Refinancing with Citizens One is a great choice, especially if you didn’t graduate. This lender will help lower your rate, extend your repayment term, and reduce your monthly payment for federal and private loans. Rather than managing several loans and making multiple separate monthly payments, you just deal with one consolidated loan from one lender.
Citizens One In a Nutshell
| Loan Terms | 5, 7, 10, 15 or 20 years |
| Loan Amounts | $10,000 – $350,000 |
| Loan Types | Variable, fixed |
| Parent Loan Refinancing | Yes |
| Cosigner | Yes |
| Loyalty Discount | 0.25% |
| AutoPay Discount | 0.25% |
Citizens One Features
They offer education refinancing loans for federal and private loans like: Parent PLUS, Stafford, and GradPLUS. Additionally, when you refinance, you can consolidate your loans together into one easy payment to one lender. Some of the features are:
Degree Not Required
Not all the norm, Citizens One will refinance your student debt even if you left school before graduating. You’ll be able to take charge of your student loans even if you don’t have a degree.
Cosigners Accepted
If you have a low credit or no credit history, it’s recommended that you apply with an eligible cosigner. By doing this it will help you get a lower interest rate.
Cosigner Release
Once you’ve made 36 consecutive on-time payments, you’ll be able to apply to release your cosigner from the loan. This will improve the cosigner’s debt-to-income ratio and credit score. Plus, it makes it possible for them to get a good deal on another loan.
Parent Loan Refinancing
Parents are able to refinance one or more student loans that they’ve taken out themselves or cosigned for others. It can turn into a new single loan with a new interest rate, payment amount, and term. Additionally, the level of the student’s education will not affect how much a parent can borrow, and the student can still be in school when the parent chooses to refinance.
Citizens One Rates & Fees
They offer loans with variable or fixed interest rates. Variable rates will change and show market rates, which means your monthly payment can change too. A fixed rate means your interest rate and monthly payment will stay the same for the duration of your loan. Even though a fixed rate loan can have a higher interest rate, you don’t have to worry about the rate fluctuations and changes.
Citizens One states that customers can save an average of $2,544 a year. If you want to know what your refinancing interest rate is, you can do a rate check without affecting your credit score. The lender’s “Get My Rate” tool has a soft pull so your credit score won’t be damaged. Plus, if you decide to finish your application, this is when Citizens One will make a hard inquiry.
Interest Rate Discounts
You can lower your interest rate even more with these discounts:
- Loyalty discount: 0.25% off your interest rate if you or your cosigner has a qualifying account with Citizens One when you submit a completed application.
- Automatic payment discount: 0.25% off your interest rate by authorizing Citizens One to automatically deduct your payments each month from a bank account.
Furthermore, Citizens One doesn’t charge an application, origination, or prepayment penalty fee.
Citizens One Eligibility
If you want to apply for a student loan refinancing with Citizens One, then you have to:
- Be a United States citizen, permanent resident or resident alien with a valid Social Security Number.
- Not be currently attending school.
- At least $10,000 in student debt.
- Have made at least 12 qualifying payments after leaving school, if you are applying with an associate’s degree or with no degree.
Additionally, they require a “reasonably strong credit history,” but won’t specify a minimum credit score. Citizens One does have a minimum household income limit of $24,000 for either you or your cosigner.
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Conclusion
Overall, if you want competitive rates and great perks, Citizens One is a great choice for you. Even if you didn’t graduate with a degree, you can still apply for a refinance loan. But, you will have to settle on a lender to refinance your student debt, compare different options to see if you’re getting the best offer.
If you want to see multiple refinance offers at the same time, check out LendKey.
