Citizens Bank Consolidate Student Loans

As the economy continues to recover, the number of students looking for ways to consolidate student loans has increased. According to the Consumer Financial Protection Bureau (CFPB), student loan debt now totals $1.2 trillion – surpassing credit card debt for the first time ever. In order for borrowers to pay off their debts faster, they need to make sure they obtain the best consolidation options possible. As such, Citizens Bank teamed up with Sallie Mae to create a special program specifically designed for college graduates.

The program, called Citizens Bank Student Loan Consolidation, offers eligible consumers a chance at lower monthly payments. The program includes three repayment plans: 18 months of interest-free forbearance; 10 years of fixed monthly payments; and 20 years of fixed monthly payments. Citizens Bank provides a variety of financial education workshops throughout the year to help participants succeed. These include budgeting tips, cash flow management, retirement planning, and saving money.

Sallie Mae works with borrowers who have federal loans or private loans issued by banks and credit unions. Consumers can apply online or by calling 1-877-LOANS-CITY (1-877-538-4968). To learn more about Citizens Bank’s Student Loan Consolidation Program, visit www.citizentrust.com/studentloans.

Citizens Bank Consolidate Student Loans

Students often consolidate their loans into one monthly payment, but they often times have to do so at steep interest rates. Students often assume they give up some privileges, such as not being able to prepay their loan, but credit unions may be willing to discuss a plan with students. Sometimes student just want out from under their private loans, and other times students could use some extra money to get going after college.

Private student loans often charge high interest rate and people who take out these loans believe they are paying off their own debt. However students should always check into federal loans first before deciding upon taking out any private student loans.

You might consolidation your loans instead of consolidating them by using a direct lender. There are many lenders out there that offer loans with lower interest rates than traditional banks. Many people prefer a direct lender, since this is how they’ve been accustomed to doing business. Other advantages are that you don’t need good savings to get approved for a loan, and if you decide to stop repaying your loans, your remaining balance will start to accrue interest immediately.

In order to make sure that you consolidate your loans safely, here are some tips. First things first – go to no more than five different lenders to compare rates and fees. Once you’ve secured a low rate, read the terms of the loan contract and make sure the lender’s policies reflect the agreement. A few items to note specifically, are whether or not a negative amortization schedule applies, and what happens when negative equity occurs?

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Citizens Bank Consolidate Student Loans

The U.S. Department of Education announced Tuesday that they have consolidated $20 billion in student loans into just six lenders.

The department says the consolidation will help students avoid interest rate hikes and make it easier for borrowers to get their loans paid off faster.

It’s good news for those who borrowed before July 1st, 2011. That’s when new federal regulations went into effect limiting how much money federally insured banks could lend.

This year, the average borrower took out about $31,000 in loans.

And now, under stricter rules, some of them will face higher rates.

If you’re one of the millions who got a loan since July 2011, it’s still possible to refinance. You’ll need to find a lender willing to accept lower payments and be willing to take on the risk.

But if you’ve already missed a payment, refinancing may not be worth it.

And if you think you might default, contact your lender as soon as possible. Even if you don’t plan to default, you may want to consider doing so. If your loan goes into foreclosure, it will hurt your credit score. And that could affect your chances of getting jobs down the road.

So if you’re thinking about going back to school, consider making sure you can handle the expenses.

You won’t be able to refinance any existing federal student loan until August 9th 2013.

Citizens Bank Consolidate Student Loans

You need $25,000 minimum to consolidate student loans. The interest rate varies depending on the loan type.

In order to qualify for consolidation you have to have at least 12 consecutive months of payments without late fees or penalties. If you miss any payment after that then you lose your eligibility.

If you don’t pay on time, the loan holder may garnish your wages between 10% and 15%.

After you consolidate your student loans, they become private debt, not federal debt. That means if you default the bank won’t go after tax refunds, Social Security checks, etc.

There are three types of student loan consolidations: Private, Federal government, and Public (Department of Education). Each has its own pros and cons.

If you have private student loans, lenders will give you a credit up to 35%, while government ones only offer a 20% discount.

Consolidating federal student loans doesn’t make sense since the interest rates are already low. However, you still get to keep your direct deposit money.

Your income needs to be above $50,000 per year.

Once you’re approved for consolidation, the lender sends you a letter telling you how much you’ll save and how long it would take until the loan becomes due.

Most lenders will charge about 1-2% fee for their services.

If you choose Public Consolidation, the Department of Education will take over the loan.

If you choose Federal Government Consolidation, the Federal Student Aid Service will take over the loan instead.

If you choose Private Consolidation, the lender will negotiate directly with the borrower instead of going through the Department of Education.

You should do everything you can to avoid defaulting on your student loans.

Citizens Bank Consolidate Student Loans

Why did Citizens Bank consolidate student loans?

Students who borrow money to pay for college have a lot of different options when it comes to their loan providers. Most students choose to go with private lenders because they want to make sure that they are getting the best rate possible. But if you’re looking for an alternative option, there’s no need to worry about your interest rate because Citizens Bank offers great rates to anyone.

So what exactly makes Citizens Bank stand out from some of these other companies? Well, for one thing, their policies allow borrowers to switch jobs without having to worry about the repayment of their debt. In addition, they offer a low-interest rate of just 0 percent APR on any balance transferred at least once per year. And lastly, they offer competitive rates on both federal and direct subsidized Stafford loans. If you’d like to take advantage of this special offer, you’ll only need to provide them with basic information, such as your name, address, social security number, and date of birth. After that, you’ll get a decision on whether or not we approved you for consolidation.

How do I know if I qualify?

The first step towards consolidating student loans is determining whether or not you qualify. To do that, you’re going to need to check your credit score. Fortunately, Citizen’s Bank allows you to pull your report online. Once you’ve finished checking your credit score, you can then proceed to the next step!

What happens after I apply?

Once you’ve applied for consolidation, the next step will be to wait to hear back from us. Since the application process takes several days, you should expect to receive a notification sometime between four and seven business days. When you do, you’ll need to confirm your request by clicking “accept” in the email. After this, we’ll review your information and send you a confirmation letter confirming the amount that your payments would be reduced by. On top of that, you’d still have to keep making your regular monthly payments according to your original payment plan.

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