- Citizens Bank's Experience and Offerings: Founded in 1828, Citizens Bank is a major U.S. financial institution offering various banking products, including private student loans with over 40 years of experience in that market.
- Unique Multi-Year Approval Feature: Citizens allows eligible students to apply once and receive funding for multiple years without reapplying, with a 99% approval rate for subsequent funding requests.
- Pros and Cons of Citizens Student Loans: While Citizens offers advantages like a full product suite and institutional credibility, it has drawbacks such as a long co-signer release timeline and less flexible repayment options.
- Rates and Fees Overview: Citizens’ interest rates range from about 3.99% to 15.99%, with no origination or application fees, but it charges a late fee of 5% after 15 days overdue, and discounts are limited.
- Ideal Borrowers and Application Process: Citizens is best for families seeking a traditional bank experience, offering a straightforward digital application process, but it excludes community college students and has a longer co-signer release timeline.
Citizens Student Loans Overview
Citizens Bank, N.A. (NYSE: CFG) is one of the oldest and largest financial institutions in the United States, founded in 1828 and headquartered in Providence, Rhode Island. The bank offers a full suite of consumer and commercial banking products, including mortgages, credit cards, personal loans, and student loans. Citizens has been offering private student loans for more than 40 years, making it one of the most experienced lenders in the space. As of 2024, Citizens Financial Group reported total assets of approximately $220 billion.
Citizens’ student loan product lineup is among the broadest in this review series, covering undergraduate loans, graduate loans (with specialized products for MBA, law, medical, and dental students), parent loans, and student loan refinancing. The bank also offers a medical residency refinancing product. This breadth means borrowers can potentially maintain a single lending relationship from their freshman year through post-graduation refinancing, a continuity that few competitors match. The bank acquired College Raptor, a college planning platform, which is now a wholly owned subsidiary.
For this review, we evaluated Citizens’ undergraduate and graduate loan products across our six-category scoring framework. Citizens earns strong marks for its multi-year approval feature, stacking rate discounts (autopay + loyalty), and the availability of refinancing under the same roof. Its primary weaknesses are a long co-signer release timeline (36 months), limited repayment term options (only 5, 10, or 15 years), only three in-school repayment options (no flat $25/month), poor independent consumer reviews, and no formal forbearance policy. Borrowers should, as always, exhaust federal loan options before considering any private student loan.
Pros and Cons of Citizens Student Loans
Pros
- Multi-year approval. Citizens’ standout feature: eligible borrowers apply once and can receive funding for subsequent academic years with only a soft credit inquiry (no hard pull). Multi-year borrowers had a 99% approval rate on future fund requests between October 2024 and October 2025. This eliminates the annual reapplication burden that most competitors require, saving time and reducing credit report impact.
- Stacking rate discounts up to 0.50%. A 0.25% autopay discount (available to all borrowers) plus a 0.25% loyalty discount for borrowers or co-signers who have an existing Citizens checking, savings, credit card, or prior student loan account. Combined, these reduce the effective rate by half a percentage point.
- Full product suite: in-school through refinancing. Citizens is one of the few lenders offering undergraduate, graduate (with specialized MBA, law, medical, and dental products), parent, and student loan refinancing products. Borrowers can maintain a single lending relationship from enrollment through post-graduation consolidation.
- No origination, application, or disbursement fees. Citizens charges zero upfront fees, and there is no prepayment penalty for paying off the loan early or making extra payments.
- International student access. International students can apply with a creditworthy U.S. citizen or permanent resident co-signer, though international students are not eligible for multi-year approval.
- High loan limits for professional degrees. Graduate and professional students can borrow up to $225,000 for general graduate programs, $300,000 for MBA and law, and up to $400,000 for medical and dental, well above many competitors’ caps.
- Established institutional credibility. Nearly 200 years in operation, FDIC-insured, publicly traded, with branches across the Northeast and Midwest. For families who prefer a traditional bank with a physical presence, Citizens offers a level of institutional stability that fintech lenders cannot match.
Cons
- Long co-signer release timeline (36 months). Citizens requires 36 consecutive on-time principal and interest payments before borrowers can apply for co-signer release. This is three times longer than Sallie Mae, SoFi, and Ascent (all 12 months) and longer than College Ave (24 months). Interest-only payments do not count.
