Skip to Main Content

Citizens Bank Student Loans: 2023 Review

Updated on July 14, 2023
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

Rating: 4 stars out of 5
Bankrate Score
Caret Down
Repayment Options
Rating: 4 stars out of 5
Rating: 3.4 stars out of 5
Customer Experience
Rating: 4.5 stars out of 5

About Bankrate Score

Citizens Bank offers private student loans and refinancing options to undergraduate and graduate students and their parents. Competitive interest rates, flexible repayment terms and rate-reduction opportunities make it a big contender in the student loan space. Citizens student loans are a particularly great option for students who would like to take some of the legwork out of applying for funds for multiple years of colleg

Loan amount $1,000 to $750,000
APR from 5.80% Variable; 4.43% Fixed
Clock Wait
Term lengths 5 to 20 years
This lender is best for borrowers with good credit who are looking for funding for multiple years of school.
Get my custom rates
Check rate with Credible

Citizens Bank features

Citizens Bank offers undergraduate, graduate, law school, health professions, MBA, bar study, medical residency, parent and refinancing loans. International students can also apply via the bank’s online platform, though they must have a creditworthy co-signer who’s a U.S. citizen or permanent resident.

Citizens Bank’s multiyear approval program is what sets it apart from other lenders. Borrowers can apply once, with a single application, and be approved for additional student loans for all academic years without the need to formally reapply. If you need more funds, you’ll simply request the loan funds and go through a soft credit check.

Citizens Bank: In the details

Pros and cons of Citizens Bank student loans

Citizens Bank has a number of loan options that can give you the financial tools to help you earn your degree. However, it’s important to be aware of the pros and cons before applying.


  • Checkmark

    Multiyear approval: If you know that you’ll need funds for multiple years of college, Citizens Bank could be a good choice; if you receive multiyear approval on your initial loan, you don’t have to go through a full application for future funds.

  • Checkmark

    Loyalty discounts: If you or your co-signer has a Citizens Bank checking, savings, money market or CD account, or any outstanding Citizens Bank loan, you may be eligible for a 0.25 percent discount on your student loan.

  • Checkmark

    Eligibility for international students: Most student loan lenders require borrowers to be U.S. citizens or permanent residents. Citizens Bank allows international students to apply as long as they have a co-signer who is a U.S. citizen or permanent resident.


  • Close X

    Loan amount caps: Students attending costly private schools or extending their education beyond four years may need to look elsewhere. While loan caps are higher for graduate programs, Citizens Bank imposes a lifetime aggregate limit (including federal loan debt) of $150,000 for undergraduate students.

  • Close X

    Limited eligibility information: Citizens Bank doesn’t list a required minimum credit score and income on its website, making it harder to know if you will qualify for a loan on your own.

  • Close X

    Cosigner requirement. The website states almost all undergrad borrowers have a cosigner, which indicates it could be challenging to qualify for a loan on your own unless you have stellar credit.

Citizens Bank student loan requirements

In order to qualify for a Citizens Bank student loan, you must meet the following requirements:

  • Be enrolled in a degree-granting program at an approved school or institution for at least half time.
  • Be a U.S. citizen or a permanent resident (international students can apply with the assistance of a U.S. citizen or a permanent resident co-signer).
  • Have an established credit history, a good credit score or a creditworthy co-signer.
  • Have no prior student loan defaults.
  • Be the age of majority in your state, or have a co-signer who is.

If you’re looking to refinance your student loans, you must:

  • Be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security number.
  • Have at least $10,000 in outstanding student loan debt
  • Have made 12 qualifying payments after leaving school if you have an Associate's degree or no degree.

Who is this loan good for?

Citizens Bank is a great option for borrowers with good credit who are looking for funding for multiple years of school, since its multiyear approval allows borrowers to get money each year without the need to reapply annually.

Interest rates and terms

Citizens Bank offers two discounts: a 0.25 percent discount for signing up for automatic payments and a 0.25 percent discount for having a qualifying Citizens Bank account.

The interest rates for Citizens Bank’s student loan products below include both discounts:

Loan product

Variable rate

Fixed rate

Undergraduate student loans

5.80% to 13.95% APR

4.43% to 12.57% APR

Graduate student loans

6.26% to 12.99% APR

4.99% to 11.42% APR

Parent student loans

6.64% to 9.87% APR

6.34% to 9.56% APR

Law school loans

6.26% to 12.00% APR

4.99% to 10.43% APR

MBA loans

6.26% to 12.99% APR

4.99% to 11.42% APR

Medical school loans

6.26% to 10.46% APR

4.99% to 8.81% APR

Dental school loans

6.26% to 10.46% APR

4.99% to 8.81% APR

Bar exam loans

8.87% to 13.88% APR

7.39% to 12.82% APR

Medical residency loans

7.96% to 10.75% APR

6.00% to 11.54% APR

Student loan refinancing

7.06% to 12.40% APR

6.80% to 10.99% APR

Medical residency refinancing

7.96% to 11.47% APR

6.80% to 10.06% APR

Parent loan refinancing

7.06% to 11.36% APR

6.80% to 9.95% APR

Fees and penalties

Citizens Bank doesn’t charge any origination, application or disbursement fees for its student loans or parent loans. However, your loan may be subject to a 5 percent late fee if your payment is more than 15 days late, and you’ll be charged a $15 fee for each returned payment.

Repayment terms and grace period

Citizens Bank’s repayment terms vary by loan type. All student loans, however, come with a grace period of six months.

Undergraduate, graduate, law, MBA and health profession loans offer repayment terms of five, 10 or 15 years. Parent loans, medical residency loans and bar study loans come with terms of five and 10 years.

Borrowers refinancing their loans get repayment options of five, seven, 10, 15 and 20 years.

Repayment options for student loans include:

  • Deferred: Make no principal or interest payments while in school and during the six-month grace period.
  • Interest-only: Make only interest payments while you’re in school.
  • Immediate: Start making principal and interest payments as soon as you receive loan funds.

Customer service

Citizens Bank gets an “A+” rating from the Better Business Bureau. The score considers complaint history and the institution’s response to those complaints.

You can reach the customer service department by calling 888-411-0266. Current customers can log into their account and send a secure message through the Citizens Bank website, and those near a branch may visit during regular business hours.

How to apply for a loan with Citizens Bank

You may apply for a student loan, parent loan or refinance loan through Citizens Bank entirely online. You can apply from a computer or mobile device in 15 minutes.

In order to apply, you’ll need your Social Security number, a recent pay stub, your employer information, the school you plan to attend, the cost of attendance and any financial aid received, your anticipated graduation date and any co-signer information (if applicable).

Here’s what the process looks like when applying for a loan through Citizens Bank:

  1. Complete the online loan application process via your computer or mobile device. Add co-signer information and wait to see if you’re approved.
  2. If approved, select a fixed or variable rate, the term of your loan and your repayment preference.
  3. Sign and accept documents electronically through the Citizens Bank platform. If you have a co-signer, they can sign electronically as well.

How Bankrate rates Citizens Bank

Overall Score 4.0
Repayment Options 4.0 While Citizens Bank has low minimum loan amounts, it has only three repayment options for its private loans.
Affordability 3.4 Citizens Bank has fairly low rates but charges a few fees and has a relatively short grace period.
Customer Experience 4.5 Citizens Bank earns points for its online platform and mobile app. However, it does not disclose customer service hours for its student loan specialists.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.