Citizens Student Loan Refinance Review

By Mentor Staff | Edited By Mentor Staff

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.

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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

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.

Overview

Variable APR:
3.84% - 10.07%
Fixed APR:
4.49% - 10.11%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
Get My Rate

* Checking your rate does not affect your credit score.

Citizens student loan refinance: Pros and Cons

Pros:

  • 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

Cons:

  • 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.

Get My Rate

* Checking your rate does not affect your credit score.

Top Picks For Student Loan Refinancing

October 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
3.40% - 8.40%
3.99% - 8.24%
3.40% - 8.40%

View Details

on SoFi's website

Overview

Variable APR:
3.40% - 8.40%
Fixed APR:
3.99% - 8.24%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.49% - 7.99%
3.74% - 8.49%
2.49% - 8.49%

View Details

on Earnest's website

Overview

Variable APR:
2.49% - 7.99%
Fixed APR:
3.74% - 8.49%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
2.49% - 7.99%
3.74% - 8.49%
2.49% - 8.49%

View Details

on NaviRefi's website

Overview

Variable APR:
2.49% - 7.99%
Fixed APR:
3.74% - 8.49%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,001 ($10,001 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
2.48% - 7.24%
4.29% - 7.29%
2.48% - 7.29%

View Details

on ELFI's website

Overview

Variable APR:
2.48% - 7.24%
Fixed APR:
4.29% - 7.29%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.49% - 11.72%
2.59% - 8.74%
2.49% - 11.72%

View Details

on Splash's website

Overview

Variable APR:
2.49% - 11.72%
Fixed APR:
2.59% - 8.74%
Minimum Credit Score:
640
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 25 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
No
3.84% - 10.07%
4.49% - 10.11%
3.84% - 10.11%

View Details

on Citizens' website

Overview

Variable APR:
3.84% - 10.07%
Fixed APR:
4.49% - 10.11%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.50% - 6.30%
3.99% - 6.40%
2.50% - 6.40%

View Details

on Laurel Road's website

Overview

Variable APR:
2.50% - 6.30%
Fixed APR:
3.99% - 6.40%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
4.13% - 7.39%
2.99% - 9.93%
2.99% - 9.93%

View Details

on LendKey's website

Overview

Variable APR:
4.13% - 7.39%
Fixed APR:
2.99% - 9.93%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes
-
3.94% - 9.08%
3.94% - 9.08%

View Details

on ISL's website

Overview

Variable APR:
-
Fixed APR:
3.94% - 9.08%
Minimum Credit Score:
670
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except OR and ME
Hardship Deferment:
Yes
Co-signer Option:
Yes

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