- Limited repayment terms. Only three term options are available for undergraduate and graduate loans: 5, 10, or 15 years. Parent loans are limited to 5 or 10 years. Competitors like Ascent offer six term lengths, and College Ave and Earnest offer more granular options.
- Only three in-school repayment options. Deferred, interest-only, or immediate full payments. Citizens does not offer the flat $25/month option that Sallie Mae, Ascent, Earnest, and College Ave provide, limiting flexibility for students who want a middle ground.
- Poor independent consumer reviews. Trustpilot rating of 1.2 out of 5.0 based on approximately 700 reviews. ConsumerAffairs is similarly low at 1.2/5.0. Common complaints across the bank (not just student loans) include difficulty with customer service resolution and account management issues.
- No formal forbearance policy. Citizens evaluates hardship forbearance requests on a case-by-case basis rather than offering a defined forbearance program with clear eligibility criteria and duration. This creates uncertainty for borrowers facing financial difficulty.
- 4-year institutions only. Citizens do not serve students at community colleges, for-profit schools, or trade/vocational programs. This excludes a significant segment of the student population.
- Late fee of 5% after 15 days. Unlike Ascent (no late fees), SoFi (no late fees), and Custom Choice (no late fees), Citizens charges a late fee of 5% of the past-due amount once a payment is 15 days overdue.
- Loyalty discount requires geographic access. The 0.25% loyalty discount requires an existing Citizens checking, savings, or credit card account, but Citizens banking products are only available in approximately 15 states (primarily Northeast and Midwest). Borrowers outside these states cannot easily access the loyalty discount.
Citizens
Citizens earns a 3.5 out of 5.0 and is the strongest traditional bank option in the private student loan market. The multi-year approval feature, which pre-approves borrowers for future academic years without reapplying, is a genuine differentiator for families who want to lock in their lending relationship for the full duration of a degree program. No fintech lender offers this convenience.
Citizens also provides a loyalty discount for existing banking customers, branch access for in-person support, and refinancing under the same brand. The combination of a physical branch network, a large national bank's stability (Citizens Financial Group, NYSE: CFG), and competitive rates makes Citizens appealing for families who prefer a traditional banking relationship over a fintech experience.
The co-signer release timeline of 36 months is longer than the 12 to 24 months offered by top fintechs. The rate ceiling of 15.99% is lower than Sallie Mae and Earnest but higher than nonprofit lenders. Citizens does not offer soft-pull prequalification on its own site. For families who value branch access and multi-year approval, Citizens is the right choice; for those prioritizing the lowest rates or fastest co-signer release, fintechs or nonprofits are better fits.
- Fixed APR: 4.44% – 15.99% | Variable APR: 5.09% – 15.74%
- Multi-year approval: pre-approved for future years without reapplying
- Loyalty discount for existing Citizens banking customers
- Refinancing available under the same brand
- Co-signer release after 36 consecutive on-time payments
Citizens Rates and Fees
Citizens’ undergraduate fixed APR ranges from approximately 3.99% to 15.61%, and its variable APR ranges from approximately 5.50% to 16.12%. These ranges include the maximum 0.50% discount (0.25% autopay + 0.25% loyalty). Without the loyalty discount, rates are 0.25% higher. Variable rates are tied to the 30-day SOFR index. Graduate loan rates are comparable, with fixed APRs from approximately 3.99% to 15.61% and variable from 5.50% to 16.12%. Parent loan rates are higher, with fixed APRs from approximately 7.13% to 12.52%.
The rate floor of 3.99% (with both discounts) is competitive but slightly above the lowest in the market (Ascent at 2.69%, Sallie Mae at 2.89%, Earnest at 2.79%, SoFi at 3.43%). The rate ceiling of 15.61% fixed is in line with the industry. Citizens does not disclose its margin above SOFR for variable rates. In the current rate environment (early 2026), variable rates start higher than fixed rates for the most qualified borrowers.
Citizens charges no origination fee, no application fee, no disbursement fee, and no prepayment penalty. The late fee is 5% of the past-due payment amount once a payment is 15 days overdue. This is comparable to Sallie Mae (5%, capped at $25) but contrasts with the zero late fee policies at Ascent, SoFi, and Custom Choice. The only available discounts are the autopay (0.25%) and loyalty (0.25%) reductions; there is no graduation reward, GPA bonus, or on-time payment discount beyond the initial rate.
