Loans

No hassle, no debt: Citizens Bank Student Loan Refinance review

Refinance your student loans with Citizens Bank for enhanced financial freedom. Learn more about this option below!

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Crush Student Debt with Citizens Bank’s Exclusive Refinancing Benefits

Citizens Bank Student Loan Refinance
No hassle, no debt: Citizens Bank Student Loan Refinance review. Source: Foster the Money

In this Citizens Bank student loan refinance review, we’ll uncover this outstanding financial solution’s unique features and benefits.

Citizens Bank Student Loan Refinance

Apply for Citizens Bank Student Loan Refinance

Simplify your loan refinancing journey – apply for Citizens Bank Student Loan Refinance. Secure lower rates and get debt-free!

If you’re seeking a reliable financial partner to navigate the complexities of student loan debt, look no further than Citizens Bank. So keep reading and find your way out.

APRFrom 6.80% up to 12,17%, you can opt for fixed rates or variable rates;
Terms5 to 20 years;
Loan Amountsminimum of $10,000 and a maximum of $750,000 – it depends on the type of student loan you’re refinancing;
Credit NeededGood or Excellent;
Origination FeeCitizens Bank charges no origination or initiation fee;
Late FeeYou must pay a 5% fee if you delay your monthly payment;
Early Payoff PenaltyNo prepayment fee.

Is the Citizens Bank Student Loan Refinance a good option?

The Citizens Bank Student Loan Refinance program can be a compelling option when refinancing your student loans.

Moreover, you can get better interest rates than your previous student loans, customizable repayment plans, and the potential for significant savings.

Therefore, Citizens Bank presents a viable solution for borrowers seeking to manage their student debt more efficiently.

However, whether it’s the right choice depends on various factors, including your financial goals, credit history, and the terms the bank offers.

The pros and cons of the Citizens Bank Student Loan Refinance

Citizens Bank Student Loan Refinance
The pros and cons of the Citizens Bank Student Loan Refinance. Source: Citizens Bank

Let’s review the pros and cons of Citizens Bank Student Loan Refinance:

Advantages

  • Streamlined Debt Management: You can simplify your monthly payments by consolidating multiple loans into one. Also, it makes managing your finances more convenient;
  • Cosigner Release Option: They offer cosigner release after meeting specific criteria, allowing borrowers to release their cosigners from the responsibility of the loan over time;
  • No Application Fees: Citizens Bank does not charge any application fees. Thus, the refinancing process is more accessible and cost-effective for borrowers;
  • Special discounts for autopay: Finally, you can get up to 0.50% discount if you enroll on autopay to avoid missed payments.

Disadvantages

  • Creditworthiness Requirement: To qualify for refinancing with Citizens Bank, you need a strong credit history and a stable financial standing, which may limit access for some borrowers;
  • Loss of Federal Loan Benefits: Refinancing federal student loans with Citizens Bank means forfeiting federal benefits such as income-driven repayment plans, loan forgiveness options, and deferment or forbearance programs.

What credit score do you need to apply?

They require applicants to have a credit score in the mid-to-high 600s or above to be eligible for their student loan refinance program.

Still, this does not guarantee approval, as other factors also play a role in the decision-making process.

Moreover, a higher credit score improves the chances of securing more favorable rates and terms.

Citizens Bank Student Loan Refinance application process

Certainly, you can find many benefits in their student loan refinancing service. This is especially true if you face financial hardships due to high-interest rates.

So read our following post to learn how to apply for this financial product and get your finances back on track.

Citizens Bank Student Loan Refinance

Apply for Citizens Bank Student Loan Refinance

Simplify your loan refinancing journey – apply for Citizens Bank Student Loan Refinance. Secure lower rates and get debt-free!

About the author  /  Julia Bermudez

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