RBS Citizens Financial Group announced on Tuesday the introduction of the Citizens Bank Education and Charter One Education Refinance Loans, which are designed to help private student borrowers refinance or consolidate loans.
“Private student loan borrowers have historically had a limited number of refinancing options available to them,” Brendan Coughlin, the head of education and auto finance for RBS Citizens Financial Group, said. “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. As part of our company-wide Bank Better program making banking simple, clear and personal for our customers, our new Education Refinance Loan offers qualified borrowers an option to change the terms of their loans to better meet their current life situation.”
The refinance loans carry no prepayment penalties and allow borrowers to make a single monthly private student loan payment. The loans also offer refinancing a variable rate into a fixed rate loan, as well as potential reductions to interest rates and monthly payments.
Additionally, the loans carry no application, origination or disbursement fees. Borrowers and co-signers with a previous TruFit Student Loan or qualifying Charter One or Citizens Bank account will receive a 0.25 percent interest-rate reduction.