Citizens Bank Review StaffApr. 07, 2020

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In a Nutshell

Citizens Bank is a nearly 200-year-old bank with an online platform that facilitates refinancing of federal and private student loans, including parent PLUS loans. It offers holders of student debt the opportunity to consolidate multiple loans with a single payment and reduce their annual interest rate by up to 3.6%. With a completely online application process, Citizens Bank makes it easy to secure a student loan refinance.


  • Refinancing of student and parent loans
  • Option of adding co-signer
  • Access to other banking and lending products


  • Minimum $10,000 refinance amount
  • Rates not published

Citizens Bank ID Card

Loan types Student loan refinancing for students and parents
Refinance amount $10,000 - $500,000
Repayment Terms 5-20 years
Best for Holders of multiple federal and/or private student loans

Best For?

Citizens Bank offers student loan refinancing to anyone who attended school in the past and has student loan debt from private and/or federal loans, e.g. Citizens Bank student loans, private loans from other lenders, or federal loans such as Federal Direct PLUS or Stafford loans. 

Loan Features

Citizens Bank is one of the oldest financial institutions in the United States, having been founded in 1828. Based in Providence, Rhode Island, it offers a wide range of banking and lending products, including student loan refinancing. It targets a broad range of people with student debt, including holders of federal and private student loans and parent loans.

These are the highlights of Citizens Bank’s student loan refinance platform:

  • Combines all your federal and private loans and undergraduate and graduate loans into one loan with one monthly payment.

  • Average saving of $3,306 per year or $253 per month.

  • Completely online application.

  • Co-signer option. After making 36 consecutive on-time payments, a borrower may release the co-signer from their loan.

  • 0.25% automatic payment discount

  • Additional 0.25% loyalty discount for having a Citizens Bank checking or savings account (only available in the 11 states where Citizens Bank has physical branches: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT)

The Application Process

It takes only 15 minutes and 3 simple steps to navigate Citizens Bank’s streamlined application process. First, complete the online application from your computer or mobile device, filling in information about yourself and your student loans. Then, choose a fixed or variable rate and a loan term from the options and nominate how and when you want to repay the funds. Finally, you and your co-signer (if you have one) must sign and accept the loan documents electronically.

Applicants must meet the following eligibility requirements: at least $10,000 in student loans to refinance (across all types of loans); US citizen, permanent resident, or resident alien with a valid U.S. Social Security Number; applicants with an Associate’s degree or no degree must have made at least 12 qualifying payments since leaving school.

Loan Terms, Amounts, and APR

Citizens Bank is flexible when it comes to loan amounts, repayment terms, and interest rates. It calculates rates based on the applicant’s financial profile, namely credit score.

Here are the key figures:

  • APR: As low as 2.49%

  • Loan amounts: $10,000 - $300,000 for bachelor’s degree or below; $10,000 - $500,000 for graduate degree

  • Terms: 5, 7, 10, 15, or 20 years

How Safe Is It? 

Citizens Bank is a fairly large bank, with all the security measures in place that come with its position in society. It has a number of measures in place to protect its users’ financial information and Social Security numbers. Although geared more toward its banking customers than student loan refinance applicants, it’s also worth pointing out that Citizens Bank offers a free version of IBM Security Trusteer Rapport software on its website.

Help & Support

Although primarily an online platform, Citizens Bank offers each applicant the option of speaking with an expert student lending advisor. On the downside, Citizens Bank does have a worrying number of poor customer reviews, highlighted by a 1-star rating from the Consumer Affairs – although the vast majority of these reviews pertain to confusion over applications for non-student loan products such as savings accounts and credit cards.


Well-known to banking customers in New England, Citizens Bank offers student loan refinancing to holders of student debt in all 50 states and DC. Citizens Bank has a broad offering that encompasses all types of student debt – federal and private loans, undergraduate and graduate, student and parent loans. As such, it is a solid option for anyone looking to simplify and save money by consolidating several student loans into one.

Physical Address

Citizens Financial Group, Inc

One Citizens Plaza

Providence, RI 02903

Citizens Bank customer testimonials

AverageReviews 7
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  • author
    Kian Wilkinson
    Sep 21, 2020
    Very poor customer service

    Very poor customer service. I had to get a new card to cancel one of my payments, and I ended up waiting for my new card for like 1.5 months. They sent it multiple times but I never got it until I changed the delivery adress to my friend's adress. And after all that they made me pay for fast delivery. And this is when I completely lost it so they had to refund me all the money they've charged me plus they gave me some kind of bonus. I thought the perk of choosing Citizens over Bank of America would be personalized customer care, but I got none of that. Very dissapointed.


  • author
    Sep 20, 2020
    1 hour of my life I can't get back

    Worst web site ever.


  • author
    Sep 11, 2020
    Good grief

    They are closing branches. At remaining branches they are limiting tellers. Longer lines? Duh, social distancing, small lobby. Really? I can't get a bank statement mailed to me. Once I went to a branch at a stop and shop to cash a check and they told me they didn't have enough money. Oh boy a bank with no money. I was speechless. I'll stop here. I think you get the idea.


  • author
    Ivan David Pachon
    Jul 09, 2020
    Nobody knows where is the money

    I switched banks and closed my bank account at Citizens Bank. I still have the document that says so. Unfortunately my email was still associated with that account in Zelle. A member of my family sent me money via Zelle using my email and now nobody knows where is the money. Zelle reports the transaction as completed (?) And so appears to the sender. Citizens Bank somehow received the money, even though I don’t have an account with them! But don’t know where the money is, and now are tracking the money. They say it can take up to 10 business days to solve the case. What happened to me could have happened to anyone. How is that Zelle and Citizens Bank don’t have easier procedure for a situation like this?


  • author
    Feb 09, 2020
    Rip off

    Terrible. They overdraft you 35 for less then a dollar. They had to pay off 136 million because of immoral overdraft fees. Employees in bank wont help so they make u call and wait hours on phone. worst experience ive ever had with a bank. They sell it to you like u have a day to cover fees but if its 11pm and 1am. 2 hours apart that doesn't count as a day. Look up lawsuits and citizens bank.


Citizens Bank