The Citizens Bank Student Loan™ for Parents

AAA Northeast has partnered with Citizens Bank® to offer a NEW private student loan for parents. The Citizens Bank Student Loan™ for Parents – for approved borrowers – offers a lower interest rate than the Federal Direct PLUS Loan – and has no origination fee. You could save $664 in origination fees when compared to the Federal Direct PLUS Loan.*
College loans chart on a chalkboard.

The Citizens Bank Student Loan™ for Parents offers these great benefits:

  • No application, origination or disbursement fees. 
  • No prepayment.
  • Fixed rates.
  • Flexible repayment terms - you choose from a five year term or a ten year term.1
  • Payment options include immediate repayment or interest-only while the student is enrolled in school.

Citizens Bank Student Loan for Parents is originated by Citizens Bank, N.A.

 *Origination fee savings are calculated using the Federal Direct Plus Loan origination fee of 4.236% (for loans first disbursed between 10/1/19 and 9/30/20) and an assumed amount financed of $15,673 as compared to the Citizens Bank Student Loan for Parents, which has no origination fees.

U.S. Dept. of Education. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2019 and September 30, 2020 the origination fee is 4.236%.

1Repayment Terms at

Citizens Bank Student Loan for Parents Eligibility Information: Borrowers must be a creditworthy U.S. citizen or permanent resident residing in the U.S. and must have attained the age of majority in their state of residence. The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens Bank-participating school. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank-participating school.

Parent Rate Disclosure: Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of March 1, 2023, the 30-day average SOFR index is 4.52%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%. • Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer. • Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Loyalty Discount Disclosure: 
The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Automatic Payment Benefit Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Rates and offer subject to change. All accounts, loans and services subject to individual approval. Member FDIC© 2020 Citizens Financial Group, Inc. All rights reserved. Citizens Bank is a brand name of Citizens Bank, N.A. and Citizens Bank of Pennsylvania.

All rates and terms are subject to change without notice. AAA arranges but does not make loans. All loans are subject to the lender’s receipt and approval of a completed loan application. The APR applicable to your loan will depend on several factors, including the repayment options you select and your credit history. See the lenders web site for details, terms and conditions. Loans are made by Citizens Bank. AAA encourages prospective borrowers to apply for and use federal financial aid before considering a private student loan. AAA may be compensated for the referral of a loan.

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