Sample Cost Comparison: $30,000 Citizens Loan
Scenario | Monthly Payment | Total Interest | Total Cost |
Fixed 6.0%, 10-yr | $333 | $9,967 | $39,967 |
Fixed 6.0%, 15-yr | $253 | $15,563 | $45,563 |
Fixed 10.0%, 10-yr | $397 | $17,583 | $47,583 |
Fixed 10.0%, 15-yr | $322 | $27,985 | $57,985 |
Variable 5.5%, 10-yr* | $326 | $9,076 | $39,076 |
Variable 5.5%, 15-yr* | $245 | $14,134 | $44,134 |
*Variable rate scenarios assume the starting rate remains constant. Actual payments fluctuate with index rate changes.
Citizens In-School Repayment and Loan Terms
Citizens offers three in-school repayment options for undergraduate and graduate loans. The deferred repayment option requires no payments during school and the 6-month grace period; interest capitalizes at the grace period end. The interest-only option requires borrowers to pay accruing interest each month, preventing capitalization. The immediate repayment option begins full principal and interest payments at disbursement. Unlike several competitors, Citizens does not offer a flat $25/month payment option.
Loan amounts range from $1,000 to $150,000 for undergraduate programs, up to $225,000 for general graduate programs, $300,000 for MBA and law programs, and up to $400,000 for medical and dental programs. Repayment terms are available in three lengths: 5, 10, or 15 years for undergraduate and graduate loans; 5 or 10 years for parent loans. Citizens covers up to 100% of the school-certified cost of attendance minus financial aid.
Citizens does not publish a formal forbearance or deferment policy with defined terms. Hardship requests are evaluated on a case-by-case basis, which creates less predictability for borrowers compared to lenders like Ascent (24-month forbearance) or Sallie Mae (48 months in 12-month increments). Citizens does offer death and disability discharge. Parent loan borrowers must begin repayment immediately; unlike student loans, parent loans do not offer deferred or interest-only in-school options.
Citizens Co-signer Policies
A co-signer is not required but strongly encouraged. Citizens states that borrowers are four times more likely to be approved with a co-signer, and a co-signer with strong credit can secure a meaningfully lower rate. Nearly all undergraduate borrowers at Citizens use a co-signer due to the credit and income requirements.
Co-signer release is available after the borrower makes 36 consecutive on-time full principal and interest payments and meets Citizens’ internal credit and eligibility criteria. This is one of the longest co-signer release timelines among major private student lenders. Interest-only payments do not count toward the 36-payment threshold. If a release request is denied, borrowers may reapply every 12 months. Co-signer release is not available on parent loans. The borrower must be a U.S. citizen or permanent resident to qualify for co-signer release.
Citizens Eligibility and Application Process
Citizens does not disclose a minimum credit score, but its underwriting considers credit history, employment, income, and debt-to-income ratio. Non-cosigned applicants generally need a solid credit history and at least $12,000 in annual income. DACA recipients and international students can apply with a creditworthy U.S. citizen or permanent resident co-signer. Borrowers must be enrolled at least half-time at a Title IV-eligible 4-year degree-granting institution. Community colleges, for-profit schools, and trade/vocational programs are not eligible.
The application is fully digital with soft-pull prequalification that returns a rate estimate in about two minutes. Rates can be compared across fixed and variable options and multiple term lengths. If the borrower qualifies for multi-year approval, subsequent year funding requests require only a soft credit inquiry, with a 99% approval rate for returning borrowers. After prequalification, the full application triggers a hard credit pull. Citizens reviews applications within a few business days.
Citizens Funding Speed and Disbursement
Citizens provides prequalification results in about two minutes. The full application can return a decision within a few business days. After approval, the loan is sent to the school for certification, which adds time depending on the institution’s processes. The total timeline from application to disbursement is typically two to four weeks. Funds are disbursed directly to the school. Interest begins accruing at disbursement.
For multi-year approval borrowers, subsequent year requests are streamlined. The soft credit inquiry confirms continued eligibility, and the borrower selects their loan amount and terms for the new academic year. This process is significantly faster than a full reapplication.
Citizens Customer Experience
Citizens’ independent consumer reviews are among the weakest in this review series. Trustpilot shows a 1.2 out of 5.0 rating based on approximately 700 reviews, and ConsumerAffairs is similarly low. Common complaints across the bank include difficulty resolving account issues, communication problems, and frustration with the co-signer release process. The CFPB received 30 student loan-related complaints about Citizens Financial Group in 2024; the most common issues related to dealing with the lender or servicer. Citizens provided timely responses to all complaints.
