Citizens Bank launches new alternative to federal student loans for families

Citizens Bank launches new alternative to federal student loans for families

PROVIDENCE, R.I. – Citizens Bank today announced the launch of the Citizens Bank Student Loan for Parents TM , a new alternative to federal loans for parents who are helping students pay for college. With no origination fee, the Student Loan for Parents will save families an estimated average of $627 2 in annual fees alone and also guarantees approved borrowers receive a lower interest rate than the federal William D. Ford Direct PLUS rate.

The new loan is the latest offering from Citizens Bank designed to help people pay for higher education in a more affordable way, and furthers Citizens’ Bank Better commitment to make banking simple, clear and personal for consumers. In addition, the Student Loan for Parents is an option for anyone who is looking to help a student finance their education, allowing parents or other sponsors to finance a student’s education without obligating the student to the debt.

In the event the parent does not qualify, Citizens Bank will redirect the customer back to the PLUS program ensuring the family always has the information they need to make the best loan decision

“A college education remains one of the best investments students can make, but many families continue to struggle with the cost,” said Brendan Coughlin, President of Auto and Education Finance for Citizens Bank. “Our new Student Loan for Parents provides approved borrowers with a guaranteed lower interest rate than they can get from PLUS loans, with more term flexibility and no fees. We are excited to be providing this new option for parents as they develop strategies for managing the cost of college.”

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Will A fees Financing Apply to My personal Credit score?

Will A fees Financing Apply to My personal Credit score?

Yes, installment funds helps you consolidate high rate of interest-financial obligation such as playing cards and you may cash advance. That said if you plan to utilize an installment otherwise private financing because of it application, address guarantee that it comes having a lowered rate of interest as compared to obligations you need to combine.

How can Debt consolidating Funds Work?

Debt consolidation reduction functions by combining all of the established loans on you to definitely membership having one monthly payment. Not simply can it help you take control of your newest debt weight, but if you be able to secure a reduced rate of interest, it will save you hundreds of dollars ultimately.

Including, say your bring $seven,100000 in the personal credit card debt which have the average Apr out of % that you would like so you can consolidate. In case your credit history is great adequate, you might be able to qualify for a beneficial $eight,100 consumer loan having an annual percentage rate regarding %.

If the recognized, you might utilize this mortgage to repay your personal credit card debt, following focus on paying down the private financing within the monthly obligations. Of course, this just really works for people who get it done duty.

When you use brand new combination financing to pay off your borrowing from the bank cards and you may go ahead right after which initiate to find anything along with your recently paid-off handmade cards, you will be inside an even worse updates than simply for which you already been.

Perform On the web Fees Financing Provides Charge?

Yes, on the web fees funds keeps fees, the best as the origination commission, that’s constantly 1% so you can 5% of your own complete amount borrowed. Continue reading «Will A fees Financing Apply to My personal Credit score?»

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