Citizens Bank at a Glance
Here are the key facts about Citizens Bank private student loans for the 2025-2026 school year:
- Fixed rates: 4.24% to 15.60% APR (undergraduate)
- Variable rates: 5.99% to 16.60% APR (undergraduate)
- Fees: No application fee, no origination fee, no prepayment penalty
- Loan terms: 5, 10, or 15 years (students); 5 or 10 years (parents)
- Cosigner release: Available after meeting credit and income requirements (apply once every 12 months)
- Autopay discount: 0.25%
- Loyalty discount: 0.25% for existing Citizens Bank customers
- Combined discount: Up to 0.50% when both autopay and loyalty discounts are applied
- Standout feature: Multi-year approval lets you secure funding once and request funds each year without full reapplication
Before applying for any private student loan, make sure you have exhausted your federal student loan options first. For the 2025-2026 school year, federal Direct Subsidized and Unsubsidized Loans carry a fixed rate of 6.39% for undergraduates and 7.94% for graduate students. Federal PLUS Loans carry a rate of 8.94%. Federal loans also offer income-driven repayment plans and potential loan forgiveness that private loans do not.
That said, the landscape is changing. The One Big Beautiful Bill Act (OBBBA) introduces caps on PLUS Loan borrowing and phases out Grad PLUS Loans entirely. These changes make private lenders like Citizens Bank increasingly relevant for students who need to fill larger funding gaps.
Loan Types Offered
Citizens Bank offers a focused lineup of private student loan products. While some lenders like Sallie Mae offer specialized programs for MBA, law, dental, and other graduate fields, Citizens Bank takes a simpler approach with broader loan categories that cover most student and parent borrowing needs.
Undergraduate Student Loan
The undergraduate student loan is designed for students pursuing a bachelor's degree at an eligible institution. Borrowers can choose between fixed and variable interest rates. Fixed rates range from 4.24% to 15.60% APR, and variable rates range from 5.99% to 16.60% APR. Repayment terms of 5, 10, or 15 years are available, giving students flexibility in how quickly they pay off the loan.
Graduate Student Loan
Citizens Bank offers loans for students enrolled in graduate and professional degree programs. Variable rates for graduate loans range from 5.99% to 15.10% APR. With the OBBBA phasing out Grad PLUS Loans, graduate students may increasingly need to consider private lenders like Citizens Bank to cover tuition and living expenses.
Parent Loan
The parent loan allows parents to borrow on behalf of their dependent student. Variable rates range from 6.99% to 10.61% APR. Repayment terms for parent loans are 5 or 10 years, which are shorter than the student loan options. One important note: cosigner release is not available on parent loans.
Student Loan Refinancing
Citizens Bank offers refinancing for borrowers who want to consolidate existing student loans, whether federal, private, or a mix of both. Refinancing can help borrowers secure a lower interest rate, reduce their monthly payment, or both. This is a valuable product for graduates who have built strong credit since originally borrowing.
Medical Residency Refinancing
This is a specialized product for medical professionals in residency. Fixed rates range from 5.23% to 9.46%, and variable rates range from 5.43% to 9.88%. Medical residency refinancing recognizes that residents often have high loan balances but limited income during training. This product is relatively rare among private lenders and represents one of Citizens Bank's key differentiators.
Current Interest Rates
Citizens Bank offers both fixed and variable interest rates across its loan products. Your rate depends on the loan type, your creditworthiness, loan term, and whether you qualify for any discounts.
Fixed Rates
Citizens Bank fixed rates for undergraduate loans range from 4.24% to 15.60% APR. Fixed rates for medical residency refinancing range from 5.23% to 9.46%. A fixed rate stays the same for the entire life of your loan, which means your monthly payment will never change. This makes budgeting predictable and protects you if interest rates rise in the future.
Variable Rates
Citizens Bank variable rates for undergraduate loans range from 5.99% to 16.60% APR. Graduate loan variable rates range from 5.99% to 15.10% APR. Parent loan variable rates range from 6.99% to 10.61% APR. Variable rates are tied to an index and can go up or down over time. Variable rates often start lower than fixed rates, but they carry the risk of increasing over the life of your loan.
How Rates Are Determined
Your rate depends on your credit score, credit history, income, and debt-to-income ratio. If you apply with a cosigner who has strong credit, you are more likely to qualify for a lower rate. Shorter loan terms also tend to come with lower rates because the lender's risk is reduced.
Loyalty Discount
Citizens Bank offers a 0.25% interest rate discount for existing Citizens Bank customers. This loyalty discount is applied on top of any other discounts. If you already bank with Citizens, whether through a checking account, savings account, or other banking relationship, you automatically qualify for this discount. This is a benefit that most online-only lenders cannot match.
