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Citizens Student Loan Refinance Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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Headquartered in Providence, Rhode Island, Citizens Bank is a nationwide provider of financial and lending services. It offers students a flexible way of financing their education through its private student loan and student loan refinancing products. It is the 22nd largest bank in the US by total assets.
 
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How is Citizens on Credible. Check rates now. rated?

Breakdown

3.6/5
Loan Specifications
4.0/5
Eligibility Requirements
4.3/5
Customer Experience
4.6/5
Reputation

Overall Rating: 4 / 5 (Very good)

Citizens Bank's refinancing offerings are very similar to other lenders—though its interest rates are below the average. Where it really shines is in its qualification requirements, because it allows resident aliens in the US to borrow, as well as people who did not graduate from college. Very few lenders out there offer this, so Citizens Bank is virtually the only student loan refinancing option for people who check either of those boxes. Since their customer reputation is not so great, prospective borrowers should inform themselves thoroughly on the company's practices.

Citizens on Credible. Check rates now. Loan Specifics

Loan Specifications - 3.6 / 5

Citizens Bank refinances undergraduate, graduate and parent student loans. The minimum amount that may be refinanced is $10,000, but a maximum amount is not stated. The interest rates offered by the company are very competitive when compared to those offered by other lenders.
Loan Types
Undergraduate
Graduate
Parent
Terms
5
10
15
20
Rates
Fixed
Variable
Fixed APR Range
6.79%-10.99%
Variable APR Range
7.06%-12.41%
Repayment Options
Fixed Monthly Repayment

Citizens on Credible. Check rates now. Qualifications

Eligibility Requirements - 4 / 5

Unlike most lenders, Citizens Bank allows "resident aliens" to refinance if they have a US citizen cosigner. It also does not require borrowers to have a college degree, but having one does improve chances of approval and of getting a low interest rate. The company may perform other qualification checks, such as employment verification.
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident
Non-U.S. Citizen with Cosigner
Income Verification
Degree Required

Citizens on Credible. Check rates now. Customer Experience

Customer Experience - 4.3 / 5

Citizens Bank has two types of interest rate discounts available, a loyalty discount for having an account with the bank and an autopay discount for signing up for automatic payment. Both amount to a 0.5% reduction in the interest rate. Citizens Bank's customer representatives are available 24/7 by phone and live chat.
Online Quotes
Student Loan Refinance Calculator
Services
24/7 Customer Support
Live Chat
Discounts
Automatic Payments

Citizens on Credible. Check rates now. Company Reputation

Reputation - 4.6 / 5

Citizens Financial Group, the parent company for Citizens Bank, is rated D by the Better Business Bureau. This is apparently due to a 2015 regulatory action by the Consumer Financial Protection Bureau (CFPB) and what the BBB calls a "pattern of complaint." However, Citizens Bank currently appears to be active in responding to complaints.
Lender Type
Bank
Year Founded
1828
Consumer Litigation & Regulatory Actions
Citizens Bank was fined by the CFPB in 2015 for allegedly under-crediting its customers by processing deposits so that customers did not have access to the full amounts deposited.
Source:
https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-citizens-bank-to-pay-18-5-million-for-failing-to-credit-full-deposit-amounts/
BBB Rating
D
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
106
Date Collected
2018-04-04

Company Profile

Full Name
Citizens Student Loan Refinance
Company Website
https://www.citizensbank.com/
Headquarters
One Citizens Plaza, Providence, RI, 02903

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