citizens-bank-student-loans-review

Citizens Bank’s lending arm, Citizens One, provides pupil loans in addition to pupil mortgage refinancing to certified debtors.

Fixed APR

as little as 3.99%

SimpleRating

3 / 5.0

SimpleRating Citizens One 3

In specific, Citizens One provides loans for worldwide college students and are additionally a very good deal for present banking prospects who could also be concerned about taking out pupil loans. Citizens One pupil mortgage charges are aggressive and clear, whereas the lender itself provides loads of advantages to debtors for undergraduate, graduate and guardian loans.

Citizens One at a look

Lender Loan Amount APY Range Terms Key Benefit
Citizens Bank $1,000  – 350,000 as little as 3.99% mounted;

as little as 1.18% variable
5 – 15 years Multi-year approval program

What we like about it

Citizens One permits worldwide college students to use for personal loans supplied they’ve a co-signer who’s a citizen or everlasting resident of the United States. Domestic college students are provided multiyear mortgage approval, which permits them to request loans for subsequent years with solely a smooth credit score verify after an preliminary utility. Multiyear approval permits debtors to skip the step of reapplying every year for one more mortgage. Citizens One permits for the discharge of the applicant’s co-signer from the mortgage after 36 months of on-time fee. The lender additionally provides a loyalty low cost within the type of a 0.25% rate of interest discount if both the scholar or co-signer has a pre-existing account with Citizens Bank.

Things to contemplate

While Citizens One doesn’t have set eligibility necessities to use and doesn’t disclose a minimal credit score rating required, it typically recommends that candidates have good to wonderful credit score. For debtors who could not qualify, a co-signer will help guarantee mortgage approval and the bottom rate of interest potential. Citizens One doesn’t have many choices for college kids who would possibly wrestle with making constant on-time funds, providing solely the usual forbearance program of 12 months in whole, with funds waived in two-month blocks. Only college students in 4-year bachelor diploma applications are eligible for Citizens One personal loans, disqualifying many neighborhood faculty and commerce applications.

What it’s worthwhile to learn about Citizens One

Students enrolled a minimum of half time at an eligible establishment could qualify for loans from $1,000 to $150,000 for undergraduate debtors, with the overall quantity of personal and federal debt capped at $150,000. Certain diploma applications like regulation faculty, MBA levels and healthcare levels additionally provide increased most loans.

Citizens pupil loans have a hard and fast fee APR as little as 3.99% and a variable fee APR as little as 1.18%. Loan compensation phrases provided are for 5, 10 and 15 years. Citizens One additionally provides three compensation plans: speedy compensation as soon as faculty begins, interest-only compensation till the top of college and deferred compensation that permits the lender to carry off making any funds till after a 6-month grace interval following commencement.

Here’s tips on how to apply for a Citizens One pupil mortgage:

  1. Gather any mandatory data, together with your social safety quantity, proof of revenue, details about your faculty, and immigration standing documentation for worldwide and DACA debtors.
  2. Complete the web utility, including a co-signer if mandatory.
  3. Select your charges and phrases.
  4. Sign and settle for your mortgage paperwork.

Citizens One charges and penalties

Citizens One doesn’t cost an utility price or an origination price, in contrast to many lenders, making each making use of in your mortgage and processing it freed from cost. It additionally doesn’t cost any price for pre-payment. Citizens One does problem charges for late fee. Any fee not made inside 15 days of the due date will accrue a price amounting to five% of that fee’s quantity.

Citizen One alternate options 

Ascent

Ascent provides two several types of personal pupil loans, a cosigned credit-based mortgage and a non-cosigned future income-based mortgage.

Fees

5% of overdue quantity

Students are allowed to use on their very own for pupil loans or add a cosigner with the intention to safe favorable charges. Even college students with low incomes and no credit score historical past could qualify. The rates of interest for each varieties of loans are 5.84%–12.37% variable and 6.92%–13.91% mounted. The main benefit of Ascent is their future income-based loans for impartial college students who plan on making use of with out a cosigner or these with a poor credit score historical past. To qualify, college students have to be enrolled a minimum of half-time and keep a sure GPA.

Discover Undergraduate Loan

Discover is one other enticing choice in terms of personal undergraduate pupil loans.

Eligible Degrees

Undergraduate

SimpleRating

4.6 / 5.0

SimpleRating Discover Undergraduate Loan 4.6

Like Citizens One, Discover additionally provides debtors the choice of prequalifying for future loans by means of a multi-year choice. Discover fees no charges and covers as much as 100% of school-certified faculty prices (combination mortgage limits apply). The lender additionally rewards pupil debtors for good grades, with college students who earn a minimum of a 3.0 GPA eligible for a one-time money reward2 of 1% of the mortgage quantity.

2Get a money reward on every new Discover undergraduate and graduate pupil mortgage while you earn a minimum of a 3.0 GPA (or equal) in any tutorial interval lined by the mortgage. Limitations Apply. Visit DiscoverStudentLoans.com/Reward for phrases and situations.