Autopay Discount
Citizens Bank offers a 0.25% autopay discount when you enroll in automatic payments from a checking or savings account. The discount applies for as long as autopay is active. If you cancel autopay, your rate returns to its original level.
Combined Discount
When you combine the loyalty discount and the autopay discount, you can reduce your interest rate by up to 0.50%. This is one of the best combined discounts available from any private student loan lender. For comparison, most lenders offer only a 0.25% autopay discount with no additional loyalty benefit. On a $50,000 loan, a 0.50% rate reduction can save you hundreds or even thousands of dollars over the life of the loan.
Fees and Costs
Citizens Bank does not charge application fees, origination or disbursement fees, or prepayment penalties. This means you receive the full amount you are approved for, and you can pay off your loan early without any penalty.
Compared to federal student loans, which charge origination fees of up to 4.228% on PLUS Loans, Citizens Bank's lack of origination fees is a clear advantage. On a $50,000 loan, a 4.228% origination fee would cost you $2,114 upfront. With Citizens Bank, you receive the full amount.
Among private lenders, Citizens Bank's fee structure is competitive and in line with lenders like SoFi and Earnest, which also charge no origination or application fees. Late fee details are not prominently disclosed in Citizens Bank's public materials, so borrowers should review the loan agreement carefully for any late payment terms.
Eligibility and Application
To apply for a Citizens Bank student loan, you must meet the following eligibility requirements:
- Be a U.S. citizen or permanent resident
- Be enrolled at an eligible school at least half-time (for student loans)
- Meet credit and income requirements (or apply with a cosigner who does)
- For cosigner release: be a U.S. citizen or permanent resident
Citizens Bank does not publish a minimum credit score, but approval and rate depend on your overall credit profile, including credit history, income, and debt-to-income ratio. As a traditional bank, Citizens Bank may weigh existing banking relationships positively during the application process.
The application process is done online. You can typically check your rate with a soft credit pull, which does not affect your credit score. A hard credit inquiry only occurs when you formally submit your application.
Multi-Year Approval
One of Citizens Bank's most convenient features is multi-year approval. Once you are approved for a loan, you can request additional funds in future academic years without going through a full reapplication process. This saves time and reduces the paperwork burden for students who need to borrow each year. Multi-year approval is not available from every lender, and it can be especially helpful for families who want to lock in their lending relationship early in a student's college career.
Cosigner Release
Citizens Bank offers cosigner release on student loans, but there are specific requirements. To qualify for cosigner release, you must:
- Be in full principal and interest repayment (interest-only payments do not qualify)
- Meet Citizens Bank's credit and eligibility guidelines at the time of the request
- Provide income verification
- Be a U.S. citizen or permanent resident
You can apply for cosigner release once every 12 months. Cosigner release is not available on parent loans.
The requirement to be in full principal and interest repayment means you cannot apply for cosigner release while you are still making interest-only payments or while your loan is in deferment. This is worth noting because some borrowers may choose interest-only repayment to keep costs low during the early years, which would delay their eligibility for cosigner release.
For context, here is how Citizens Bank's cosigner release compares to other major lenders:
- Citizens Bank: Must be in full principal and interest repayment; apply once every 12 months
- Sallie Mae: 12 consecutive on-time payments
- SoFi: 24 consecutive on-time payments
- Earnest: Does not offer cosigner release
- College Ave: Payments for half the loan term
- Ascent: 12 consecutive on-time payments
Citizens Bank does not specify a minimum number of payments for cosigner release, but the requirements around full principal and interest repayment and credit evaluation add conditions that some borrowers may find difficult to meet early in their careers. Lenders like Sallie Mae and Ascent offer more straightforward timelines.
Repayment Options
Citizens Bank offers standard repayment structures with a 6-month grace period after graduation or leaving school.
Deferred Repayment
With deferred repayment, you make no payments while you are enrolled in school. Interest still accrues during this time and is added to your loan balance. After you graduate or leave school, your 6-month grace period begins. This option keeps your costs lowest while in school but results in a higher total loan cost over time.
Grace Period
Citizens Bank provides a 6-month grace period after you graduate, leave school, or drop below half-time enrollment. This matches the industry standard offered by most private lenders including SoFi, College Ave, and Earnest. By comparison, Ascent offers a 9-month grace period, which is longer than average.
Repayment Terms
Citizens Bank offers repayment terms of 5, 10, or 15 years for student loans and 5 or 10 years for parent loans. This range is narrower than some competitors. For example, Ascent offers six term options (5, 7, 10, 12, 15, and 20 years), and College Ave offers 5, 8, 10, and 15 years.
