Citizens Bank Student Loans Full Review

Student loans of up to $350,000 depending on the level of studies!

Citizens Bank is a comprehensive financial solutions company that offers various student loan plans for different levels of education, including undergraduate and graduate studies, with plans extending up to $350,000 depending on the field of study.

The bank provides at least six different types of financial solutions, such as student loans or debt refinancing, along with an exclusive contest to sponsor clients’ education.

In this article, you can explore more details about two main types: undergraduate student loans and graduate student loans. Despite similarities in the application process and general loan conditions, it’s essential to understand the specific prerequisites for each academic level.

If this type of loan is of interest to you, continue reading the article for more information.

Who is Citizens Bank?

Citizens Bank is an American bank that operates in at least nine states of the country, stemming from institutions founded in the early 19th century.

In total, the company has more than 1,200 branches and over 3,000 ATMs across the country. The bank is a multifaceted network providing financial solutions for individuals, including accounts, credit cards, home loans, investment, and wealth management.

For both small and large businesses, the bank offers business cards, cash flow management, investments and benefits, financing, and exclusive services for industries and suppliers.

How do Citizens Bank Loans work?

In this review, the two main student loans discussed are those designed for undergraduate and graduate students by Citizens Bank.

For undergraduate students, Citizens Bank offers a maximum amount of $150,000, providing comprehensive financing for students attending private or public two- or four-year schools. The repayment terms include fixed rates between 4.99% and 13.29% APR or variable rates from 6.37% to 14.27% APR. The repayment period can extend up to 180 months, or 15 years.

For graduate students, Citizens Bank provides student loans for master’s programs, such as MBA, law, medicine, or dentistry. The minimum amount is $1,000, while the maximum varies by field of study: up to $150,000 for postgraduate studies, up to $225,000 for MBA and law, and up to $180,000 or $350,000 for healthcare.

Repayment plans also vary up to 180 months. The interest rate can be variable between 6.84% and 13.31% APR, or fixed between 5.97% and 12.24% APR. In both cases, a co-signer is required for the loan.

With a good credit score, it is also possible to secure the loan. However, the greater assurance for approval comes with a co-signer.

Additionally, the bank offers study refinancing plans and student loans for parents. The plans also vary significantly according to needs, with conditions for general students being very similar to those for parents.

What are the benefits of applying for a loan at Citizens Bank?

• Direct Loan for Education: In addition to offering a general personal loan that can be used for student expenses, Citizens Bank has a plan specifically tailored for this type of use. This is crucial to provide the best conditions and adapt to the customer’s needs.
• Variable Plans: In this regard, Citizens Bank’s plans aim to accommodate different types of students, from undergraduates to those pursuing advanced postgraduate studies and specializations, which proves beneficial for each unique case.
• Quick Application: According to Citizens Bank, the application process for any level of student loan takes only a few minutes, as it consolidates information and promises a prompt response.
• Up to 0.5% Discount: Citizens Bank offers a discount of up to 0.50% for loyal customers or a discount for those who enable automatic payments directly from their account.

Possible Drawbacks

The main drawback lies in the nature of the service. In this sense, it is exclusively open and valid for students. Therefore, individuals seeking a personal loan for other purposes will not find it at Citizens Bank.

Additionally, student loan plans require a co-signer. Therefore, those unable to provide one may face difficulties and need to explore other companies for student financing.

Want to learn how to apply?

The application process for different levels of student loans is centralized on the Citizens online platform. Nevertheless, it is important to carefully review the conditions for requesting the loan.

Written by

Gabriel Gonçalves