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Citizens Bank Student Loans Review


ConsumersAdvocate.org Rating: 4.3 / 5 (Excellent)
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Citizens Bank is a long-established financial services company headquartered in Providence, Rhode Island. It provides diversified banking products and services to individuals, small businesses, institutions, and large corporations, and is the 22nd largest bank in the USA by total assets. Student loans are available for undergraduate and graduate students, as well as their parents.
 
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How is Citizens Bank rated?

Breakdown

5.0/5
Loan Details
4.5/5
Eligibility Criteria
4.0/5
Customer Experience
3.0/5
Additional Benefits

Overall Rating: 4.3 / 5 (Excellent)

Citizens Bank offers loans for college-related expenses for undergraduate and graduate students as well as parents. It extends multi-year funding and does not charge application, origination, or disbursement fees. However, its advertised interest rates are not as competitive as those offered by other banks, though they may be lowered through the rate discounts the company offers. Unfortunately, its reputation among customers is not very positive, which could make some prospective borrowers look elsewhere for their funding needs.

Citizens Bank Loan Specifics

Loan Details - 5 / 5

Citizens Bank offers loans for undergraduate and graduate students. Variable and fixed interest rates are available, and the repayment option selected plays a role in the rate an applicant will receive. There are borrowing limits; for example, undergraduate students cannot have more than $100,000 in Citizens Bank student loan debt. Higher limits apply for graduate, law, business, and medical students, who can receive up to $350,000. Unlike other institutions, Citizens Bank offers multi-year funding, which allows borrowers to get pre-approved for loans for the course of their studies without having to submit paperwork every year. Additionally, the company does not charge application, origination, or disbursement fees.
Loan Types
Undergraduate
Graduate
Parent
Minimum Loan Amount
$1,000
Loan Term
5, 10, and 15 years
Interest Rates
Fixed
Variable
Repayment Options
Deferred
Immediate
Interest-Only

Fixed APR Range

3.72% - 10.59%

Variable APR Range

1.86% - 9.98%

Disclaimer

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of June 1, 2022, the 30-day average SOFR index is 0.62%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%. Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer. Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Citizens Bank Qualifications

Eligibility Criteria - 4.5 / 5

To qualify for a Citizens Bank loan, applicants must have reached the age of majority in their state (18 in most states); otherwise, a cosigner will be required. There is also a list of documents that must be provided for the application, including proof of employment, an award letter from the school, and a reference.
Cosigner Required
Course Load
Half-time
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident
Non-U.S. Citizen with a Cosigner

Citizens Bank Customer Experience

Customer Experience - 4 / 5

Citizens Bank offers two interest rate reduction discounts, a loyalty discount for having an account with them, and an automatic payment discount for signing up for automatic payment deductions. The discounts add up to a 0.5% reduction in the interest rate. Customer service representatives are available 24/7.
Student Loan Calculator
Online Quotes
Reputation
24/7 Customer Support

Discounts

0.25% loyalty discount; 0.25% automatic payment discount

Citizens Bank Company Reputation

Additional Benefits - 3 / 5

Citizens Bank is a subsidiary of Citizens Financial Group, which has a D rating on the BBB website. This rating is partly due to unresolved customer complaints, as well as the BBB's evaluation of a pattern of complaints filed against the company for poor customer service. The BBB sent the company a notice about this situation in 2015 and the company responded; however, their rating remains downgraded. More information is available here. The company was also subjected to government action in 2015 by the Consumer Financial Protection Bureau (CFPB). Nevertheless, this action involved the company's deposit products, not its loan products. More information is included below.
Lender Type
Bank
Year Founded
1828
BBB Rating
D
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
106
Date Collected
2018-03-29

Consumer Litigation and Regulatory Actions

In 2015, the Consumer Financial Protection Bureau (CFPB) concluded that Citizens Bank under-credited its customers by approximately $12.3 million by processing deposits in such a way that customers did not have the full amounts deposited available for use.

Company Profile

Full Name
Citizens Bank Student Loans
Company Website
https://www.citizensbank.com/
Headquarters
One Citizens Plaza, Providence, RI, 02903
Top Rated
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#1 Choice for Students & Co-signers

  • Rates starting at 3.59% APR 1
  • Best option for those with cosigners and good credit
  • Enter to win a $1,000 scholarship, awarded monthly
  • Checking rates won't affect your credit score
  • Flexible options for repayment and no origination fees

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