Ready, Get Set, Refinance

Congrats to you. Refinancing is just around the corner. It’s time to save.

Explore Ready, Get Set, Refinance

Explore Ready, Get Set, Refinance

Anatomy of your refinance loan

Here are the key elements of a refinanced student loan.
Loan amount
Rates
Terms
Monthly payment
Loyalty/Auto Pay discounts

Loan amount

It all starts here with how much you are refinancing. If you are refinancing multiple loans, figure out what you owe for each, add them all up and use the total for your loan amount.
Loan amount
Rates
Terms
Monthly payment
Loyalty/Auto Pay discounts

Rates

Once you have a handle on how much you’re refinancing, it’s time to review rates. You have a choice between fixed and variable.
Loan amount
Rates
Terms
Monthly payment
Loyalty/Auto Pay discounts

Terms

You have options for how much time you want to take to pay off your loan. Choose what works best for you—5 years, 7 years, 10 years, 15 years or 20 years. Keep in mind that the shorter your loan term, the greater your monthly payment. However, you’ll pay less interest over the life of the loan and generally save money in the long run.
Loan amount
Rates
Terms
Monthly payment
Loyalty/Auto Pay discounts

Monthly payment

No doubt you’ll pay close attention to this number. It’s related to the rate and term you choose.
Loan amount
Rates
Terms
Monthly payment
Loyalty/Auto Pay discounts

Loyalty†/Auto Pay† discounts

Good news if you’re a Citizens customer! You may be eligible to save even more money on your refinanced student loan. By being a customer and signing up to have your monthly loan payment automatically deducted from a designated account, you could shave an extra 0.50% off your interest rate.
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Anatomy of your refinance loan

It pays to know the ins and outs of your loan. Here’s what to look for.

01

How do you want your monthly student loan payments structured?

Higher Payments but shorter term
Higher Payments but shorter term
Higher Payments but shorter term
Higher Payments but shorter term
Lower Payments but longer term
Lower Payments but longer term
Higher Payments but shorter term
Changing Payments based on rates
Changing Payments based on rates

01

How do you want your monthly student loan payments structured?

Higher Payments but shorter term
Higher Payments but shorter term
Higher Payments but shorter term
Higher Payments but shorter term
Lower Payments but longer term
Lower Payments but longer term
Higher Payments but shorter term
Changing Payments based on rates
Changing Payments based on rates

How are interest rates trending at the time you’re locking in? If they’re rising, consider a fixed-rate loan. If they’re falling, a variable rate.

01

How do you want your monthly student loan payments structured?

Higher Payments but shorter term
Higher Payments but shorter term
Higher Payments but shorter term
Higher Payments but shorter term
Lower Payments but longer term
Lower Payments but longer term
Higher Payments but shorter term
Changing Payments based on rates
Changing Payments based on rates

If you want the same payments the entire time, go for a fixed-rate loan. But if you anticipate earning more money during your loan term and can handle fluctuating monthly payments, a variable rate may work for you.

01

How do you want your monthly student loan payments structured?

Higher Payments but shorter term
Higher Payments but shorter term
Higher Payments but shorter term
Higher Payments but shorter term
Lower Payments but longer term
Lower Payments but longer term
Higher Payments but shorter term
Changing Payments based on rates
Changing Payments based on rates

Payments based on rates: If you’re OK with fluctuating payments, a variable rate may be the right choice.

02

How long do you want to pay?

Higher Payments but shorter term
I’d like to pay them off in ten years or less
I’d like to pay them off in ten years or less
Higher Payments but shorter term
I have time and don’t want my payments too high
I have time and don’t want my payments too high

02

How long do you want to pay?

Higher Payments but shorter term
I’d like to pay them off in ten years or less
I’d like to pay them off in ten years or less
Higher Payments but shorter term
I have time and don’t want my payments too high
I have time and don’t want my payments too high

If you want more stability, a fixed-rate loan may be right. If you’re OK with fluctuating payments, you may want a variable rate.

02

How long do you want to pay?