On the positive side, Citizens offers 24/7 phone and live chat customer support, which is more accessible than most competitors’ business-hours-only service. The bank’s College Raptor subsidiary provides free college planning tools, financial aid estimators, and scholarship search engines. Citizens also offers a student loan calculator on its website. However, the bank does not provide the financial planning, career services, or professional development offerings that SoFi and Ascent offer.
Citizens Financial Strength and Reputation
Citizens Financial Group, Inc. (NYSE: CFG) is a top-20 U.S. bank by assets, with approximately $220 billion in total assets. The bank is FDIC-insured, publicly traded, and regulated as a national bank. Citizens operates approximately 1,000 branches across 14 states, primarily in the Northeast and Midwest. The bank reported strong financial results in recent years, with a diversified revenue base across consumer and commercial banking.
The BBB assigns Citizens an A rating (accredited per U.S. News). Consumer reviews on BBB, Trustpilot, and ConsumerAffairs are consistently negative, driven by complaints across all banking products (not student loans specifically). Citizens Financial Group has been the subject of CFPB and EEOC enforcement actions in the past, including a 2020 CFPB civil action related to credit card practices (resulting in a $9 million penalty in 2023). These actions are not specific to the student loan business. The bank’s long operating history, FDIC insurance, and public company transparency provide institutional credibility that newer fintech lenders lack.
Who Is Citizens Best For?
Good Fit
- Multi-year borrowers who want to apply once and avoid annual reapplication with hard credit pulls. The 99% subsequent approval rate makes Citizens the clear leader for multi-year convenience.
- Existing Citizens banking customers who can access the 0.25% loyalty discount on top of the autopay discount, for a total rate reduction of 0.50%.
- Families who prefer a traditional bank with branch access, particularly in the Northeast and Midwest, where Citizens has a physical presence.
- Borrowers planning to refinance after graduation, since Citizens offers a competitive refinancing product with terms up to 20 years, medical residency refinancing, and high maximum refinance amounts ($300K-$750K by degree level).
- Professional degree students (MBA, law, medical, dental) who need high loan limits ($225K-$400K) with specialized graduate products.
Not the Best Fit
- Borrowers who prioritize fast co-signer release. Citizens’ 36-month timeline is among the longest. Sallie Mae, SoFi, and Ascent all offer a 12-month co-signer release.
- Community college, trade school, or for-profit students. Citizens only serve 4-year degree-granting Title IV institutions. Ascent or Sallie Mae covers a broader school range.
- Borrowers who want zero late fees. SoFi, Ascent, and Custom Choice charge no late fees. Citizens charges 5% after 15 days.
- Borrowers seeking the lowest possible rate floor. Ascent (2.69%), Earnest (2.79%), and SoFi (3.43%) all have lower starting fixed APRs than Citizens (3.99%).
- Borrowers who want more than three repayment term options or a flat $25/month in-school payment plan. Citizens’ term selection and in-school options are more limited than most fintech competitors.
How to Apply for a Citizens Student Loan
- Exhaust federal options first. Complete the FAFSA and accept all federal aid before considering private loans.
- Visit citizensbank.com and select your loan type. Choose from undergraduate, graduate, or parent loans.
- Get your rate with soft-pull prequalification. Provide personal information, school details, and co-signer information. See fixed and variable rate options in about two minutes. Learn whether you qualify for multi-year approval.
- Complete the full application. Select your loan amount, rate type, repayment term, and in-school payment option. Add a co-signer if needed. This triggers a hard credit pull.
- Sign loan documents electronically. Review final terms and accept.
- School certification and disbursement. Citizens sends the loan to your school for certification. After certification, funds are disbursed directly to the school. Enroll in autopay for the 0.25% rate discount; link a Citizens account for the additional 0.25% loyalty discount.