Shorter terms mean higher monthly payments but lower total interest costs. Longer terms reduce your monthly payment but increase the total amount you pay over the life of the loan. The 15-year option gives student borrowers the most flexibility, while parent borrowers are limited to a maximum of 10 years.
Borrower Benefits
Citizens Bank offers a practical set of borrower benefits centered on its banking relationship and streamlined processes.
- Up to 0.50% combined discount: The combination of the 0.25% loyalty discount and the 0.25% autopay discount is one of the best combined rate reductions available from any private lender. Most lenders cap their discount at 0.25%.
- Multi-year approval: Get approved once and request funds each year without full reapplication. This saves time and reduces paperwork for families borrowing across multiple academic years.
- Medical Residency Refinancing: A specialized product for medical professionals in residency, with rates ranging from 5.23% to 9.88%. Few private lenders offer a dedicated product for this group.
- Physical branch access: As a traditional bank with physical branches primarily in the eastern United States, Citizens Bank provides in-person support that online-only lenders like SoFi and Earnest cannot offer. If you prefer face-to-face help with your student loan questions, this is a meaningful advantage.
- No origination or application fees: You receive the full loan amount without any upfront deductions.
- Student loan refinancing: Citizens Bank allows borrowers to refinance existing federal and private student loans, potentially securing a lower rate after building credit.
How Citizens Bank Compares
Citizens Bank is one of several major private student loan lenders. Here is how it stacks up against a few well-known competitors.
Citizens Bank vs. Sallie Mae: Sallie Mae offers a much wider range of specialized loan products, including loans tailored for MBA, law, dental, and medical students. Sallie Mae also offers a 12-month cosigner release with a clear payment-count requirement. Citizens Bank has fewer loan types but offers the loyalty discount and multi-year approval, which Sallie Mae does not. If you need a specialized graduate program loan, Sallie Mae is the better choice. If you are an existing Citizens Bank customer, the 0.50% combined discount may give Citizens the edge on rate.
Citizens Bank vs. SoFi: SoFi is known for member benefits like career coaching, financial planning, and unemployment protection. SoFi offers a 24-month cosigner release and competitive rates. Citizens Bank offers the loyalty discount and physical branch access, which SoFi does not have. SoFi is the stronger choice for borrowers who want a full suite of post-graduation support. Citizens Bank is better for borrowers who value in-person banking and already have a Citizens account.
Citizens Bank vs. Earnest: Earnest allows borrowers to customize their monthly payment and choose any loan term, which is unique in the industry. Earnest does not offer cosigner release at all. Citizens Bank offers cosigner release and the loyalty discount, but has fewer repayment term options. If payment customization matters most, Earnest is the better pick. If cosigner release and rate discounts are your priority, Citizens Bank wins.
Citizens Bank vs. College Ave: College Ave offers a wider range of repayment terms and a 36-month grace period for medical and dental students. Citizens Bank offers the loyalty discount and medical residency refinancing, which College Ave does not have. College Ave is stronger for medical students. Citizens Bank is stronger for borrowers who want combined rate discounts and refinancing options.
Citizens Bank vs. Ascent: Ascent stands out for its Outcomes-Based Loan, DACA student eligibility, and zero-fee structure including no late fees. Ascent also offers a 9-month grace period and 12-month cosigner release. Citizens Bank offers the loyalty discount, multi-year approval, and medical residency refinancing, none of which Ascent provides. Ascent is the better choice for students without a cosigner or credit history. Citizens Bank is the better choice for existing bank customers who want the combined 0.50% discount and branch access.
Pros and Cons
Pros
- Up to 0.50% combined rate discount (loyalty plus autopay), one of the best in the industry
- Multi-year approval eliminates the need to reapply each academic year
- Medical Residency Refinancing is a specialized product that few other lenders offer
- Physical bank branches provide in-person support for borrowers who prefer it
- No application fee, no origination fee, and no prepayment penalty
- Student loan refinancing available for both federal and private loans
- Repayment terms up to 15 years for student borrowers
Cons
- Fewer specialized loan products than Sallie Mae (no dedicated MBA, law, or dental loans)
- Cosigner release requires full principal and interest repayment, not just a payment count
- Cosigner release is not available on parent loans
- Cosigner release applications are limited to once every 12 months
- Fewer repayment term options (5, 10, 15 years) compared to lenders like Ascent (6 options) or Earnest (custom terms)
- 6-month grace period is standard but shorter than Ascent's 9-month grace period
- No Outcomes-Based Loan or DACA student eligibility (unlike Ascent)
- Branch network is primarily in the eastern United States, limiting in-person access for borrowers elsewhere
Frequently Asked Questions
Does Citizens Bank charge any fees?
