Refinancing with Citizens Bank may benefit borrowers with a high debt balance and those who already have accounts with Citizens. Among the nation’s largest banks, Citizens has recently faced litigation, including suits filed by federal entities.
| Loan Limits | $10,000 – $750,000 |
| Fixed Rates | 5.89%* – 10.99% |
| Variable Rates | 6.92% – 12.25% (21.00% Cap†) |
| Terms | 5, 7, 10, 15 or 20 years |
| Min. Credit Score | Undisclosed |
| Apply | Link |
*Lowest rates always include a 0.50% total rate reduction: a 0.25% rate reduction for enrolling in auto-pay plus an additional 0.25% for bank members.
†The variable rate cap is the greater of 21.00% or Prime Rate plus 9.00%.
Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ
| Private student loans | ✓ |
| Private parent loans | ✓ (in parent’s name only) |
| Federal student loans | ✓ |
| Federal Parent PLUS loans | ✓ (in parent’s name only) |
Citizens Bank Refinance Rates & Fees
Citizens Bank’s refinances student loans and Parent PLUS loans at fixed and variable rates. Medical residency refinancing is also available; fixed rates are between 5.63% and 8.40% while variable rates start between 6.53% and 10.07%.
Note that the lowest rates include a 0.50% interest rate reduction for enrollment in automatic payments from a Citizens Bank account.
| Term | Fixed Rate | Variable Rate |
|---|---|---|
| 5 Year | 5.89% – 10.33% | 6.92% – 11.52% |
| 7 Year | 5.99% – 10.29% | 7.64% – 11.50% |
| 10 Year | 5.99% – 10.31% | 7.75% – 11.59% |
| 15 Year | 6.19% – 10.78% | 8.03% – 12.10% |
| 20 Year | 6.29% – 10.99% | 8.26% – 12.25% |
| Term | Fixed Rate | Variable Rate |
|---|---|---|
| 5 Year | 6.89% – 9.44% | 8.57% – 11.12% |
| 7 Year | 7.11% – 9.43% | 8.94% – 11.26% |
| 10 Year | 7.12% – 9.44% | 8.99% – 11.31% |
| 15 Year | 7.19% – 9.76% | 9.10% – 11.67% |
| 20 Year | 7.23% – 9.95% | 9.14% – 11.85% |
Additional information about Citizens Bank refinance rates:
- Checking your rate with Citizens Bank will not affect your credit score. Citizens will conduct a soft, not hard, credit inquiry (learn the difference).
- Citizens Bank does offer a discount for setting up auto-pay: 0.25% interest rate reduction.
- An additional discount applies when borrowers use a Citizens Bank account to auto-pay: 0.25% interest rate reduction (for a total reduction of 0.50%).
- Variable rates are based on the 30-Day SOFR rate (5.15%as of this writing) as published by the Federal Reserve Bank of New York. This means that as the SOFR changes, increasing or decreasing, your variable rate will change, increasing or decreasing correspondingly.
- The variable rate cap is the greater of 21.00% or Prime Rate (8.50% as of this writing) plus 9.00%.
Citizens Bank refinance rate recent history:
In a 24-month period (2022-2024), Citizens Bank increased its lowest and highest available APRs by an average of 126%. Low-high average variable rates alone increased 154%.
In 2023, Citizens Bank raised its lowest fixed rate for new loans by 29.9% (from 5.39% APR) and reduced its highest fixed rate by 7.5% (from 11.88% APR). Meanwhile, the lowest variable rate increased 43.2% (from 5.09% APR) while the highest variable rate has increased 6.4% (from 11.68% APR).
In 2022, Citizens Bank raised its lowest and highest fixed rates 120.9% and 42.6%, respectively; its lowest and highest variable rates increased 155.8% and 44.6%.
Additional Fees
Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period. Below is a list of these fees that Citizens Bank does or does not charge.
| Fee Type | Amount Charged |
|---|---|
| Application Fee | None |
| Loan Origination Fee | None |
| Disbursement Fee | None |
| Prepayment Penalty | None |
| Late Payment Fee | 5% of the overdue amount |
| Returned Payment Fee | $15.00 |
| Collection Fee | Undisclosed |
- Application fee – fee to apply for rates & approval.
- Loan origination fee – fee to create the new loan.
- Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
- Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
- Late payment fee – fee for making a late payment. Citizens Bank considers a payment late once it is 15 days overdue.
- Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
- Collection fee – fee for collection activity on a defaulted debt.
Current Promotions & Offers
Citizens Bank offers a 0.25% rate reduction for enrolling in automatic payments. An additional 0.25% reduction is available for linking a Citizens Bank account to autopay. Combined, this is a 0.50% total rate reduction.
Citizens occasionally partners with other companies for promotional offers available to certain customers. For example, one current promotion offers employees a $500 gift card when they refinance over $40,000 in student loans. Certain restrictions apply.
Citizens Bank Refinance Eligibility Requirements
To qualify for refinancing with Citizens Bank, all borrowers must meet the criteria below.
- Citizenship Requirement: U.S. citizenship or permanent residence – OR – apply with a qualifying co-signer.
- Income Requirement: $24,000 minimum annual income.
- Credit Score Requirement: unspecified.
- Graduation Requirement: bachelor’s degree or higher.
- Location Requirement: borrowers must currently live in the United States.
Additional restrictions apply for specific individuals and loans.
- Refinance borrowers may not be currently enrolled in school without an undergraduate degree; applicants who have no yet earned their degree are not eligible for refinancing.
- Borrowers with bachelor’s degrees may be eligible to refinance up to $300,000.
- Graduates degree holders may be eligible to refinance up to $180,000.
- Borrowers with professional degrees may be approved for up to $750,000.
Citizens Bank Student Loan Repayment Options
Lenders vary greatly on the benefits and options provided to borrowers during the loan servicing period. Additionally, benefits may only be available on a case-by-case basis. Citizens Bank offers some relief options.
Deferment & Forbearance
In cases where borrowers may have difficulty making payments, Citizens Bank discloses some cases where a deferment or forbearance may be available to a borrower.
To apply for loan deferment or forbearance, applicants will most likely have to appeal to Firstmark Services, a division of Nelnet that services Citizens refinance loans.
See Citizens Bank’s conditions for deferment and forbearance below.
| Condition | Coverage |
|---|---|
| Returning to grad school | Deferment, unspecified terms |
| Disability rehabilitation | Undisclosed |
| Active military duty | Deferment, unspecified terms |
| Involuntary unemployment | Forbearance, up to 12 months in a rolling 10 year period |
| Natural Disaster | Undisclosed |
Additional Options
Citizens Bank offers other opportunities for relief or contract modification.
- General economic hardship deferment may be available to borrowers who apply; applicants will likely be directed to Firstmark Services.
- Post-active duty deferments of up to 19 months total may be available to borrowers following the end of active military duty.
- Co-signer release is available with Citizens after 36 consecutive, on-time payments of the principal plus interest.
- Death / disability discharge is available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.
Citizens Bank Reviews, Complaints & Lawsuits
Beyond our own findings, our team also collected the most genuinely insightful customer experiences we could find, including any instances of legal action against the company in which the details became public.
Citizens Bank Online Reviews
Below are 3 samples of Citizens Bank customer reviews we found on public forums, included here for their value as unedited, uncensored, and unsolicited user experiences. Note that these reviews are unverified, may include inaccuracies, and may provide outdated information (about rates, bonus offers, etc.).
“If you are still paying down your student loans, consider refinancing them now. I was able to knock 3% off my interest rate through Citizens Bank, who already financed my loan.
[Another lender] was offering a competitive rate, so I called Citizens Bank and they were able to beat [the other lender]’s rate. I’ll be paying off my private loan soon, but this refinance saved me several hundred dollars over the life of the loan; it could save you thousands!
Call up Hope at Citizens Bank and have her check interest rates for you. It’s a soft hit on your credit score, so it won’t affect it. Hope was wonderful to work with and the process to refinance was super simple and all online.” – Lauren on Facebook, 2/19/2021
“I refinanced with [Citizens Bank] in December of 2016. Interest rate great. I will say, however, I had issues with them paying off my Perkins/ECSI and Mohela loans. There was a 30 day delay. They had to stop payment on the original checks and resubmit. I originally had 4 loan companies. The ones where they sent the money electronically (Great Lakes and AES) went through swimmingly. The ones where they cut the checks (MOHELA and ECSI) didn’t. I blame Citizen’s since it wasn’t one lender who didn’t get paid but, two.
