Citizens Bank Private Student Loans Review September 2025

Citizens Bank, based in Providence, Rhode Island, has been offering private student loans for more than 40 years. The bank provides undergraduate, graduate, parent, and refinance loans to borrowers nationwide, with both fixed and variable rates available.

Citizens stands out for benefits like interest rate discounts for existing customers and multiyear approval, which lets you secure funding for future years with just one application. In this review, learn what to expect from a Citizens Bank private student loan and whether it's the right fit for you.

Citizens Bank private student loans review

Best for: Current account holders

Citizens offers its best rates to existing customers. If you already have a Citizens account, you'll get a 0.25 percentage point interest rate discount on your private student loan. You can save another 0.25 points by setting up automatic payments after your first loan payment. Together, that's a 0.5 percentage point reduction, which is enough to lower your costs significantly over the life of the loan.

Pros and cons

Pros of Citizens Bank private student loans

• Loyalty and autopay discounts: Existing Citizens account holders get a 0.25 percentage point rate discount, and another 0.25 percentage point discount for signing up for autopay. The combined discount is double what many lenders offer, and can lower both your monthly payments and total interest costs.
• Multiyear approval: Instead of reapplying for funding and undergoing a hard credit check every year, qualified borrowers can secure multiyear approval with Citizens. Once approved, you simply request the funds you need each school year without going through the full application process again.
• International students can apply: Citizens accepts applications from international students who have a qualified U.S.-based cosigner, which is something not all private lenders allow.

Cons of Citizens Bank private student loans

• Fewer repayment terms and shorter grace periods: Loan terms are only available in 5, 10, or 15 years. Other lenders may offer more flexibility, such as 7- or 20-year terms, along with longer grace periods compared to Citizens' 6-month grace period.
• Long wait time for cosigner release: Citizens requires 36 consecutive on-time payments, plus an income and credit check, before a cosigner can be released from a loan. Some lenders allow cosigner release in as little as 12 payments.
• Parents can't defer payments while the student is in school: Parents must begin loan repayment immediately, which can be challenging if they're also covering other education-related expenses.

Eligibility requirements

To qualify for a Citizens Bank private student loan, you'll need to meet the following criteria:

• Enrollment: You must be attending a 4-year Title IV public or private institution.
• Income: A minimum annual income of $12,000 is required.
• Credit score: Citizens doesn't list a minimum credit score for student loans, but applicants are expected to have a credit history. If you apply through Credible, you'll need at least a 640 FICO score.
• Citizenship: Applicants must be U.S. citizens, permanent residents, or eligible non-citizens with a qualified U.S.-based cosigner who meets credit and income requirements.

Citizens Bank encourages applying with a cosigner. The lender notes that having one can make you four times more likely to be approved and may also help you qualify for a lower interest rate.

Current private student loan rates

Borrowing limits

You can borrow as little as $1,000 with a Citizens Bank private student loan. Maximum student loan limits depend on your degree type:

• Undergraduate degrees: Up to $225,000
• Graduate degrees: Up to $225,000
• MBA and Law degrees: Up to $300,000
• Healthcare degrees: Up to $225,000 or $400,000, depending on your degree

Repayment terms

Repayment options for Citizens' private student loans vary by loan type:

• Undergraduate and graduate loans: 5, 10, or 15 years
• Parent loans: 5 or 10 years

Notable benefits

• No fees: Citizens doesn't charge loan origination, application, or disbursement fees, and there's no penalty for paying off your loan early.
• Rate discounts: You can lower your rate by 0.25 percentage points if you already have another Citizens account, and by another 0.25 points when you set up autopay.
• Multiyear approval: Eligible borrowers can apply once and secure funding for future years of school without having to reapply or undergo another credit check each year.
• Strong customer service: Customer support is available online, by phone, and at local branches, giving you multiple ways to get help.

What to consider before borrowing from Citizens

Citizens can be a good choice if you want straightforward benefits like multiyear approval, rate discounts for existing customers, autopay, and no fees.

However, repayment options are limited to five, 10, or 15 years, which may not work if you're looking for more flexibility. Cosigner release also takes longer than with many lenders, requiring 36 consecutive on-time payments before you can apply.

How to apply for a Citizens student loan

You can apply for a Citizens student loan online in as little as two minutes. The initial prequalification phase doesn't require a hard credit check, and your rate quote is valid for 30 days.

To get started, you'll need to provide:

• An email address
• Name and phone number
• Date of birth
• Citizenships status
• Social Security number
• Education level and academic program details
• Desired loan amount

Once you submit your information, Citizens will present loan options. You can then decide whether to move forward based on the rates and terms offered.

Why you can trust our Credible experts

The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.

Methodology

To determine Citizens Bank's lender rating, Credible collected more than 1,000 points of data on two dozen private student loan companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies — which comprise individual criteria that are also weighted.

• Repayment options: 30%
• Eligibility: 25%
• Interest rates: 20%
• Loan terms: 15%
• Customer support: 10%

While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.

Learn more about our methodology.