There is good news for college students who live in fear of the "L" word—loans.
Citizens Bank on Tuesday introduced the Citizens Bank Education Refinance Loan, an option for students looking to refinance their private student loan debt, according to a press release from the bank.
Designed to help simplify private student loan payments, the loan enables borrowers to refinance or consolidate their private student loans at a competitive rate with flexible repayment terms.
“Private student loan borrowers have historically had a limited number of refinancing options available to them,” said Brendan Coughlin, Head of Education and Auto Finance for RBS Citizens Financial Group. “After graduation, many students successfully build their credit and are off to a promising start to their career, and they deserve more flexibility regarding their student loans."
The refinance loan provides 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 loan offers interest rates as low as 2.82 percent. There are no application, origination or disbursement fees. Refinancing is available with either a fixed or variable rate.
Detailed information on qualifications required for the loan is available on the Citizens Bank website.
The Consumer Financial Protection Bureau has urged the creation of a market for the refinancing of private student loans to help make student debt more manageable, and officials at the Consumer Financial Protection Bureau have warned that rising student-loan debt impacts consumer spending and fuel economic growth.
This is not the only program Citizens Bank has in place to help students. Its other resources include decision-making guides, loan estimators, and the TruFit Student Loan for undergraduate and graduate students.
Maggie Quick can be reached at firstname.lastname@example.org.