Higher Payments but shorter term
I’d like to pay them off in ten years or less
I’d like to pay them off in ten years or less
Higher Payments but shorter term
I have time and don’t want my payments too high
I have time and don’t want my payments too high

You may prefer the stability of a fixed-rate loan for as long as 20 years. With a fixed rate, you’ll know at the beginning how much you will pay for the life of the loan.

03

What is your credit score?

Higher Payments but shorter term
800 – 850: Excellent
800 – 850: Excellent
Higher Payments but shorter term
740 – 799: Very Good
740 – 799: Very Good
Higher Payments but shorter term
670 – 739: Good
670 – 739: Good
Higher Payments but shorter term
580 - 669: Fair
580 - 669: Fair
Higher Payments but shorter term
300 – 579: Poor
300 – 579: Poor

03

What is your credit score?

Higher Payments but shorter term
800 – 850: Excellent
800 – 850: Excellent
Higher Payments but shorter term
740 – 799: Very Good
740 – 799: Very Good
Higher Payments but shorter term
670 – 739: Good
670 – 739: Good
Higher Payments but shorter term
580 - 669: Fair
580 - 669: Fair
Higher Payments but shorter term
300 – 579: Poor
300 – 579: Poor

Good for you! Excellent improves your chances of obtaining a lower interest rate, which could mean lower monthly payments.

03

What is your credit score?

Higher Payments but shorter term
800 – 850: Excellent
800 – 850: Excellent
Higher Payments but shorter term
740 – 799: Very Good
740 – 799: Very Good
Higher Payments but shorter term
670 – 739: Good
670 – 739: Good
Higher Payments but shorter term
580 - 669: Fair
580 - 669: Fair
Higher Payments but shorter term
300 – 579: Poor
300 – 579: Poor

With a very good credit score, you may be able to get a lower interest rate, which could mean lower monthly payments.

03

What is your credit score?

Higher Payments but shorter term
800 – 850: Excellent
800 – 850: Excellent
Higher Payments but shorter term
740 – 799: Very Good
740 – 799: Very Good
Higher Payments but shorter term
670 – 739: Good
670 – 739: Good
Higher Payments but shorter term
580 - 669: Fair
580 - 669: Fair
Higher Payments but shorter term
300 – 579: Poor
300 – 579: Poor

Some lenders prefer borrowers to have a credit score of at least 700, but a lower score doesn’t necessarily mean you won’t qualify. However, you may need a cosigner.

03

What is your credit score?

Higher Payments but shorter term
800 – 850: Excellent
800 – 850: Excellent
Higher Payments but shorter term
740 – 799: Very Good
740 – 799: Very Good
Higher Payments but shorter term
670 – 739: Good
670 – 739: Good
Higher Payments but shorter term
580 - 669: Fair
580 - 669: Fair
Higher Payments but shorter term
300 – 579: Poor
300 – 579: Poor

It can be difficult to refinance your loans if your credit score isn’t at least in the mid-600s. Meet with a financial professional, such as an advisor at Citizens, to talk about your situation.

03

What is your credit score?

Higher Payments but shorter term
800 – 850: Excellent
800 – 850: Excellent
Higher Payments but shorter term
740 – 799: Very Good
740 – 799: Very Good
Higher Payments but shorter term
670 – 739: Good
670 – 739: Good
Higher Payments but shorter term
580 - 669: Fair
580 - 669: Fair
Higher Payments but shorter term
300 – 579: Poor
300 – 579: Poor

A poor credit score can limit your options for refinancing. Talk to a professional, such as an advisor at Citizens, and find out what may be available for you.

04

Do you have a cosigner?

Higher Payments but shorter term
Yes
Yes
Higher Payments but shorter term
No
No

04

Do you have a cosigner?

Higher Payments but shorter term
Yes
Yes
Higher Payments but shorter term
No
No

A cosigner with good credit can help you get approved for refinancing and help you get a better rate.

04

Do you have a cosigner?

Higher Payments but shorter term
Yes
Yes
Higher Payments but shorter term
No
No

If your credit score isn’t high enough for your lender, a cosigner can help you qualify.

05

Can you qualify for discounts?

Higher Payments but shorter term
Autopay
Autopay
Higher Payments but shorter term
Existing Citizens customer
Existing Citizens customer

05

Can you qualify for discounts?

