PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens Bank today announced the availability of the Multi Year Borrowing Option with the Citizens Bank Student Loan™, a new offering that will enable qualified borrowers to reserve financing for the duration of their education without the burden of fully re-applying each year, significantly simplifying the application process for subsequent years of borrowing and eliminating concern of losing access to funding midway through their education. Citizens also announced it has lowered the interest rate on its Citizens Bank Student Loan for Parents to 6.29 percent.
Approved borrowers who select the Multi Year Borrowing Option will have access to a streamlined process that enables them to simply request funds to meet their subsequent years of school.1 Citizens will then send those funds directly to the school. The loan will be available with a variable interest rate as low as 2.18 percent (includes all rate-reducing benefits). The Multi Year Borrowing Option is the latest offering from Citizens Bank designed to help people pay for higher education in a more affordable way, and furthers Citizens’ Bank Better commitment to make banking simple, clear and personal for consumers.
“At Citizens, we continue to look for ways to provide consumers with access to the financing they need to help pay for their college education,” said Brendan Coughlin, president of Auto and Education Finance for Citizens Bank. “With the new Multi Year Borrowing Option, we can not only simplify the loan application process for students, but provide borrowers the confidence of knowing Citizens Bank is there to support them through their entire education. We are excited to be able to provide student loan borrowers with another unique option to help make paying for higher education a more affordable and simple process.”
In addition to the Multi Year Borrowing Option, Citizens Bank also offers the Citizens Bank Education Refinance LoanTM, which enables borrowers to refinance federal and private student loans, and the recently introduced Citizens Bank Student Loan for Parents. Launched in April, the Student Loan for Parents offers borrowers an attractive alternative to the William D Ford Direct PLUS Loan program by providing no origination fees which can save borrowers an average of $627 every year simply by avoiding the Federal Direct PLUS Loan’s annual origination fee.2 Effective June 1, 2015 borrowers are now able to take advantage of an even lower interest rate of 6.29 percent when borrowers take advantage of rate-reducing benefits.
Detailed information on qualifications required for all of Citizens education loans is available on the Citizens Bank website and the Citizens One website. To learn more about Citizens Bank, customers can call the 24/7 customer contact center at 1-800-922-9999, Like the bank on Facebook, follow the bank on Twitter or visit the Citizens Bank website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $136.5 billion in assets as of March 31, 2015. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
1 Borrowers need to remain credit qualified in order to access funds in subsequent years. We reserve the right to discontinue this loan program at any time. If we do so, we will provide the borrower with advance notice. If you enroll in this program, your Promissory Note will describe the complete terms, conditions and limitations of the program.
2 Average savings and total fees are calculated using the 2014/2015 Award Year Federal Direct PLUS Loan program reporting.