Citizens Bank does not charge application fees, origination or disbursement fees, or prepayment penalties. This means you receive the full loan amount you are approved for, and you can pay off your loan ahead of schedule without any additional cost. Late fee details are not prominently disclosed in public materials, so borrowers should review their loan agreement carefully.
What is the Citizens Bank loyalty discount?
The loyalty discount is a 0.25% interest rate reduction available to existing Citizens Bank customers. If you already have a checking account, savings account, or other banking relationship with Citizens Bank, this discount is applied to your student loan rate. When combined with the 0.25% autopay discount, you can save up to 0.50% on your interest rate, which is one of the largest combined discounts available from any private student loan lender.
How does multi-year approval work?
With multi-year approval, you go through the full application process once. In subsequent academic years, you can request additional loan funds without completing a full new application. This streamlines the borrowing process for students who need to take out loans each year and reduces the paperwork and time involved. Not all lenders offer this feature, making it a notable convenience benefit.
Can I refinance my student loans with Citizens Bank?
Yes. Citizens Bank offers student loan refinancing for borrowers who want to consolidate existing federal, private, or mixed student loans into a single loan with a potentially lower rate. Citizens Bank also offers a Medical Residency Refinancing product specifically designed for medical professionals in residency who want to refinance during training. Keep in mind that refinancing federal loans into a private loan means you lose access to federal benefits like income-driven repayment and loan forgiveness.
How does cosigner release work at Citizens Bank?
To qualify for cosigner release, you must be in full principal and interest repayment, meet credit and eligibility guidelines, provide income verification, and be a U.S. citizen or permanent resident. You can apply once every 12 months. Interest-only payments do not count toward cosigner release eligibility. Cosigner release is not available on parent loans. This means parents who borrow under the parent loan program will remain on the loan for its full duration.
What credit score do I need for a Citizens Bank student loan?
Citizens Bank does not publish a minimum credit score requirement. Your approval and interest rate depend on your overall credit profile, including credit history, income, and debt-to-income ratio. Applying with a cosigner who has strong credit can improve your chances of approval and help you qualify for a lower interest rate.
What repayment terms are available?
Citizens Bank offers repayment terms of 5, 10, or 15 years for student loans and 5 or 10 years for parent loans. Shorter terms result in higher monthly payments but lower total interest costs. Longer terms reduce your monthly payment but increase the total amount you pay. The 15-year option is only available for student borrowers, not parent borrowers.
Does Citizens Bank offer any hardship options?
Citizens Bank's hardship and forbearance options are not prominently detailed in their public materials. Borrowers who experience financial difficulty should contact Citizens Bank directly to discuss available options. By comparison, some lenders like SoFi offer explicit unemployment protection programs.
The Bottom Line
Citizens Bank is a solid private student loan lender for 2026, with a few key strengths that set it apart. The combined 0.50% rate discount for existing banking customers who also enroll in autopay is one of the best rate reduction opportunities available from any private lender. If you already bank with Citizens, this discount alone makes it worth comparing Citizens Bank's rates against other options.
The multi-year approval feature is a genuine convenience benefit that reduces the burden of reapplying each academic year. For families who expect to borrow across multiple years of college, this streamlined process can save meaningful time and effort.
The Medical Residency Refinancing product fills a specific niche that most private lenders do not address. Medical professionals in residency often carry large loan balances but earn limited income during training. Having a refinancing product designed for this group, with rates from 5.23% to 9.88%, is a practical benefit that lenders like Sallie Mae, Earnest, and Ascent do not offer.
Citizens Bank's main limitations are its narrower product lineup and fewer repayment term options compared to competitors. Sallie Mae offers more specialized graduate program loans. Ascent offers the Outcomes-Based Loan and DACA eligibility. Earnest offers fully customizable repayment terms. And the cosigner release requirements at Citizens Bank are more complex than the straightforward payment-count models at Sallie Mae and Ascent.
Remember: always exhaust your federal student loan options before turning to private loans. Federal loans offer fixed rates, income-driven repayment plans, and forgiveness programs that private loans cannot match. But if you have used up your federal aid and still need funds, Citizens Bank is worth considering, especially if you are already a Citizens Bank customer and can take advantage of the combined 0.50% discount.
With the OBBBA changes limiting PLUS Loan availability and eliminating Grad PLUS Loans, more students and families will need to explore private lending. Citizens Bank's combination of competitive rates, banking relationship benefits, and refinancing options makes it a practical choice for borrowers who value the stability and accessibility of a traditional bank.
Ready to plan your student loan strategy? Create your free CollegeLens plan to compare your options and build a personalized funding roadmap.
-- Sravani at CollegeLens