Typically, student loan refinance lenders only work with applicants who have earned a bachelor’s degree or higher. However, Citizens Bank is an exception to the rule. You can qualify for a loan if you have an associate degree, or even if you left school before graduating.
With an associate’s degree — or no degree at all — you can apply for a refinance after making 12 qualifying payments after leaving school.
Citizen refinance loans offer variable or fixed interest rates, and the lender also offers refinance for parent loans.
Loan amounts and conditions
You must have at least $10,000 in student loans to qualify for refinancing. The maximum amount you can refinance is $300,000 for those with a bachelor’s degree or less, and $500,000 for graduate degrees.
Loan costs and fees
You can benefit from fixed interest rates between 2.99% and 8.64% or variable rates between 1.99% and 8.39%. There are no application, set-up or disbursement fees, but a 5% late fee applies.
For students refinancing their own loans, repayment terms range from five to 20 years. Once you have selected a repayment term, your monthly payments will be spread evenly over that period.
Outstanding Benefits and Features
Citizens Bank refinance loans have the following advantages:
- Loyalty discount: Existing customers with a Citizens checking, savings or loan account receive a 0.25% interest rate reduction.
- Automatic payment discount: By subscribing to automatic payments, borrowers benefit from an interest rate deduction of 0.25%.