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Learn how refinancing your student loans could help you save.

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FAQs

  • There are many potential benefits to refinancing your federal and private student loans. Read on to evaluate whether a student loan refinance is right for you.
  • You may be eligible1 to refinance private and federal student loans if:

    • You're no longer enrolled in school.
    • You must have at least $10,000 in student loans to refinance, which can include private loans from other lenders and/or your federal loans like Direct PLUS or Stafford loans.
    • You have a history of paying your current student loans on time.
    • You have proof of income.
  • Loans from $10,000 to $300,000 depending on your level of education.

    Maximum aggregate loan amount:

    • $90,000 Bachelor’s degree and below
    • $225,000 graduate and doctoral degrees, including MBA
    • $300,000 professional degrees such as dental, medical, and law
  • Refinancing a student loan is the process of replacing an existing loan with a new loan that has a new interest rate, repayment length, monthly payment, and benefits. Student loan refinancing is offered by private lenders, and approval is typically based on the applicant's creditworthiness. Borrowers may be able to lower their monthly payment and/or interest rate, remove a cosigner from a loan, or add a cosigner to potentially receive a lower rate. It's important to compare the benefits and features of your existing loans before deciding to refinance.
  • Consolidating is the process of combining multiple student loans into one loan with a single monthly payment, repayment length and interest rate. Federal loans can be combined using Direct Loan Consolidation, but recently private lenders have started offering former students the ability to consolidate their federal and private student loans together. Much like refinancing, consolidating student loans replaces the terms and benefits of the existing loans for a new loan with a new rate and repayment terms. Especially with federal student loans, it's important to compare the benefits and features of the existing loans before deciding to consolidate with a private lender.
  • Consolidating through the federal Direct Loan program allows borrowers to combine only their federal Direct Loans into a single loan, and the resulting interest rate is based on the weighted average of the rates on the existing loans. Refinancing allows borrowers to exchange the terms and benefits of a single loan for a new loan, and is only offered by private lenders. When refinancing student loans, interest rates are based on credit scores and most lenders allow cosigners to apply. With the Citizens Bank Education Refinance Loan®, borrowers can refinance a single loan or choose to consolidate federal and private student loans into one monthly payment.
  • Borrowers may be able to receive a lower interest rate and lower monthly payments, combine multiple loans into one monthly payment, extend the length of repayment, lock in a fixed rate, or relieve a cosigner of their responsibilities. You can also estimate your potential savings with our online calculator and check out our "Should I Refinance?" guide to learn more about these benefits.
  • It's important to keep in mind that refinancing student loans replaces the current and future benefits of your existing loans with the benefits of the new loan. This is especially important for federal student loans, which offer some repayment benefits and features that private lenders do not. This includes income-based repayment, certain loan forgiveness programs, and the ability to consolidate loans at their existing rate with the Direct Consolidation Loan. Check out our "Should I Refinance?" guide to learn more about the important factors to consider before refinancing federal student loans.
  • Most private lenders make loan decisions based on credit worthiness. So depending on your credit score and debt-to-income ratio, applying with a cosigner may increase your chances for approval and receiving a lower interest rate. Some lenders also offer the ability to release a cosigner from their responsibilities after a certain number of payments have been made.
  • Most private lenders allow you to apply to refinance once you are no longer enrolled in school and have started making payments on your student loans. Typically the existing student loans must not be delinquent, and you may be required to have made a number of payments toward those loans before applying to refinance. Click here for eligibility details and more information about managing your student loans with the Citizens Bank Education Refinance Loan.
  • Every lender has its own policies concerning graduation status, but there are options to refinance your student loans if you have not received a degree. Keep in mind there may be eligibility requirements related to your level of degree. For example, Citizens Bank Education Refinance Loan borrowers without a degree can apply after making 12 consecutive on-time payments towards their loans. Click here for more details on eligibility.
  • Applying to refinance/consolidate your student loans is easy:

    1. Complete the application: You, and if applicable your co-signer, can apply either online or via phone.
    2. Provide Existing Student Loan Info: You will need current student loan billing statements, with payment address, for the loans you wish to refinance.
    3. Income & Expense Info: You will need to provide details regarding your monthly housing payments, as well as a recent paystub (no more than 60 days old) or other proof of income.
  • The Citizens Bank Education Refinance Loan is a credit-based loan which will be seen as an inquiry on your credit report.
  • Check the progress of your student loan application. Login here  

  • Now you can find out your interest rate and potential monthly savings in under 2 minutes. Simply click "Get My Rate" and enter in a few pieces of information. Once submitted, you will be presented with your interest rate options, without affecting your credit score. You can then go on to complete the online application. Your final interest rate and loan terms will be based on the verified information entered in your loan application.

  • Selecting "Get My Rate" only requires a "soft credit pull" which does not affect your credit score. Submitting a full application results in an inquiry on your credit report.

  • You will need the following personal information in order to find out your rate and savings:

    • Name
    • Address
    • Date of Birth
    • Social Security Number
    • Email Address
    • Phone Number
    • Highest Degree Attained
    • Total Amount to Refinance
    • Total Current Monthly Payments
  • The interest rates offered are what you will receive based on the verified information you enter if you continue and apply for an Education Refinance Loan in session by selecting “Apply Now” from the rate quote results page. If you come back at a later time, the initial rate offer may no longer be available to you. You may return at any time to request a new rate quote.

  • Yes. The primary borrower and cosigner can each find out their rate and savings. When you submit an Education Refinance Loan application, the final interest rates and loan terms offered will be based on the higher of the two FICO scores.