PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens Bank today announced the availability of the Citizens Bank Education Refinance Loan® for Parents, creating an easy way for parents and co-signers to save money by refinancing loans taken out for their children’s education. The offering gives borrowers increased flexibility to act while children are still in school and allows debt from one or more children to be refinanced into one new loan with flexible terms and no origination fees.
“Student loan debt isn’t just an issue affecting millennials, it’s a concern for parents too,” said Christine Roberts, head of Student Lending for Citizens Bank. “We are committed to helping our customers manage the rising cost of college and proud to offer a solution that helps parents nationwide navigate this leg of their financial journey.”
With this offering, Citizens Bank continues to help families make smart financial decisions that help them reach their potential. More specifically, it will allow parents and co-signers to:
- save up to 2.75% on a fixed interest rate by refinancing Federal Parent PLUS loans*
- immediately refinance education loans even when the child is still in school
- refinance loans taken out for the education of one or more children
- refinance various loans, including Federal Parent PLUS, private parent loans, or student loans that have been co-signed
- lower the rate, monthly payment, or both.
Citizens Bank also offers the Citizens Bank Education Refinance Loan, which provides both federal and private student loan borrowers with the benefits of a single monthly loan payment, the opportunity to go from a variable to a fixed rate and potentially a lower interest rate or monthly payment. The bank has hundreds of student loan specialists available to help students and families understand their many loan options as well as online college resources that provide valuable information about paying for college.
To get a personalized rate in less than two minutes, to apply for the Citizens Bank Education Refinance Loan for Parents, or for more information about refinancing student loan debt, visit CitizensBank.com.
* Interest rate savings are calculated as the difference between the Citizens Bank Education Refinance Loan for Parents' lowest offered fixed rate of 4.25% (4.25% APR) and the Federal Parent PLUS Loan interest rate of 7.00% for loans first disbursed between July 1, 2017 and June 30, 2018. The Citizens Bank Education Refinance Loan for Parents lowest rate includes the available Citizens Bank loyalty and automatic payment discounts for eligible and creditworthy applicants.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $152.3 billion in assets as of December 31, 2017. 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. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,200 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.