Student Loans
At The Citizens Bank we believe that a lack of funds should not be a barrier to a college education. We have three great ways to pay for your college tuition. All three of these loans come with low variable interest rates, and your origination and guarantee/insurance fees are included. Take a look at the information listed below and choose just the right loan for you.
Subsidized Stafford Loan
(For the student who qualifies on the basis of need.)
Your Family's Finances: When you apply, a family need analysis is required (Free Application for Federal Student Aid).
Your Enrollment Status: You must be enrolled at least half-time as an undergraduate or graduate/professional student in an eligible institution.
How Much You Can Borrow: As an undergraduate, you may borrow up to $2,625 the first year; up to $3,500 the second year; and up to $5,500 each year for the remainder of your undergraduate studies. If you are a graduate or professional student, you may borrow up to $8,500 per academic year.
When Your Payments Begin: No repayment of your loan principal is required while you are enrolled at least half-time. Interest is paid by the U.S. Department of Education during this time. Repayment begins 6 months after your graduation. You may extend your repayment period up to ten years.
Unsubsidized Stafford Loan
(For the student who does not qualify on the basis of need.)
Your Family's Finances: Loans are made regardless of your income level. However, a family need analysis is required (Free Application for Federal Student Aid) when you apply. Unsubsidized Stafford Loan is designed for students who do not quality for the Subsidized Stafford Loan.
Your Enrollment Status: You must be enrolled at least half-time as an undergraduate/professional student in an eligible institution.
How Much You Can Borrow: As an undergraduate, you may borrow up to $2,625 the first year; up to $3,500 the second year; and up to $5,500 each year for the remainder of your undergraduate studies. As a graduate or professional student, you may borrow up to $8,500 per academic year.
If you are an independent student (at least 24 years of age or graduate/professional student married or have legal dependents other than a spouse or a veteran of the Armed Forces) you may be eligible to borrow the Stafford Loan limits plus $4,000 each year for the first two years; $5,000 the remainder of undergraduate studies; and $10,000 per academic year as a graduate student.
When Your Payments Begin: No repayment of your loan principal is required while you are enrolled at least half-time. Interest accrues while you are in school, and may be paid on a monthly or quarterly basis. Your interest can be deferred, but it will be capitalized at repayment. Repayment begins 6 months after your graduation. You may extend your repayment period up to ten years.
PLUS Loan
(For the parents of dependent, undergraduate students who need additional financial aid.)
Your Family's Finances: Eligibility is not need-based. Loans are made regardless of your income level.
Your Enrollment Status: The student must be enrolled at least half-time as an undergraduate at an eligible institution.
How Much You Can Borrow: Parents may borrow up to the cost of attendance for each child (minus other aid) per year. Parents must not have an adverse credit history.
When Your Payments Begin: Repayment begins within 60 days of loan disbursement. Deferments are not available. Your repayment period may extend to ten years.
