Citizens Student Loan Refinance Review
Updated On September 12, 2022
Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.
Citizens is a traditional bank with a strong reputation based in Providence, Rhode Island. Citizens provides student loan refinance to borrowers with strong credit and a history of financial responsibility. The bank also refinances student loans for borrowers who didn’t complete a degree or who aren’t U.S. citizens. Borrowers also like that Citizens allows co-signers and an option for co-signer release.
In this Citizens student loan refinance review, we will discuss:
- Citizens student loan refinancing: Rating
- Citizens student loan refinance: Pros and Cons
- Citizens student loan refinance: Overview
- Citizens student debt refinancing: Details
- Is Citizens student loan refinancing right for you?
Citizens student loan refinancing: Rating
Best For: Citizens is the right choice for student loan borrowers who didn't graduate college, who aren't U.S. citizens, or any other student loan borrower who wants a lower student loan interest rate to pay off student loans faster.
Citizens student loan refinance: Pros and Cons
- Ability to refinance if not a U.S. citizen
- Can apply with co-signer and get co-signer release
- Can refinance Parent PLUS Loans in your name
- Refinance if you didn't graduate
- Co-signer release takes three years
- Could offer lower interest rates
Citizens student loan refinance: Overview
Citizens is a leading, innovative student loan lender based in Providence, Rhode Island. As one of the oldest banks in the U.S., Citizens is a trusted financial institution with millions of banking customers. While Citizens focuses on student loan borrowers with good to excellent credit, Citizens also helps borrowers who didn't graduate or who aren't U.S. citizens. However, non-citizens and permanent residents must have a Social Security number and apply with a resident co-signer.
Like other student loan lenders, Citizens has no application, origination or prepayment fees. Citizens offers multiple, flexible student loan repayment terms up to 20 years. Further, Citizens permits co-signers and co-signer release after 36 months of on-time student loan payments. Parent PLUS borrowers have the flexibility to refinance student loans in their name or in their child's name. Plus, you can get a 0.25% interest rate discount if you have a Citizens bank account. You also can qualify for another 0.25% interest rate reduction if you enroll your student loans in auto-pay.
Citizens prefers borrowers with a history of financial responsibility, stable income and minimal credit card or personal loan debt. Citizens' underwriting process evaluates more than your credit score.
Advantages of Refinancing With Citizens
Here is what we like about Citizens:
- Student loan refinance available for non-U.S. citizens
- You can refinance even if you didn't graduate college
- Parent PLUS Loans can be refinanced
- Flexible student loan repayment options
- Allow medical and dental resident refinancing
Drawbacks of Refinancing With Citizens
Citizens can improve in these key areas:
- Consider lowering student loan rates
- Co-signer release period should be less than 36 months
- Lower the minimum student loan refinancing amount of $10,000
- Provide more transparency about student loan forbearance
Citizens student debt refinancing review: Details
Is Citizens right for you?
Citizens has an excellent reputation and is a trusted student loan refinance company. Citizens caters to borrowers with good to excellent credit and high income. The average Citizens member earns enough income to pay student loans, other debt like a mortgage or credit cards as well as monthly living expenses.
Finally, Citizens wants to ensure that you make all your student loan payment each month on-time, and do not have any student loan delinquencies or bankruptcies. Citizens borrowers (or their co-signers) typically need to have a strong financial and credit profile.
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