Citizens Bank Your Go-To for Student Loans Done Right
Hey there, folks! Today, we're diving into the world of Citizens Bank, a financial institution that's been around since 1828. This Rhode Island gem has grown to become one of the biggest commercial banks in the U.S., with branches sprinkled across New England, the mid-Atlantic, and the Midwest. But what makes Citizens Bank stand out from the banking crowd? Let's find out.
1. Multiyear Approval Loans Say Goodbye to Multiple Applications
One of the coolest features Citizens Bank offers is multiyear approval loans. Imagine this: you apply once, and it covers you for the entire duration of your college journey without hitting your credit score hard. You get a hard inquiry upfront and a soft inquiry whenever you need additional funds. That's a win-win right there.
2. Save Big with Loyalty and Autopay
Here's a way to keep some extra cash in your pocket. If you're a Citizens Bank account holder, you're in luck. Having another account can shave off 0.25% from your interest rate. Set up autopay, and you can wave goodbye to another 0.25%. It's like a discount party, but with student loans.
3. International students are welcome.
If you're an international student with a dream, you're in good hands with Citizens Bank. You can apply as long as you have a co-signer who's a U.S. citizen or a permanent resident with a solid credit history. It's all about making education accessible.
Drawbacks - Not for Everyone
Citizens Bank's student loans come with a catch. They're only available for four-year, Title IV-eligible public and private institutions. So, if you're heading to a two-year college or a for-profit school, you'll have to look elsewhere for financial support.
Citizens Bank's Offerings
1. Undergraduate, Graduate, and Parent Loans
Citizens Bank has a buffet of student loans for you to choose from. They cater to undergraduates, graduates, and parents alike. So, no matter where you are in your academic journey, they've got you covered.
2. Refinancing Options Citizens Bank
But the goodness doesn't end there. Citizens Bank also offers refinancing loans for both student and parent loans. It's like a financial makeover for your education expenses.
How Do Citizens Student Loans Work?
When it comes to student loans, Citizens makes the process as smooth as a fresh jar of peanut butter. They start with a soft credit check to give you potential rates, payments, and estimated savings. Plus, they offer multiple terms and payment options to cater to your needs. Co-signers are welcome if you need that extra boost.
Citizens Bank Loan Terms, Fees, and Discounts: What You Need to Know
Citizens Bank gives you flexibility with both fixed and variable-rate student loans, with terms that can span from five to 15 years. You can apply for a loan ranging from $1,000 to a generous $350,000. But there are some limits, depending on your degree path. Undergraduate and graduate degrees max out at $150,000, while MBAs and law degrees can't exceed $225,000. For health care degrees, the limits vary between $180,000 and $350,000. The best part? No application, origination, or disbursement fees to worry about.
Who Qualifies for a Citizens Student Loan?
Getting your hands on a Citizens student loan is a breeze. Just fill out an online application, and they'll assess your eligibility based on factors like your credit score, income, credit history, and employment background. While co-signers aren't mandatory, having one might be a game-changer if your credit history is a bit on the thin side.
Credit Score: No Secrets Here in Citizens Bank
Citizens Bank doesn't keep you guessing about the minimum credit score required. They consider multiple factors, including your credit score, credit history, and debt-to-income ratio. They do have a minimum household income requirement of $12,000 per year for either the borrower or co-signer.
Fast or Steady - Your Choice
Citizens Bank understands that sometimes you need things done quickly. In some cases, they can provide an immediate decision on your student loan application, and you might get the good news in just three to five business days. However, the average process takes about two to four weeks, so plan accordingly.
Deferment and Repayment Options
Citizen student loan borrowers have the freedom to choose their repayment journey. You can go for interest-only payments while in school, make full payments, or even defer payments without the pressure of in-school payments. It's all about fitting your financial strategy to your unique situation.
Forbearance and Discharge - The Nitty-Gritty
Citizens Bank doesn't spill the beans on specific requirements for forbearance or deferment due to financial hardship. But if you find yourself in that boat, it's a good idea to get in touch with them and discuss your options.
Extra Perks - Because Who Doesn't Love Discounts?
Did someone say discounts? Citizens Bank offers the chance to lower your student loan interest rate by a sweet 0.25% when you're enrolled in automatic payments. And if you're already a loyal customer, you get another 0.25% off. It's like a little reward for responsible borrowers.
Customer Service They've Got You Covered
You're never alone with Citizens Bank. They've got a chat feature on their website that instantly connects you to a live representative. You can also give them a ring during their phone hours from 8 a.m. to 9 p.m. Eastern Time, Monday through Friday, and 8:30 to 5 on Saturdays. If you prefer the digital route, they have an email question-answering option where you can search for previously answered questions or ask your own. You'll typically get a response within one business day. That's what I call customer service!
The Bottom Line Are Citizens Banks the Right Choice?
So, is Citizens Bank the right fit for you? Well, they're no stranger to good ratings, boasting an A+ from the Better Business Bureau and BBB accreditation. In 2020, they received 26 student loan complaints to the Consumer Financial Protection Bureau, but they stepped up to address each one promptly. The complaints were mostly about dealing with the lender or servicer and difficulties in repaying the loan.
In a nutshell, Citizens Bank shines for:
- Four-year undergrads and grad students looking for a one-and-done application process.
- International students with a U.S.-based co-signer.
- Students who want to steer clear of loan fees.
So, there you have it, folks. Citizens Bank offers a variety of student loan options with some enticing perks, but remember, they might not be the perfect match for everyone. It's always a smart move to weigh your options and explore the fine print before making any financial commitments.