Higher Payments but shorter term
Autopay
Autopay
Higher Payments but shorter term
Existing Citizens customer
Existing Citizens customer

You may be eligible for an interest rate reduction if you set up your payments to automatically be deducted from a designated account.

05

Can you qualify for discounts?

Higher Payments but shorter term
Autopay
Autopay
Higher Payments but shorter term
Existing Citizens customer
Existing Citizens customer

You may be eligible for an interest rate reduction if you or your cosigner (if applicable) have a qualifying account with Citizens.

What you need to apply for student loan refinance

Your lender will ask you for important paperwork. Here are some key documents and information to have on hand.
Social Security number
You probably know this by heart, but just make sure you have it when you’re ready to apply.
Proof of address
Driver’s license or other form of government ID.
Loan documents
Loan statements from the loan(s) you want to refinance.
Proof of degree
A diploma or a final transcript that indicates your graduation date to validate the level of degree earned.
Proof of income
A recent pay stub, tax returns or a W-2 to verify income.
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Your "why" for paying off student loan debt

Find your why

Buying a house
Securing financial freedom
Saving for retirement
All of the above!

Find your why

Find your why

Buying a house
Securing financial freedom
Saving for retirement
All of the above!

Buying a House

The money you used to budget for student loan debt can now be saved for a down payment on a house.

 Quick tip

Explore the best places to stock away your savings, such as savings accounts, CDs and money market accounts.

Find your why

Find your why

Buying a house
Securing financial freedom
Saving for retirement
All of the above!

Securing financial freedom

Once your student debt is paid off you’ll have more breathing room in your budget for everyday expenses. You may even be able to save for a few splurges. Ready for a vacation?

 Quick tip

Take a deep dive into your budget and see where the money you were using for student loans can best be used.

Find your why

Find your why

Buying a house
Securing financial freedom
Saving for retirement
All of the above!

Saving for retirement

Make an investment in your future by opening or contributing more to retirement plans. A Citizens financial advisor can help you understand your options.

 Quick tip

In addition to retirement plans, you may want to consider investing in stocks, bonds or other financial instruments.

Find your why

Find your why

Buying a house
Securing financial freedom
Saving for retirement
All of the above!

All of the above!

Good for you! You have big plans for the money you were putting toward your student debt. Now it’s time to look at your budget and decide how to reach your goals.

 Quick tip

Keep your short- and long-term goals separate so you can develop a savings or investment strategy for each type.

Find your why

Buying a House

The money you used to budget for student loan debt can now be saved for a down payment on a house.

 Quick tip

Explore the best places to sock away your savings, such as savings accounts, CDs and money market accounts.

Securing Financial Freedom

Once your student debt is paid off, you’ll have more breathing room in your budget for everyday expenses. You may even be able to save for a few splurges. Ready for a vacation?

 Quick tip

Take a deep dive into your budget and see where the money you were using for student loans can best be used.

Saving for Retirement

Make an investment in your future by opening or contributing more to retirement plans. A Citizens financial advisor can help you understand your options.

 Quick tip

In addition to retirement plans, you may want to consider investing in stocks, bonds or other financial instruments.

All of the Above!

Good for you! You have big plans for the money you were putting toward your student debt. Now it’s time to look at your budget and decide how to reach your goals.

 Quick tip

Keep your short- and long-term goals separate so you can develop a savings or investment strategy for each type.

Calculating Your Monthly Budget Is Easier Than You ThinkOpens in a new window.
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Additional resources

How Do Student Loans Affect Your Credit Score? 

ReadOpens in a new window.

How Do Student Loans Affect Your Credit Score? 

ReadOpens in a new window.

How to Release a Student Loan Co-Signer

ReadOpens in a new window.

How to Release a Student Loan Co-Signer

ReadOpens in a new window.

How to Budget for a Mortgage with Student Loans

ReadOpens in a new window.

How to Budget for a Mortgage with Student Loans

ReadOpens in a new window.

Ready! Set! Refinance!

Say goodbye to your student loans and hello to your best life. Get flexible payment options and loyalty† and autopay† discounts with a Citizens Education Refinance Loan™.