Citizens Bank Private Student Loans: 2026 Review
Citizens Bank offers student loans to undergraduates at four-year public and private schools, those looking for graduate programs and to parents.
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Student loan ratings
Citizens Bank student loans feature multiyear approval (without a hard credit check), a 0.25% interest rate reduction with autopay and loans for graduate programs.
Citizens Private Student Loan review
Pros
- Offers academic deferment for borrowers who return to school.
- Borrowers do not have to have a certain GPA to qualify for a loan.
- Offers undergraduate, graduate and parent loans.
- Loans discharged if the borrower dies or becomes permanently disabled.
Cons
- Does not offer flexible or nontraditional credit requirements such as on-time rent payments.
- Charges a late fee of 5% of the payment amount for payments not made within 15 days of the due date.
Full Citizens Bank student loan review
Students at public or private four-year schools can be eligible for student loans with Citizens Bank, but those enrolled less than half-time are not eligible. Citizens Bank also offers student loans for medical, dental, law and MBA programs. Loans are also available to parents of borrowers.
Citizens Bank offers multiyear approval for student loans. After freshman year, you can request loans for subsequent school years without you or your co-signer undergoing a hard credit check. International students cannot receive multiyear approval.
Borrowers are eligible for a 0.25% interest rate reduction when they sign up for automatic payments. Borrowers may also be able to earn a loyalty discount of 0.25% off their rate if the borrower or co-signer has another Citizens Bank account that has been open for at least 30 days prior. Extra payments are applied to the principal, which is typically more advantageous than when lenders apply extra payments to the interest.
Citizens Bank student loans fell short in our rankings when it came to flexibility, customization and transparency. Citizens Bank doesn’t offer as many repayment options as other lenders and only offers a 6-month grace period after the borrower leaves school. Additionally, this lender does not disclose minimum credit score or minimum income requirements.
More about Citizens Bank student loans
Loan and borrower requirements
Loan terms: 5, 7, 10, 12 and 15 years.
Loan amounts: From $1,000 to the cost of attendance minus other financial aid the borrower receives.
Minimum credit score: Does not disclose.
Minimum income: Does not disclose.
Maximum debt-to-income (DTI) ratio: Does not disclose.
Time requirement after filing for bankruptcy: Does not disclose.
Co-signer: Co-signers are allowed but not required. Borrowers can apply for co-signer release once every 12 months. Applications involve a hard credit check, and the borrower must meet credit guidelines and submit income verification documents. The borrower must have been paying both interest and principal payments in order for release to be possible. Co-signer release is not available on the student loan for parents.
Payment and repayment
Allows greater-than-minimum payments via autopay: Yes
Allows bi-weekly payments via autopay: No
Grace period following graduation: 6 months.
In-school repayment options: Full payments, interest only, fully deferred.
Post-school repayment options:
Interest-only payments.
Internship deferment.
Residency deferment.
Natural disaster forbearance.
Military deferment.
Customer experience
Customer service: Citizens has in-house customer service representatives that can be reached by phone, live chat, mail, and by in-person visit. Borrowers are also assigned a dedicated advisor or banker when they take out a student loan with this lender.
Time for application approval: Some borrowers can receive a decision on their application immediately, otherwise borrowers will know within three to five business days.
Loan servicer: Firstmark Services and Citizens.
Citizens Bank extras
Multiyear approval for student loans: After freshman year, the borrower can request loans for subsequent school years without undergoing a hard credit check.
No essay scholarship application: Citizens Bank gives away scholarships that can help finance school expenses — plus the application process is fairly straightforward.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Check Rate on Sallie Mae's website | 2.89-17.49% | Mid-600s | 3.62-16.25% | Check Rate on Sallie Mae's website |
 Check Rate on College Ave's website | 2.59-17.99% | Mid-600s | 3.89-17.99% | Check Rate on College Ave's website |
 Check Rate on Ascent's website | 2.69-16.86% | Low-Mid 600s | 3.65-16.06% | Check Rate on Ascent's website |
 Check Rate on Monogram's website | 3.35-17.17% | Mid-600s | 3.53-17.23% | Check Rate on Monogram's website |
 Check Rate on ELFI's website | 2.99-12.85% | 680 | 6.75-13.05% | Check Rate on ELFI's website |
Citizens Graduate Loan review
Pros
- Borrowers do not have to have a certain GPA to qualify for a loan.
- -Loans discharged if the borrower dies or becomes permanently disabled.
- Offers in-house customer service representatives and a dedicated advisor or banker for borrowers.
Cons
- Does not offer flexible or nontraditional credit requirements such as on-time rent payments.
- Charges a late fee of 5% of the payment amount for payments not made within 15 days of the due date.
Citizens offers graduate loans for medical, dental, law and MBA students.
Citizens Student Loan Refinance review
Pros
- Citizens Bank offers refinancing loan terms between five and 20 years.
- Applicants can learn their rate in just a few minutes with no hard credit pull.
- Co-signers are allowed but not required.
- Extra payments are applied to the principal balance, which can help borrowers pay down their loan faster than if extra payments were applied to the interest.
- International and Deferred Action for Childhood Arrivals (DACA) students can qualify with a citizen or resident co-signer.
Cons
- In order to refinance a loan, applicants must earn at least $24,000 in income.
- Late fees are charged for payments made after 15 days of the due date.
Before applying for a Citizens Bank student loan
Before taking out a Citizens Bank student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you aren't eligible for a Citizens Bank student loan
If Citizens Bank denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.
STUDENT LOAN RATINGS METHODOLOGY
Our student loans editorial team surveyed 20 banks, credit unions and online lenders that offer student loans and student loan refinancing. These include the top lenders by market share and online search volume, as well as some lenders that serve specialty or nontraditional markets.
We considered and scored more than 60 features and data points for each financial institution in the categories of loan flexibility, affordability, transparency, customer experience and variety of borrowers served.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodology for student loans and our editorial guidelines.
Frequently asked questions
Is Citizens Bank good for student loans?
NerdWallet rates Citizens Bank as a four-star lender for private student loans based on more than 50 data points. Citizens is a good option if you have an existing relationship with the bank.
How long does it take to get a student loan from Citizens Bank?
Citizens Bank says it takes three to five business days to get approved for a student loan. Citizens also offers multi-year loan approval to borrowers who qualify.
Does Citizens Bank consolidate student loans?
You can consolidate student loans with Citizens Bank. When you consolidate, or refinance, Citizens Bank pays off your old loans and issues you a new private student loan with new terms.