Discover Undergraduate Loan Disclosure

Lowest APRs proven for Discover Student Loans can be found for essentially the most creditworthy candidates for undergraduate loans and embody an interest-only compensation low cost and a 0.25% rate of interest discount whereas enrolled in automated funds. The rate of interest ranges symbolize the bottom and highest rates of interest provided on the Discover Undergraduate Loan. The mounted rate of interest is ready on the time of utility and doesn’t change throughout the lifetime of the mortgage. The variable rate of interest is calculated primarily based on the 3-Month LIBOR index plus the relevant margin share. For variable rate of interest loans, the 3-Month LIBOR is 0.250% as of April 1, 2021. Discover Student Loans could alter the speed quarterly on every January 1, April 1, July 1 and October 1 (the “interest rate change date”), primarily based on the 3-Month LIBOR Index, revealed within the Money Rates part of the Wall Street Journal 15 days previous to the rate of interest change date, rounded as much as the closest one-eighth of 1 p.c (0.125% or 0.00125). This could trigger the month-to-month funds to extend, the variety of funds to extend or each. Your APR shall be decided after you apply. Learn extra about Discover Student Loans rates of interest at DiscoverStudentLoans.com/Rates.

Lowest APRs proven for Discover Student Loans can be found for essentially the most creditworthy candidates for undergraduate loans, and embody an interest-only compensation low cost and a 0.25% rate of interest discount whereas enrolled in automated funds.

This content material isn’t supplied or commissioned by any monetary establishment. Any opinions, analyses, evaluations or suggestions expressed on this article are these of TheSimpleDollar.com, and should not have been reviewed, authorized or in any other case endorsed by the monetary establishment.

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Too lengthy, didn’t learn?

Major advantages of Citizens One embody its bigger credit score restrict and the truth that loans may be utilized for at any time throughout the 12 months, somewhat than the mounted window earlier than the college 12 months set for federal loans. Citizen One’s utility can be a lot quicker and extra simple than the FAFSA kind required by the federal authorities. Citizens One pupil loans are a good selection for worldwide college students who don’t qualify for federal loans. These loans are additionally a very good complement for college kids who must take out loans about and past the loans accessible to them by means of the federal authorities.

1Lowest APRs proven for Discover Student Loans can be found for essentially the most creditworthy candidates for undergraduate loans and embody an interest-only compensation low cost and a 0.25% rate of interest discount whereas enrolled in automated funds. The rate of interest ranges symbolize the bottom and highest rates of interest provided on the Discover Undergraduate Loan. The mounted rate of interest is ready on the time of utility and doesn’t change throughout the lifetime of the mortgage. The variable rate of interest is calculated primarily based on the 3-Month LIBOR index plus the relevant margin share. For variable rate of interest loans, the 3-Month LIBOR is 0.250% as of April 1, 2021. Discover Student Loans could alter the speed quarterly on every January 1, April 1, July 1 and October 1 (the “interest rate change date”), primarily based on the 3-Month LIBOR Index, revealed within the Money Rates part of the Wall Street Journal 15 days previous to the rate of interest change date, rounded as much as the closest one-eighth of 1 p.c (0.125% or 0.00125). This could trigger the month-to-month funds to extend, the variety of funds to extend or each. Your APR shall be decided after you apply. Learn extra about Discover Student Loans rates of interest at DiscoverStudentLoans.com/Rates.

The SimpleRating is a proprietary scoring metric we use to objectively examine services at The Simple Dollar.

For each evaluation, our editorial staff:

  • Identifies 5 measurable facets to match throughout every model
  • Determines the ranking standards for every side rating
  • Averages the 5 side scores to supply a single SimpleRating™

Here’s a breakdown of the 5 side scores and their ranking standards for our evaluation of the most effective pupil loans of 2020.

Max Fixed Rate

Lenders who provided a decrease most mounted fee have been awarded increased scores.

Perks

We awarded increased scores for lenders that listing extra perks together with companies, reductions and particular provides for his or her debtors.

Transparency

Lenders that laid all of it naked by publishing vital knowledge about merchandise — APR, provided mortgage quantities, relevant charges and buyer help contact hyperlinks — scored increased for transparency.

Loan Amount

Lenders that provided increased mortgage quantities in comparison with others obtained increased scores. 

Fees

We awarded increased scores to lenders which have fewer mortgage charges for debtors. 

Margaret Wack writes about private finance, well being, wellness, arts and tradition, amongst different subjects.

Reviewed by

  • Courtney Mihocik

    Courtney Mihocik

    Loans Editor

    Courtney Mihocik is an editor at The Simple Dollar who focuses on private loans, pupil loans, auto loans, and debt consolidation loans. She is a former author and contributing editor to Interest.com, PrivateLoans.org, and elsewhere.