Citizen One at a glance
|Lender||Loan amount||APY area||conditions||Main advantage|
|Citizens Bank||$ 1,000-350,000||as low as 3.99% solid; |
as low as 1.18% variable
|5-15 years||Multi-year approval program|
What we like about it
Citizens One allows international students to apply for private loans provided they have a co-signer who is a US citizen or permanent resident. Domestic students receive a multi-year credit approval with which they can only apply for credit for the following years after applying for the first time with a soft credit check. With the multi-year approval, borrowers can skip the step of applying for a new loan every year. Citizens One allows the applicant’s co-signer to be released from the loan after 36 months of on-time payment. The lender also offers a loyalty discount in the form of a 0.25% interest rate cut if either the student or co-signer has an existing account with Citizens Bank.
Things to watch out for
While Citizens One has not set eligibility requirements for applying and does not disclose a minimum credit score, it generally recommends that applicants have good to excellent credit ratings. For borrowers who may not qualify, a co-signer can help ensure loan approval and the lowest possible interest rate. Citizens One doesn’t have many options for students who may struggle to make consistent on-time payments. They only offer the standard forbearance program for a total of 12 months, with payments held in blocks of two months. Only students in 4-year undergraduate programs are eligible for Citizens One private loans, disqualifying many community college and commerce programs.
What you need to know about Citizens One
Students who are at least halfway enrolled in an eligible institution may qualify for undergraduate loans ranging from $ 1,000 to $ 150,000 for undergraduate borrowers, with a limit of $ 150,000 on total personal and federal debt. Certain degree programs like law degrees, MBAs and health degrees also offer higher maximum loans.
Citizen Student Loans have a fixed annual rate of only 3.99% and a variable annual rate of only 1.18%. The offered repayment periods for loans are five, 10 and 15 years. Citizens One also offers three repayment plans: immediate post-school repayment, interest-free repayment until the end of school, and deferred repayment, which allows the lender to withhold payments until a 6-month grace period after graduation.
How to apply for a Citizen A student loan::
- Gather all of the information you need, including your social security number, proof of income, information about your school, and immigration status documentation for international and DACA borrowers.
- Fill out the online application and add a co-signer if necessary.
- Choose your prices and conditions.
- Sign and accept your loan documents.
Citizens One Fees and Penalties
Unlike many lenders, Citizens One does not charge an application or origination fee, so you can both apply for and process your loan for free. There is also no prepayment fee. Citizens One charges late payment fees. A fee of 5% of the payment amount will be charged for payments not made within 15 days of the due date.
Citizen One alternatives
Explore Undergraduate Loan
The lowest APRs displayed for Discover Student Loans are available to the most creditworthy undergraduate loan applicants and include an interest-free repayment discount and a 0.25% interest cut when signed up for automatic payments.
1The lowest APRs displayed for Discover Student Loans are available to the most creditworthy undergraduate loan applicants and include an interest-free repayment discount and a 0.25% interest cut when signed up for automatic payments. The interest rate ranges represent the lowest and highest interest rates offered on the Discover Undergraduate Loan. The fixed rate is set at the time of application and does not change during the term of the loan. The floating rate is calculated based on the 3-month LIBOR index plus the applicable margin percentage. For loans with a variable interest rate, the 3-month LIBOR as of April 1, 2021 is 0.250%. Discover Student Loans may adjust the interest rate on a quarterly basis on January 1st, April 1st, July 1st and October 1st (the “Interest Rate Change Date”). ), based on the 3-month LIBOR index, published 15 days prior to the date the interest rate change occurred in the Money Rates section of the Wall Street Journal, rounded to the nearest eighth of one percent (0.125% or 0.00125). This can cause monthly payments to increase, the number of payments to increase, or both. Your APR will be determined after your application. For more information about Discover Student Loans interest rates, visit DiscoverStudentLoans.com/Rates.