In the end, I got a $500 bonus, lower rates (I took variable since I’ll be done by December), and their servicer (Firstmark) is fine. But there were some kinks.” – awval999 on reddit, 1/15/2018
“Citizen’s is a good company – I just refinanced my 2nd private student loan with them, because I could finally get an interest rate lower than the rate on that loan. I found too when I talked to them they use the same credit report for 90 days and since my existing loan with them is at a 1.2% higher rate than what they’re giving me now, I can also refinance that loan to the new rate with no additional credit hit – and lower that payment by $55/mo. They just saved me $75/mo in payments, so I’m happy with them
They’re also a little more lenient with their lending – my federal loans on [an income based repayment plan (IBR)] keep me from qualifying with [other lenders] which do give better rates than Citizens. [Other lenders] fully amortize loans on IBR to determine what the full payment would be for calculating [my debt-to-income ratio (DTI)] – Citizens Bank uses your current and actual Fed Loan payment when calculating DTI. They also counted my rental income on my duplex the same way a bank would for a mortgage, where [other lenders] wouldn’t consider it.” – Newbie01 on myFico, 1/3/2017
More (unfiltered) customer reviews of Citizens Bank are available at TrustPilot.com (1.2 out of 5) and ConsumerAffairs.com (1.7 out of 5).
Citizens Bank Consumer Complaints
As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB), a federal agency. As part of their mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.
Since December 1, 2011, consumers have submitted 13,207 complaints about Citizens Financial Group, Inc. (Citizens Bank) for an average of one (1) complaint every eight (8) hours; this is 179 times faster than the average daily complaint rate among reviewed lenders.
In 2023, Citizens received 2,031 complaints, which is equivalent to:
- 90.4% more than the number of complaints in an average year.
- one (1) complaint for every $4.05 million of corporate revenue.
- one (1) complaint for every nine (9) employees.
The allegations made in these complaints are unverified, are not necessarily representative of all consumers’ experiences with Citizens Bank, and may contain outdated information (about rates, bonus offers, etc.). Note that a lender with a large customer base is likely to also have a higher number of complaints when compared with smaller lenders.
Below we’ve included three (3) of the most recent complaints (as of this writing) in which the consumer referenced student loans or student loan refinancing and consented to share their details.
Complaint 7529376
9/11/2023
Pennsylvania
“In XX/XX/XXXX, Citizen ‘s Bank and their financial lender, XXXX, incorrectly sent my private student loan into collections due to their own negligence. At the fault of these companies, my private student loan was sent to a collections agency and created a path of delinquent credit reports for me ever since then. My account was then noted as a charge-off for almost a year until these companies realized their own errors. The only action they took was seeking the loan back, so that they may continue collecting money. However, this resulted in my credit score plummeting. I have contacted these companies many times with no resolutions. Their customer service from the start was horrible, as they delayed communication and even neglected to give me my own personal account information. The best part is that this whole time, I was in school full-time and my account had been placed in forbearance ( since roughly XXXX ). Still to this day, my report is inaccurate. They have inaccurately reported false missed payments, as I never needed to make payments in forbearance. I only have 2 loans through these companies, yet they inaccurately have reported 2 accounts each ( totaling 4 accounts on my report ), which has negatively impacted my credit. They refuse to fix anything on my reporting, I have even gone through several disputes with XXXX ( which is just as bad as catching faulty, inaccurate reports even when spelled out for them ) and XXXX to resolve these issues, yet my credit score happens to be the only thing suffering because of negligence on behalf of all these major corporations.”
