the company’s website, to qualify for a Citizens Bank student loan, you must have a reasonably strong credit history.

Citizens Bank Student Loan Requirements

To qualify for a Citizens Bank student loan, you must meet several standards, which vary based on the type of loan you are asking for.

Student Loan Requirements

1. Enroll in a degree-granting program at an accredited school or institution for at least half the period.

2. Be a U.S. citizen or permanent resident (foreign students may apply with the help of a U.S. citizen or permanent resident co-signer).

3. Have a strong credit history, a high credit score, or a creditworthy co-signer.

4. Have reached the age of majority in your state, or have a co-signer who is.

Student Loan Refinancing Requirements

  • Be a United States citizen, permanent resident, or resident alien with a valid Social Security number.
  • Have a minimum of $10,000 in outstanding student loan debt.
  • If you have an Associate’s or no degree, you must have made 12 qualifying payments since leaving school.

How to Apply for a Citizens Bank Student Loan

1. Apply to Citizens Bank’s website. You will need to provide your email address, name, phone number, education level, Social Security number, and income history.

You cannot apply for prequalification to view prices and terms before submitting an official application

2. Sign the loan agreement and receive your new loan. After signing your loan agreement, you may receive your new loan from Citizens Bank shortly thereafter. Remember that refinancing implies replacing your previous loan with a new one. 

3. Include loan installments in your budget. Determine how to adapt your budget to accommodate your increased loan installments. Make sure you have adequate funds to meet all of your financial obligations.

Citizens Bank Student Loans Repayment Options

Citizens Bank has three repayment choices for student loans: immediate, interest-only, and delayed.

You may choose one choice over the other based on your financial position

Immediate

Interest-only

Deferred

Pay your loan principal plus interest every month while in school and during a six-month grace period.

Pay the loan’s interest monthly while in school, and during a six-month grace period.

Do not make payments until the six-month grace period after graduation expires.

Highest in-school payments.

Moderate in-school payments.

Unpaid interest accrues.

Lowest total cost

Interest is capitalized at the end of the grace period.

Deferred payments will cost more than interest-only or immediate payments since interest will be accrued while you are in school and during the grace period.

This interest will then be capitalized, which means it will be added to your loan total during periods of nonpayment, such as forbearance, deferment, and the grace period.

This increases your overall loan principal, and you will then pay interest on the increased amount, raising the entire cost of the loan. 

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