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 Review
Citizens Bank private student loans are best for international students with a qualifying co-signer and those with an existing relationship with the bank. Citizens Bank offers a 0.25 percentage point interest rate discount for applicants with a qualifying Citizens Bank account.
Soft credit check to qualify and see what rate you’ll get: Yes.
Loan terms: 5, 10 and 15 years.
Loan amounts: $1,000 minimum. Maximum: Undergraduate: $225,000 Other Graduate: $225,000 Expanded Medical: $250,000 Law: $300,000 MBA: $300,000 Medical: $400,000 Citizens Parent Loan: Dependent upon FICO; Up to $350,000.
Application or origination fee: No.
Prepayment penalty: No.
Late fees: Yes; 5% of payment amount for payments not made within 15 days of the due date.
Compare Citizens Bank's range of interest rates with other private student loan lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate Citizens Bank will offer you, apply on its website.
Citizens Bank doesn’t disclose most details about what it takes to qualify for its student loans. Lenders typically look for borrowers who have good credit and enough income to afford their debts and expenses.
Financial
Minimum credit score: Mid 600s with or with our co-signer
Minimum income: Did not disclose.
Typical credit score of approved borrowers or co-signers: Did not disclose.
Typical income of approved borrowers: Did not disclose.
Maximum debt-to-income ratio: Did not disclose.
Can qualify if you’ve filed for bankruptcy: Did not disclose.
Other
Citizenship: International students are eligible if they apply with a co-signer who is a U.S. citizen or permanent resident.
Location: Available to borrowers in all 50 U.S. states and Washington, D.C.
Must be enrolled half-time or more: Yes.
Types of schools served: All public and private, not-for-profit, Title IV eligible, 4-year degree and graduate/professional degree granting institutions are eligible.
Percentage of borrowers who have a co-signer: Did not disclose.
Immediate: Begin making full monthly payments as soon as the loan is disbursed. This option will save you the most in interest.
Interest-only: Make monthly interest payments while you're in school and during your grace period.
Deferred: You won’t be required to make any payments until your grace period ends, but you can choose to make payments if you’d like. Interest will accrue while you’re in school and capitalize, or get added to your principal balance, at the end of your grace period.
Post-school repayment options
Grace period: 6 months.
Academic deferment: Postpone payments if you return to school at least half-time.
Military deferment: Postpone payments if you're on active military duty for length of active duty or 4 years, whichever is shorter.
Internship and residency deferment: Postpone payments during an eligible internship or residency.
Grace period extension: Yes, an additional 6 months.
Forbearance: Postpone payments for up to 12 months if you're experiencing economic hardship.
Co-signer release: Yes, after the borrower is in a status of full principal and interest repayment — interest-only payments do not qualify. The borrower must apply for the release and meet certain credit and eligibility guidelines to apply.
Death or disability discharge: Yes.
Loan discharge if co-signer dies or becomes disabled: No.
Repayment preferences
Allows greater-than-minimum payments via autopay: Yes.
Allows biweekly payments via autopay: No.
Loan servicer: Citizens.
In-house customer service team: Yes.
Process for escalating concerns: Yes.
Borrowers get assigned a dedicated banker, advisor or representative: Yes.
Average time for approval: If not immediately, it can be within 3-5 business.
Loyalty discount: Customers can save up to 0.50% off for having another qualifying Citizens account (0.25% discount) and setting up automatic payments on their loan (0.25% discount, which kicks in after their first loan payment).
Multiyear approvals: After freshman year, borrowers can request loans for subsequent school years without you or your co-signer undergoing a hard credit check, which affects your credit. International students cannot receive multiyear approval.
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.
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 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.
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.