Complaint 7496484
9/4/2023
New York
“XXXX : sent student loan account to debt collection agency ; account was sold- balance considerably lower than original amount The original Student Loan Account was ” in lieu ” of action/charges against college for falsifying grades for final class grade reports. [ XXXX XXXX XXXX XXXX, New York STATE ] ( XXXX, New York XXXX )”
Complaint 7403482
8/16/2023
Massachusetts
“I’m XXXX XXXX, a recently admitted medical student at the XXXX XXXX XXXXXXXX, and I wanted to let everyone know that I am experiencing a severe financial emergency. I have had all the money awarded to me from financial aid, everything I had until XXXX over {$10000.00} taken from my account by Citizens bank. I had to take a private loan from Citizens bank, years ago to pay for tuition. I was unable to pay their exorbitant amount of $ XXXX in student loans while I struggled to even afford food and barely able to afford rent. Because of which, I get every single cent I had to live taken from my account without even my knowledge. All be because I defaulted on my student loans, since the very little money I had left over, was used so I could feed myself and my puppy. I informed them of my situation last year when I was to begin repaying my loans. I tried to refinance my loans even with a cosigner, and nothing was able to be done about this. They do not want to return the money that was given to me by federal student loans, and said it was ” justified. ” I now have $ XXXX in my account that includes overdraft fees. I can not afford a single thing, and here I am in medical school not being able to afford food, once again. I have no clue how I am going to be able to feed myself and my dog. I have no clue how I am supposed to pay all my bills, my rent, my hospital, and medical bills any of my medication that helps me get through the day. I kept working at my previous job as a lab tech at children ‘s hospital, part time with the hopes of l bettering my financial situation. At this point, the amount I make is insignificant related to my expenses, although at least I still have health insurance. Citizens called the police yesterday to do a wellness check on me because I let the bank know how horrible this situation has affected me. I can not sleep, any rest I have has been restless, and I barely have any groceries left. I was planning on going grocery shopping over the weekend until I realized I had absolutely no money left. Please help. I don’t even know if I can even afford to continue medical school like this. Not even after I spent almost 10 years working to get a seat in medical school. I should not have to worry about being able to feed myself while I study medicine. I have already experienced too much financial difficulty this past year. I had the idea that my admission to medical school at XXXX, was going to be a temporary solution to my financial crisis, only for my situation to become significantly worse.”
For a full list of complaints made against Citizens Bank in the CFPB’s Consumer Complaint Database, click here.
Citizens Bank Lawsuits
Citizens Financial Group, Inc. is currently subject to at least three lawsuits: two civil actions and one class action. None of these formal complaints, however, includes any mention of Citizens’ student refinance loan programs and/or services.
Equal Employment Opportunity Commission v. Citizens Bank, N.A., Case No. 1:19-cv-00362-WES-PAS
The United States Equal Employment Opportunity Commission (EEOC) filed a civil action against Citizens Bank. The suit, filed in September 2019, alleges the company engaged in “unlawful employment practices on the basis of disability” that violated the Americans with Disabilities Act.[1]
In November 2023, a Rhode Island district court’s final judgement was that Citizens Bank violated the ADA and must pay $100,000 to a former employee as well as update its corporate policy.[2] [3]
Bureau of Consumer Financial Protection v. Citizens Bank, N.A., Case No. 1:20-cv-00044-WES-LDA
The United States Bureau of Consumer Financial Protection or the Consumer Financial Protection Bureau (CFPB) filed a civil action against Citizens Bank on January 30, 2020. The suit alleges violations of the Truth in Lending Act’s Regulation Z, Fair Credit Billing Act, and Credit Card Accountability Responsibility and Disclosure Act.[4]
In May 2023, a Rhode Island district court’s final judgement was that Citizens Bank must pay $9 million in a civil penalty and update its credit card practices.[5] [6]
Davis v. Citizens Financial Group, Inc., Case No. 2:21-cv-00044-LPL
William Davis brought a class action complaint against Citizens on January 11, 2021. The complaint demands a jury trial and alleges violation of the Telephone Consumer Protection Act with “unlawful conduct which has resulted in the invasion of privacy, harassment, aggravation, and disruption of the daily life of thousands of individuals.”[7]
Counsel presented arguments in October 2021.[8]
Frequently Asked Questions
These are the most common questions consumers have about student loan refinancing with Citizens Bank.
- Is Citizens Bank good for refinancing student loans?
Refinancing with Citizens Bank may be most beneficial to borrowers who already have accounts with Citizens.
- Does Citizens Bank have a minimum credit score requirement?
If Citizens Bank has a minimum credit score requirement, they do not disclose it.
- Is Citizens an international bank?
Citizens Bank is not an international corporation. It is one of the 24 largest banks in the United States and accounts for 92% of Citizens Financial Group’s $180 billion value.
- How long does it take to refinance student loans with Citizens Bank?
Refinancing your student loans with Citizens Bank generally takes between 6 and 14 weeks from prequalification to your first payment comes due.
- What is Firstmark Services?
