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FAQ


What is the difference between a fixed rate loan and a variable rate loan?

With a fixed rate loan your interest rate is fixed for the life of the loan. Therefore your monthly payment does not change and you will owe the same monthly payment every month.

With a variable rate loan, your interest rate is not fixed for the life of the loan. It can change significantly up or down. Therefore, your monthly payment can significantly change up or down and you may not owe the same monthly payment every month.

What is an origination fee?

Some lenders charge an extra fee or fees to provide you with a loan. A common such fee is an origination fee. This fee is often charged as a percentage of the loan amount and can often add hundreds and in some cases thousands of dollars to the cost of the loan. Citizens Bank Student Student Loan has no application, origination or disbursement fees.

Who will be the lender for my loan?

Citizens Bank will be your lender.

Will I need a cosigner for my student loan?

Whether you will need a cosigner depends on your credit evaluation. By applying with a creditworthy cosigner, you may improve the likelihood of your being approved for a loan, and you may even receive a lower interest rate. However, you are not required to apply with a cosigner. Many applicants will not.

Are International Students eligible?

International Students will be considered who apply with a creditworthy US citizen or a permanent resident co-signer. You may be asked to provide proof of residency in the form of your current us citizenship 7 immigration services (USCIS) form i-551 (Resident Alien Card).

What might I be giving up if I take out a private student loan instead of a federal student loan?

Federal loans typically have some benefits that private lenders do not offer. Examples of these benefits include term extension, income-based repayment and loan forgiveness programs. Eligibility for these benefits will vary depending upon your circumstances. Before taking out a student loan you should determine the applicability of these benefits to your circumstances.

What is a student loan refinancing?

When you refinance your student loan or loans, you are replacing your existing student loan or loans with a new loan. The money from the new loan is used to pay off your old loan. Your new loan will have different terms than your old loan or loans and may have a lower interest rate. This may enable you to save money and/or significantly lower your monthly loan payment. It may also allow you to simplify your affairs by having one loan payment every month instead of many. Please note, your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.

What is the difference between a fixed rate loan and a variable rate loan?

With a fixed rate loan your interest rate is fixed for the life of the loan. Therefore your monthly payment does not change and you will owe the same monthly payment every month.

With a variable rate loan, your interest rate is not fixed for the life of the loan. It can change significantly up or down. Therefore, your monthly payment can significantly change up or down and you may not owe the same monthly payment every month.

Is the Education Refinance Loan a “student loan” for tax purposes?

Yes. However, eligibility for the interest deduction will be dependent on your individual tax situation. We recommend you consult your tax advisor for more information.

What is an origination fee?

Some lenders charge an extra fee or fees to provide you with a loan. A common such fee is an Origination Fee. This fee is often charged as a percentage of the loan amount and can often add hundreds and in some cases thousands of dollars to the cost of the loan. Citizens Bank Education Refinance Loan has no application, origination or disbursement fees.

What information do I need to apply for an Education Refinance Loan?

You (and if applicable your cosigner) will likely need the following to complete your application:

  • Social Security Number or for permanent residents you may be asked to provide proof of residency in the form of your current us citizenship 7 immigration services (USCIS) form i-551 (Resident Alien Card)
  • Employer name and phone number
  • Monthly income
  • Monthly rent or mortgage payment (if applicable)
  • The billing statement or statements relating to the loans that you are seeking to refinance

Who is the lender for the Citizen Bank Education Refinance Loan?

Citizens Bank will be your lender.

Will I need a cosigner for the Citizens Bank Education Refinance Loan?

Whether you will need a cosigner depends on your credit evaluation. By applying with a creditworthy cosigner, you may improve the likelihood of your being approved for a loan, and you may even receive a lower interest rate. However, you are not required to apply with a cosigner. Many applicants will not.

What is the selection and pricing process for the Citizens Bank Education Refinance Loan?

The selection and pricing process for loans is based on established underwriting criteria, including a credit check.

What might I be giving up if I refinanced my federal student loan with a private student loan?

Federal loans typically have some benefits that private lenders do not offer. Examples of these benefits include term extension, income-based repayment and loan forgiveness programs. Eligibility for these benefits will vary depending upon your circumstances. Before refinancing your federal student loan with a private student loan you should determine the applicability of these benefits to your circumstances. When you refinance your loans, you would replace your existing loan benefits as well as any future benefits with the benefits of the Education Refinance Loan. You may refinance your federal loans with Citizens Bank, but you should determine if you would lose any federal benefits you may want to take advantage of.

Tell Me More About M7 Financial?

M7, together with mbaMission, jdMission, and MBA Career Coaches, is part of a family of companies dedicated to supporting the unique aspirations of students and professionals. For more than a decade, we have been advising and informing hundreds of thousands of such individuals around the world with our guides, seminars, and advisory services. Our firms’ collective goal is to ensure that our clients succeed in achieving their educational, professional, and personal ambitions.

Why is M7 helping me with complimentary career primers, educational guides, graduate program credit ratings as well as career coaching?

At M7 we know that students are undertaking a significant investment in their careers. We want to share and relieve some of that burden by providing you with complimentary career primers, educational guides, graduate program credit ratings as well as career coaching.

What does the free, 30-minute career consultation with MBA Career Coaches entail?

Provide us with your contact information where indicated, and we will invite you to sign up for a 30-minute career consultation provided by our sister company, MBA Career Coaches. During a 30-minute call, we will help you to identify reasonable, yet ambitious, career goals and begin to establish a roadmap for you to achieve those goals. Most find our career sessions to be eye opening.

Are other products and services are available?

Please let us know if you would like us to offer any other guides or services by contacting us at info@m7financial.com. We look forward to hearing from you.

Why did M7 choose to partner with Citizens Bank?

After months of research and negotiations with various parties, M7 officially chose Citizens Bank as a partner, recognizing that Citizens is a market leader in competitively priced private student loans. Citizens’ strong professional reputation, long-term commitment to student loans, and excellent customer service were important factors in our decision. The loans have absolutely no application, origination or disbursement fees and offer compelling discounts for borrowers who are Citizens account holders as well as for those who opt for automatic deduction of loan payments.