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%* – 12.10% |
| Variable Rates | 6.37% – 13.29% (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 10.54% while variable rates start between 6.05% and 11.56%.
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% – 11.52% | 6.37% – 12.50% |
| 7 Year | 6.17% – 11.16% | 7.12% – 12.29% |
| 10 Year | 6.20% – 11.02% | 7.57% – 12.18% |
| 15 Year | 6.43% – 11.44% | 7.57% – 12.63% |
| 20 Year | 6.55% – 12.10% | 7.82% – 13.29% |
| Term | Fixed Rate | Variable Rate |
|---|---|---|
| 5 Year | 6.74% – 10.69% | 7.72% – 11.67% |
| 7 Year | 6.99% – 10.55% | 8.12% – 11.68% |
| 10 Year | 7.03% – 10.37% | 8.20% – 11.53% |
| 15 Year | 7.07% – 10.61% | 8.28% – 11.81% |
| 20 Year | 7.19% – 11.29% | 8.40% – 12.49% |
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 (4.53%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 (7.50% as of this writing) plus 9.00%.
| Year End | Fixed | Variable |
|---|---|---|
| 2024 | 5.89% – 12.10% | 6.37% – 13.29% |
| 2023 | 7.00% – 10.99%% | 7.29% – 12.43%/td> |
| 2022 | 5.39% – 11.88% | 5.09% – 11.68% |
| 2021 | 2.44% – 8.33% | 1.99% – 8.08% |
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 (1.2 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 14,566 complaints about Citizens Financial Group, Inc. (Citizens Bank) for an average of one (1) complaint every eight (8) hours; this is 134 times faster than the average daily complaint rate among reviewed lenders.
In 2024, consumers filed 1,869 complaints about Citizens Bank, up 68.0% compared to an average year. Citizens received 2,031 complaints in 2023, equivalent to:
- 82.6% more than the number of complaints in an average year.
- one (1) complaint for every $4.05 million of that year’s 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 9845478
8/19/2024
Minnesota
“Citizens bank has been reversing my payments, and making me pay late fees on pretty much every payment I have ever made to them. My auto-debits are always un-enrolled when I check the website, no matter how many times I re-enroll. Even if I make a manual payment they just reverse it and charge me a late fee. This has costed me hundreds of dollars, and lowered my credit by MORE THAN 60 POINTS. My transaction history on their website shows this has been going on since at least XX/XX/year>, but it has possibly been going on for longer. This has gone on so much that even my dad who is my cosigner had his credit affected. I have even tried deleting my bank information and inputting it again, but it still reverses my payments every single time. Neither my insurance or car payments have any trouble charging my bank. I have talked about this to support and all they said was ” Oh, yeah we’ve had a lot of people having trouble with auto-debit recently ” which makes me think they’ve been stealing a lot of money from people.”
Complaint 9775276
8/12/2024
Michigan
“This is not my debt. I did not sign any paperwork agreeing to this debt. There is a co-signer listed on the debt that is now deceased. In XX/XX/XXXX I received a court summons and called the company to find about the debt and requested more information. I was unable to even find out what the debt was for. They told me, via recorded phone call, they would stop all collections immediately. A week later they had a judgement against me. It was only after this date that they sent paperwork. This violates debt collection law. Additionally, this debt, that was not mine to begin with, originated in XXXX in Kansas. I live in Michigan. This is past the 6 year statue of limitations either way. I also have documentation from the lender that shows a balance of XXXX as of XX/XX/XXXX so their own documentation establishes that this debt has been paid in full.”
Complaint 9674704
8/1/2024
New York
“I was quoted a rate based on having the loan deferred. I was very clear that I wanted the ability to make payments during the deferred period. I was told that I could do this. I was then told that I could get a lower rate XXXX of if I had my daughter open an account. When I went to sign the promissory note I didnt see the discount of the rate and the lending officer said that I wouldnt see the rate reduced until I set up for automatic payments. I then said I would sign up for auto payments and make a small payment to get the XXXX off. He said auto payments were not an option with the deferred option. I asked why he said my daughter had to open the bank account then. He stated there is XXXX off for opening the account and XXXX for auto deduction. I have received neither discount. If I am eligible to make payment during the deferred period I should be allowed to to auto deduct and get the discount. This has been a horrible experience for my daughter first loan. I have not been able to have anyone call my to make the adjustments”
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