Firstmark Services is the servicer for Citizens Bank refinance loans, meaning Firstmark assumes all administrative duties for the loan.
- Are Citizens Bank loans federal?
Citizens Bank loans are not federal; Citizens is a private lender.
- Can I refinance a loan from Citizens Bank?
You can refinance any kind of student loan. There is no limit to the number of times a borrower may refinance with Citizens Bank. Note, however, that every application requires a hard credit check that may affect your credit score.
- Does Citizens Bank charge a fee for prepayment?
Citizens Bank does not charge fees or impose any penalties for making extra loan payments or paying off your loan before the end of the term.
- Does Citizens Bank offer a grace period?
Citizens bank does not appear to offer a grace period with their refinance loans. Citizens does, however, advertise a 6-month grace period with their student loans. Borrowers seeking to refinance student loans from Citizens may inquire about honoring an existing grace period.
- Does Citizens Bank charge late fees?
When a payment is 15 days late, Citizens Bank charges 5% of the overdue amount. Payments received within two weeks of the due date are not charged.
- Does Citizens Bank have income-based repayment plans?
Citizens Bank, like most lenders, does not offer income-based repayment. Borrowers experiencing financial hardship may qualify for temporary forbearance.
- Can I refinance loans that have already been refinanced?
There is no limit to the number of times you can refinance loans with Citizens Bank. Each new application requires a hard credit check that may affect your credit score.
- Can I refinance just some of my loans with Citizens Bank?
You can refinance some, all, or just one of your qualifying student loans with Citizens Bank. You may choose to refinance your private loans only or refinance private and federal loans together.
- Can I refinance my loans with my spouse’s loans together?
Citizens Bank does not refinance loans from multiple borrowers.
- Aside from the member auto-pay rate reduction, can I get any other special rates or discounts with Citizens Bank?
Citizens Bank makes different arrangements among its partner organizations. Partner employees and members must inquire individually to find out what benefits they are eligible for.
- Is Citizens Bank part of any major refinance lender marketplaces?
Yes, Citizens partners with Credible as part of its multilender lender marketplace. Sparrowalso lists Citizens as one of its direct lenders.
Compare Student Loan Refinance Reviews
| Lender | Rating |
|---|---|
| RISLA | A |
| Brazos | A- |
| ELFI | A- |
| Credible | A- |
| Advantage | B+ |
| Laurel Road | B+ |
| Splash Financial | B |
| LendKey | B |
| Panacea Financial | B |
| UW Credit Union | B |
| Purefy | B |
| SoFi | B- |
| INvestEd | B- |
| Mpower Financing | B- |
| Earnest | C+ |
| Yrefy | C+ |
| EDvestinU | C+ |
| SC Student Loan | C+ |
| Sparrow | C+ |
| Citizens Bank | C |
| College Ave | C |
| ISL | C |
| MEFA | C |
| SuperMoney | C |
| SELF Refi | C |
| CU Student Choice | C |
| iHelp | C |
| Navy Federal | C |
| BECU | C |
| First Tech Federal | C |
| PA Forward | C- |
| PNC Bank | C- |
| Nelnet Bank | C- |
| NaviRefi | D- |
Sources
- U.S. Equal Employment Opportunity Commission, EEOC Sues Citizens Bank for Disability Bias
- Court Listener, EEOC v. Citizens Bank: Docket Entries
- U.S. Equal Employment Opportunity Commission, Citizens Bank, N.A. to Pay $100,000 to Settle EEOC Disability Discrimination Lawsuit
- Consumer Financial Protection Bureau (CFPB) Announces Action Against Citizens Bank, N.A.
- Court Listener, CFPB v. Citizens Bank: Docket Entries
- CFPB, Action to Require Citizens Bank to Pay $9 Million Penalty for Unlawful Credit Card Servicing
- ClassAction.org, Citizens Financial Group Hit with Class Action Over Alleged Robocalls
- Justia, Dockets & Filings: Davis v. Citizens Bank, N.A.
- United States Department of Education (ED) Office of Federal Student Aid (OFSA), Manage Loans
- CFPB, Annual Report of the CFPB Private Education Loan Ombudsman
- Citizens Bank, Student Lending Disclosures
- CFPB, Consumer Complaint Database
- Citizens Bank, SEC Filings
- Better Business Bureau, Search Businesses and Charities
- Citizens Bank, Repayments