Citizens Bank Offers Refinance Loan for Student Loan Borrowers

January 31, 2014    

Boston – Senator Richard Ross (R-Wrentham) would like to inform his constituents that Citizens Bank has unveiled its Citizens Bank Education Refinance Loan. Designed to help simplify student loan payments, the loan allows borrowers to refinance or consolidate their private student loans at a competitive rate with flexible repayment terms.

“Students across the Commonwealth are struggling to manage their student loan debt,” said Senator Ross. “The tools offered at Citizens Bank provide an opportunity for meaningful savings, as well as a chance to become more informed about the basics of borrowing and finance.”

The Citizens Bank Education Refinance Loan provides borrowers with the potential benefits of a single monthly private student loan payment, refinancing a variable rate into a fixed interest rate loan and potentially lowering the interest rate and/or lowering the borrower’s monthly payment. Interest rates as low as 2.82 percent are offered. There are no prepayment penalties, and no application, origination, or disbursement fees. Refinancing is available with either a fixed or variable rate. A .25 percent interest rate reduction is available for borrowers and co-signers with a prior TruFit Student Loan or a qualifying Citizens Bank account.

Citizens Bank also recently introduced the Citizens Bank TruFit Annual Summary, which provides annual updates on loan amount and repayment. These updates help students and their families to better predict their total debt and estimated monthly payments far in advance of graduation. Citizens Bank is offering additional resources to aid borrowers, including decision-making guides and loan estimators from Citizens Bank. There is also a team of education finance specialists who are available to work with students on considering all available options.

For more information on the Citizens Bank Education Refinance Loan, please visit http://www.citizensbank.com/student-loans/education-refinance-loan.aspx.

Please contact the office of Senator Ross with any questions or concerns at (617) 722-1555 or Richard.Ross@masenate.gov.

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