Citizens Bank Parent PLUS Loan Refinance Review
Citizens Bank is the 13th largest in the U.S. with over five million customers. Based in Providence, Rhode Island, Citizens is a well-established bank and brand, and offers both refinancing student loans and private student loans.
Citizens Bank Parent PLUS Loan Refinance Overview
|Fixed Rate:||3.74% - 9.39%|
|Variable Rate:||2.38% - 8.17%|
|Minimum Loan Amount:||$10,000|
|Maximum Loan Amount:||$300,000|
|Minimum Loan Term:||5 years|
|Maximum Loan Term:||20 years|
*Fixed and variable rates are based on APRs and include an ACH AutoPay interest rate reduction of 0.25%
|Minimum Age:||At least age of majority in your state|
|Citizenship/Residency:||U.S. citizen or permanent resident (applies to co-signer too, if any)|
|Residents aliens must apply with a co-signer who is a U.S. citizen or permanent resident|
|Graduation Not Required:||Can't currently be in school, but graduation not required|
|If Bachelor's Degree:||You must have made 3 full on-time payments on your loan(s)|
|If No Bachelor's Degree:||You must have made 12 full on-time payments on your loan(s)|
|Minimum Annual Income:||$24,000|
|Ineligible Loans:||Federal loans on income-driven plans|
|- Revised Pay As You Earn Repayment Plan (REPAYE Plan)|
|- Pay As You Earn Repayment Plan (PAYE Plan)|
|- Income-Based Repayment Plan (IBR Plan)|
|- Income-Contingent Repayment Plan (ICR Plan)|
Loan eligibility may depend on a number of additional factors, including your financial history, credit, and monthly income vs. expenses.
- Current loan information/documents
- Proof of income and employment (e.g., recent pay stubs)
- Diploma or transcript
- Lemonade Tip: If you have little or no credit history, you can apply with a qualified co-signer to increase your chances of being approved for a Parent PLUS Loan. A qualified co-signer can also help you secure a lower interest rate.
- Lemonade Tip: If you or your co-signer has a qualifying account with Citizens when you apply to refinance your Parent PLUS Loan, Citizens will deduct 0.25% from your interest rate. This rate reduction is in addition to the 0.25% autopay deduction!
- Lemonade Tip: When your loan payments become due for your Parent PLUS Loan, you can apply to release the co-signer from your loan after making 36 consecutive on-time payments of principal and interest.
Applying is super easy – get your new rate within 2 minutes
*Checking your rate will not affect your credit score.
5 Best Parent PLUS Refinancing Loans in 2016
Want to save money on your Parent PLUS Loans? These lenders represent our top Parent PLUS Loan refinancing picks for 2017, and may be able to help you save thousands of dollars on your Parent PLUS Loan by offering lower interest rates and lower monthly payments. That’s real money back in your pocket.
Learn your new Parent PLUS Loan interest rate in a matter of minutes.
Parent PLUS Loan Refinancing – Best of the Best
|Lender||Rates (APR)||Loan Terms (Years)||Get Your Rate||Average Savings||Learn More|
|2.38% – 6.74%||5, 7, 10, 15, 20||2 minutes||$22,359||START SAVING|
|2.75% - 6.64%||5 - 20||2 minutes||$21,810||START SAVING|
|3.50% - 7.28%||5, 8, 12||2 minutes||$19,000||START SAVING|
|3.64% - 7.20%||5, 7, 10, 15, 20||2 minutes||$20,200+||START SAVING|
*Make Lemonade is not a lender and does not make loans. We are a free, independent and unbiased website that helps empower borrowers so they can make more informed financial decisions. The rates, terms and other student loan information provided on this website do not legally bind Make Lemonade or the lenders referenced herein. The rates, terms and other student loan information are estimates and may change periodically and/or differ from your final rate and terms, which may be based on your individual credit profile and other factors as determined solely by the lender. If you would like to apply for a loan, please visit the website(s) of each lender and carefully review their rates, terms and conditions for further information. Average savings is for all customers generally, and not necessarily for this product specifically.