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NEW Citizens One Student Loan® for Parents

Get an average fee savings of $604^* with a better alternative to the Federal Direct PLUS loan.

10-year fixed interest rate as low as 6.74% APR¹ for approved borrowers (includes automatic payment and loyalty discounts²). Lower rate is available with a 5 year repayment term. (see examples)
No application, origination, or disbursement fees
Interest-only or immediate repayment options
For parents or any qualified applicant willing to borrow for the benefit of the student

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Lower your interest rate by up to 0.50 percentage points²

The details

Fees

No application, origination or disbursement fees

Interest Rate Options

A fixed rate as low as 6.64% APR¹ with no origination fee—that’s lower than the Federal Direct PLUS Loan.

View interest rate and repayment examples.

Money Saving Benefits

Ways to save:

You will be eligible for a 0.25 percentage point interest rate reduction on a new CitizensOne Student Loan for Parents if you have a qualifying account in existence with us at the time of application submission.²
You will be eligible to receive a 0.25 percentage point interest rate reduction on your loan by authorizing our loan servicer to automatically deduct your payments each month from any bank account you designate.²

All together, you could lower your interest rate up to 0.50 percentage points²

Borrowing Limits

Depending on education level, the borrowing limits vary. The lifetime aggregate amount of your Citizens One Student Loan for Parents plus federal and other private student loans cannot exceed:

	Total Private and Federal Student Loan Debt	Total Citizens One Student Loan Debt
Undergraduate	$120,000	$90,000
Graduate	$150,000	$110,000
Business and Law	$225,000	$180,000
Healthcare Professionals	$180,000 or $350,000 depending on degree³	$150,000 or $295,000 depending on degree³

Minimum borrowing amount is $1,000.

Repayment Options

Choose the repayment option that best meets your needs. We recommend that you pay off your balances as quickly as possible to reduce the overall cost of your loan.

Pay Immediately: Make principal and interest payments while the student is in school.

Pay Interest Only: Make interest-only payments while the student is in school.

Term Options

Choose the time period to repay your loan:

5 year term: Offers lowest rates and lowest total cost of borrowing.

10 year term: Offers lowest monthly payment

No matter which term you choose, you can always make additional payments without penalty. This lets you pay off your loan faster and saves you money.

Disbursement

We'll send your Student Loan for Parents funds directly to the school the student is attending.

Who's Eligible

To qualify for a Citizens One Student Loan for Parents⁴, you need to:

Be a U.S. citizen or permanent resident with a valid U.S Social Security number living at a U.S. address.
Be at least 18 years of age
Satisfy all credit requirements.
Execute an application, promissory note, and any other documents without alterations including the use of whiteout or any adjustments to the wording on any of the documents. (This includes any supporting documentation such as income verification or a paper promissory note).
Have no prior student loan defaults.
Meet any other applicable customer identification requirements.
The student whose education the funds will benefit must be attending an eligible school.
The student must be a U.S. citizen or permanent resident

How do I apply?

Fill out the fast, easy online Citizens One Student Loan for Parents application. You can even e-sign.

Things you’ll need for the student loan application

Name, address, phone number, email address
Date of birth
Social Security Number
Recent pay stub (no more than 60 days old) or other proof of income and monthly housing payment.
Name of school the student plans to attend
Cost of attendance and any financial aid received (see award letter from your school)
Student graduation date, loan period and the loan amount.

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Call a Student Lending Specialist
1-888-333-0256

Citizen One Student Loan for Parents FAQs

Do I need to file the Free Application for Federal Student Aid (FAFSA) form to apply for the Citizens One Student Loan for Parents?

No. Private parent student loan borrowers DO NOT need to submit a FAFSA. Simply complete the online Citizens One Student Loan for Parents application to apply.

How much can I borrow with a Citizens One Student Loan for Parents?

You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. The Citizens One Student Loan for Parents does have lifetime aggregate limits (including both federal and private loan debt) of:

Undergraduate: $120,000
Healthcare: $180,000 or 350,000 depending on degree³
Law: $225,000
MBA: $225,000
Other Graduate Degrees: $150,000

Can a Citizens One Student Loan for Parents help pay for my child’s books and personal expenses while in school?

Yes. Our Citizens One Student Loan for Parents can be used to help pay for your indirect costs while your child is enrolled in school. The maximum you can borrow each year is determined by your individual school through certification.

How do I apply for a Citizens One Student Loan for Parents?

All you need to do is fill out the quick and easy online application. Before you apply, make sure you have the following items available so you can easily complete your application:

Name, address, phone number, email address
Date of birth
Social Security Number
Recent pay stub (no more than 60 days old) or other proof of income and monthly housing payment
Name of school the student plans to attend
Cost of attendance and any financial aid received (see award letter from the school)
Student Graduation date, loan period and the loan amount.

Are there any fees for a Citizens One Student Loan for Parents?

The Citizens One Student Loan for Parents has no origination, application, or disbursement fees.

What kind of credit is required for a Citizens One Student Loan for Parents?

We will need to see a reasonably strong credit history, which is derived from your credit score.

Will this loan application impact my credit score?

The Citizens One Student Loan for Parents is a credit-based loan which will be seen as an inquiry on the applicant’s credit report.

What if I am not approved for a Citizens One Student Loan for Parents?

If you apply for a private student loan and are denied, it may be due to your credit history. Simply find a qualified co-signer and reapply.

Are there any penalties for paying off a Citizens One Student Loan for Parents early?

There’s no prepayment penalty.

See all FAQs

Any other questions about our Student Loan for Parents?

Our Student Lending Specialists are ready to help. Simply call 1-888-333-0256.

APPLY NOW

Save up to 0.50 percentage points off your interest rate²

*Average savings of $604 are calculated using the 2015/2016 Award Year Federal Direct PLUS Loan program reporting (as of 5/11/2016 for quarter ending March 31, 2016 not including Grad PLUS) of originations of ~$11.4 billion to 802,968 borrowers through 873,729 loans with an average loan size of $14,133.84. Average fee savings is possible with either private student loan option we offer, including the Citizens One Student Loan^® or the Citizens One Student Loan^® for Parents.

U.S. Dept. of Education. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. Origination fee of 4.272% is valid through September 30, 2016. For Loans first disbursed between October 1, 2016 and September 30, 2017 the origination fee is 4.276%.

¹Parent Rate Disclosure: Fixed interest rates range from 6.64% - 7.24% (6.64% - 7.24% APR) based on applicable terms as of May 31, 2017. 6.74% APR requires a 10-year repayment term and includes our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. For example, a $15,000 loan with a 10-year term and immediate repayment at 6.74% APR (includes our Loyalty and Automatic Payment discounts) will result in 120 monthly payments of $173.95. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. The federal rate of 7.00% applies to PLUS loans first disbursed between 7/1/17 and 6/30/18.

²Interest rate reduction of up to 0.50 percentage points is possible with the following discounts:
Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

³Aggregate limits up to $350,000 for MD, DMD/DDS, OD, DO, PDM, and DVM degrees. Aggregate limits up to $180,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, pharmacy, physical therapy, and physician’s assistant degrees.

⁴Citizens One Student Loan for Parents Eligibility: Borrowers must be a creditworthy U.S. citizen or permanent resident residing in the U.S. and must have attained the age of majority in their state of residence. The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens One-participating school. Citizens One reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens One Student Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, school certification of the loan amount, and student’s enrollment at a Citizens One-participating school.