Who Is the Borrower? |
Eligible undergraduate students; borrower or co-borrower must be U.S. citizen or permanent resident. |
Interest Rate |
Variable interest rate is indexed to the 1-month LIBOR rate. Rates are tiered and range from 1-month LIBOR rate plus 3.00% up to 1-month LIBOR rate plus 10.50% for borrowers with a co-borrower. Rates for borrowers without a co-borrower range from 1-month LIBOR rate plus 3.50% up to 1-month LIBOR rate plus 12.50%. The rate is capped at the lower of 21% or the prime rate plus 9%. Rates are reset monthly. |
Credit Criteria |
Approval, interest rates and origination fees are based on the student borrower's and/or co-borrower's creditworthiness as determined by Citizens Bank. |
Fees |
Loan origination fees range from 0% to 5% and are based on the creditworthiness of the borrower and co-borrower. There are no disbursement, repayment or default/
insurance fees. |
Minimum and Maximum Allowed |
Loans are approved from $1,000 up to the total cost of education minus any financial aid, including any Federal Direct Stafford Student Loan. The maximum aggregate limit is $120,000. |
Repayment Terms |
Student can choose to begin repayment immediately, make interest-only payments, or defer interest and principal until 6 months after they drop below half-time status. The maximum repayment period is 15 years. No prepayment penalties. |
Enrollment Status |
Students must be enrolled at least 6 credits per semester in an undergraduate degree program. |
Deferment Options |
Options for interest-only repayment and deferment of principal and interest. Repayment of principal and interest begins 6 months after the student ceases to be enrolled at least half time. Hardship forbearance may be granted under certain circumstances. |
Can Loan be Sold? |
Citizens Bank states that Citizens Bank TruFit Student Loans will not be sold. |
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Other Borrower Benefits |
An interest rate reduction of 0.50% is available to borrowers in repayment who elect to have monthly loan payments deducted electronically from any eligible Citizens Bank account. |
How to Apply |
Get more information and/or apply online:
www.citizensbank.com/trufitstudentloan
Call Citizens Bank at 800-708-6684.
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