How Citizens Compares
Feature | Citizens | SoFi |
Fixed APR (w/ max discount) | 3.99% – 15.61% | 3.43% – 15.99% |
Variable APR (w/ max discount) | 5.50% – 16.12% | 4.64% – 15.99% |
Origination Fee | None | None |
Late Fee | 5% after 15 days | None |
Loan Amounts | $1K – $150K (UG); to $400K (med) | $1K – COA |
Repayment Terms | 5, 10, or 15 years | 5, 7, 10, or 15 years |
Multi-Year Approval | Yes (99% re-approval) | No |
Co-signer Release | 36 months | 12 months (post-May 2019) |
In-School Options | 3 (defer, interest, full) | 4 (defer, $25, interest, full) |
Grace Period | 6 months | 6 months |
Loyalty Discount | 0.25% (existing customers) | 0.125% (SoFi Plus) |
Refinancing Available | Yes (up to $750K) | Yes (up to $550K) |
Trustpilot Score | 1.2 / 5.0 | 4.2 / 5.0 |
Final Verdict on Citizens Student Loans
Citizens earns a 3.5 out of 5.0 in our scoring framework, placing it in the upper-middle tier of private student lenders. Its distinguishing feature is the multi-year approval program, which is unmatched in the market and eliminates the annual reapplication burden for multi-year borrowers. Combined with a traditional bank’s institutional credibility, stacking autopay and loyalty discounts, and a full product suite from in-school loans through refinancing, Citizens offers a compelling proposition for families who value convenience, stability, and a long-term lending relationship.
The weaknesses are notable. The 36-month co-signer release timeline is among the longest in the industry, putting co-signers on the hook for three years of full repayment before they can even apply for release. The lack of a flat $25/month in-school option, limited repayment term choices, no formal forbearance policy, and poor independent consumer reviews are meaningful drawbacks. The 4-year institution restriction excludes community college and trade school students. And while the loyalty discount is valuable, its geographic limitation to approximately 15 states reduces its accessibility.
Before applying for any private student loan, including Citizens, borrowers should exhaust all federal student loan options. Federal Direct Subsidized and Unsubsidized Loans carry fixed rates set by Congress (currently 6.39% for undergraduates and 7.94% for graduates in the 2025-2026 academic year), offer income-driven repayment plans, and provide access to Public Service Loan Forgiveness and other protections that no private lender matches. Private loans should fill the gap after federal aid, savings, grants, and scholarships have been maximized.
Methodology
This review scores Citizens across six weighted categories: Rates & Fees (25%), Loan Terms & Repayment Flexibility (20%), Eligibility & Accessibility (20%), Speed & Application Process (15%), Customer Experience (10%), and Transparency & Reputation (10%). Data was sourced from Citizens’ website and disclosure documents, the CFPB Consumer Complaint Database, BBB, and Trustpilot profiles.
Frequently asked questions
Answers to your questions about Citizens student loans.
Citizens does not publish a minimum credit score. The bank evaluates credit history, employment, income, and debt-to-income ratio. Non-cosigned applicants generally need solid credit and at least $12,000 in annual income. Most undergraduate borrowers apply with a co-signer.
Multi-year approval allows eligible borrowers to apply once and receive funding for subsequent academic years with only a soft credit inquiry (no additional hard pull). Between October 2024 and October 2025, 99% of returning multi-year borrowers were approved for additional funds. International students are not eligible for multi-year approval.
Borrowers or co-signers with an existing Citizens personal checking, savings, credit card, or prior student loan account receive a 0.25% interest rate reduction. This stacks with the 0.25% autopay discount for a total reduction of 0.50%. However, Citizens’ banking products are only available in approximately 15 states, primarily in the Northeast and Midwest.
Yes, after making 36 consecutive on-time full principal and interest payments and meeting Citizens’ credit and eligibility criteria. Interest-only payments do not count. If denied, you may reapply every 12 months. Co-signer release is not available on parent loans.
Yes. Citizens offers refinancing of both federal and private student loans with terms of 5, 7, 10, 15, or 20 years. Maximum refinance amounts range from $300,000 (bachelor’s) to $750,000 (professional degree). A medical residency refinancing product is also available with $100/month payments during residency. The minimum refinance amount is $10,000.
No. Citizens require enrollment at a Title IV-eligible 4-year degree-granting institution. Community colleges, for-profit schools, and trade/vocational programs are not eligible. Students at 2-year institutions should consider Sallie Mae or Ascent.
Citizens does not publish a formal forbearance policy with defined terms. Hardship requests are evaluated on a case-by-case basis. The bank does offer death and disability discharge.
Yes, international students can apply with a creditworthy U.S. citizen or permanent resident co-signer. International students are not eligible for multi-year approval.
