| Fixed rates | 7.39% – 12.82% |
| Variable rates | 5.87% – 10.93% |
| Loan amounts | $1,000 to $16,000 (lifetime aggregate limit of $225,000) |
| Loan conditions | 5 or 10 years |
Loan Eligibility
Citizens One sets out its eligibility criteria very clearly. Key qualifications include:
- You must be a US citizen or permanent resident
- International students without a US social security number must have a solvent US citizen or permanent resident co-signer
- You must be enrolled at least half-time in a degree program at an eligible school
- You must have good credit or have a qualified co-signer
- You must be the age of majority in the state where you reside or have a co-signer
- You must not have any previous defaults on your student loan
What Citizens One considers “good credit” is not specified, but the app asks for income information to determine eligibility.
Is loan prequalification available?
Citizens One does not offer pre-qualification for student loans. This means that to verify your eligibility independently or with a co-signer, you must complete a full application, which places a difficult investigation on your credit.
Loan discounts
If the borrower or their co-signer has a qualifying account with Citizens Bank at the time of submitting their application, they are eligible for a 0.25% interest rate reduction on their loan. Eligible accounts include checking, savings accounts, money market accounts, credit cards, certificates of deposit or loans held by Citizens Bank.
There is also an interest rate deduction of 0.25% for signing up for autopay. Both discounts are included in the rates advertised by Citizens One.
You can reduce your interest rate by up to 0.50% with automatic payment and loyalty discounts
Refund Options
Citizens One offers three payment options at school:
- Full adjournment
- Interest only payments
- Full payments (interest and capital)
Note: Parent loans are not eligible for deferment while the student is in school. There is a six month grace period on all private student loans.
Borrowers can choose between loan terms of 5, 10 and 15 years for student loans, and 5 or 10 years for parent loans and residence or bar school loans.
Are co-signers required?
A co-signer is not required for a Citizens One student loan. If the applicant has a strong credit history, a co-signer can help the student qualify for a lower interest rate.
Borrowers with a co-signer can request the co-signer’s release after making 36 consecutive full minimum payments on time. However, students who applied for their loan before they reached the age of majority in their state may not be able to remove their co-signer.
Is student loan refinancing available?
Citizens One offers refinancing options for parent and student loans, both federal and private, even if you haven’t finished school.
If you’re considering refinancing your student loans, Citizens Bank is one of the few lenders that lets you refinance even if you haven’t graduated from college.
You can choose from loan terms of 5, 7, 10, 15 and 20 years at fixed rates from 4.29% to 9.74% and variable rates from 2.24% to 9.24%.
Customer service
The Consumer Financial Protection Bureau received more than 4,133 complaints about private student lenders in 2020. Of these, 28 involved Citizens One.
If you have a question or concern about your loan, customer service is available by phone at 1-800-922-9999.
Apply for a Citizens One student loan
You can complete a student loan application online or over the phone. To complete it, you will need the following information:
- Name, address, telephone number, e-mail address
- Date of Birth
- Social Security number
- Recent pay stub (not older than 30 days) or other proof of income
- Monthly rent payment
- Employer name, phone number and length of employment (if applicable)
- Name of the school you plan to attend
- Participation fees and any financial assistance received
- Expected graduation date, loan duration and loan amount required
- Co-signer’s name and valid email address (if applicable)
pay for college
Before applying for a private student loan, submit the Free Application for Federal Student Aid (FAFSA) to see what scholarships, grants and financial aid options are available.
Once you’ve exhausted these options, compare rates between private student lenders and decide which loans are best for you. Although student loans can cover expenses such as housing, books, etc., taking out as little as possible will save you the most money in the long run.
final verdict
Citizens Bank is a great choice if you need extra money for your education expenses. With a multi-year approval, you can get the money you need for school without having to submit another application. Plus, the lender offers valuable interest rate discounts and competitive interest rates. However, it has a strict overall loan limit. Borrowers who are enrolled in expensive programs, such as pursuing an MBA or attending medical school, will likely hit the limit and have to find another lender to obtain financing to complete their education.
Methodology
Investopedia is dedicated to providing consumers with unbiased and comprehensive reviews of student lenders. We’ve collected over 45 data points from over 15 lenders, including interest rates, fees, loan amounts and repayment terms, to ensure our content helps users make the right decision. borrowing decision for their educational needs.