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LAST UPDATED: November 22nd, 2021

Founded in 1828, Citizens Bank is a trusted financial institution, offering traditional banking services, as well as loan products, including home loans, auto loans, student loans, and student loan refinancing.

Refinancing your student loans with Citizens Bank could save you an average of 2,600+ a year, significantly reducing your monthly payment. Citizens Bank offers competitive rates ranging from 2.24 percent to 8.90 percent APR (variable rate) and 2.97 percent to 9.15 percent APR (fixed rate), and you can select a loan term of 5, 7, 10, 15, or 20 years.

Continue reading for a full Citizens Bank student loan refinance review.

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The Good

  • No Hidden Fees
  • Savings Calculator
  • Short Application Process
  • Cosigner Release
  • Interest Rate Discount
  • Education Refinance Loan Options for Parents

No Hidden Fees

Citizens Bank is transparent with payment information, and there is no prepayment, application, or origination fee. Customers need to only pay one convenient fee that includes all of their student loans.

Savings Calculator

Citizens Bank offers a helpful savings calculator. Borrowers can input information like their loan amount and monthly payment to see what they could save by refinancing their student loans.

Short Application Process

The application is user friendly and easy to fill out. The website clearly lists how to apply and is upfront about what kind of documentation Citizens Bank requires from borrowers. Some customers report filling out the application in less than 30 minutes.

Cosigner Release

Citizens Bank gives borrowers with little or no credit history the option to have a cosigner. Borrowers with a cosigner are more likely to qualify for refinancing as well as receive a lower interest rate. It is unique that Citizens Bank accepts cosigners, as many lender don't, especially for student loan refinancing.

Citizens Bank provides a cosigner release option. A cosigner can apply for cosigner release after 36 consecutive on-time payments, and you must contact Citizens Bank's loan servicing partner, Firstmark Services, to begin the cosigner release process. 

Note, that Education Refinance Loans for parents are not eligible for cosigner release.

Interest Rate Discount

The company offers two great options to lower the interest rate:

  • Loyalty Discount — People with qualifying Citizens Bank accounts who apply for a new Education Refinance Loan can get 0.25% off of their interest rate.
  • Automatic Payment Discount — The company offers 0.25% off of the interest rate for people who set up automatic payments each month.

Education Refinance Loan Option for Parents

Parents can refinance Parent Plus loans and consolidate their childrens' education loans, and save up to 2.97 percent on their interest rate with Citizens Bank. 

Exact rates will vary based on your credit history and current finances, but Citizens bank offers variable rates ranging from 2.24 percent to 6.67 percent APR, and fixed rates ranging from 2.97 percent to 6.92 percent APR. You can lower your interest rate by 0.50 percent with either Citizens Bank's Loyalty or Automatic Payment discounts. You can then choose a repayment term of 5, 7, 10, 15, or 20 years.


The Bad

  • Long Cosigner Release Time Period
  • Strict Eligibility Requirements
  • No Information on Eligible Schools
  • Not Available to Current Students

Long Cosigner Release Time Period

In order to apply for a cosigner release, you must have made 36 consecutive, on-time monthly payments of principal interest. This is a longer than average waiting period since other companies offer an average period of only 24 months. The 36-month period is inconvenient because most cosigners will appreciate the ability to opt out after only one or two years.

Strict Eligibility Requirements

The company requires a minimum annual gross income of $24,000. This amount can be split between the cosigner and borrower combined. This could be difficult for recently graduated borrowers without a cosigner. 

Borrowers are required to have made three on-time loan payments to the principal and interest loans prior to applying. Additionally, borrowers must have reasonably good credit and a strong credit history, derived from their credit score.

No Information on Eligible Schools

While Citizens Bank is very transparent, it does not specify in which states it does or does not offer student loan refinancing. Additionally, the website does not provide information on school eligibility for its refinancing program.

Not Available to Current Students

Borrowers cannot refinance their student debt while still in school; no current students can apply for an Education Refinance Loan. Students who have not earned a degree from a federally accredited university are required to have made at least 12 payments on their principal and interest loans before applying.


The Bottom Line

Citizens Bank is a transparent company that is well established in the industry. It doesn't charge any fees and offers competitive rates ranging from 2.24 percent to 8.90 percent APR (variable rate) and 2.97 percent to 9.15 percent APR (fixed rate). 

However, Citizens Bank does require at least $24,000 in yearly gross income, and has a high credit requirement that could be difficult for some applicants to meet. The company is ideal for someone with good credit who has graduated from a federally accredited undergraduate or graduate university. 

While this company is certainly not the top industry performer, it is definitely a solid option to look into.

View Best Student Debt Companies

Currently, Citizens Bank reviews are limited. If you have refinanced your student loans with this company, please tell us about your experience by leaving a review.

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G Anniston, AL

Wonderful folks that really want to help you achieve your goals .hometown Bank that always feels like visiting friends.they made the process easy and the payments manageable so I could focus on what's most important,getting my education they worked hand in hand with my school to make it almost effortless

2 years ago Edited November 29, 2021


Review Source

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Erinmarie Xian Seffner, FL

Managing Student debt was pretty straight forward once I asked for assistance in doing so. Everything was explained in clear terms and a divisive plan was laid out to help me whittle it down.

2 years ago


Review Source

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Mohammed A Brooklyn, NY

My Dad had told me to speak with the advisors at Citizen Bank for planning and management of my student loans and to be honest, I am glad I did. The personalized approach and care to detail made me feel at ease and helped organize plans for my financial burdens right out of college.

2 years ago