PROVIDENCE – Citizens Financial Group Inc. is offering a new fixed interest rate student loan that features no origination fees and an annual percentage rate as low as 6.75 percent.
Providence-based CFG is the parent of Citizens Bank and Charter One.
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“We know from our Citizens Bank and Charter One customers that many families budgeting for college today are interested in a fixed rate option that gives them more control over their finances in the face of an uncertain economy and rising tuition costs,” said Brad L. Connor, vice chairman of consumer finance for CFG. “This product offers competitive rates while giving students a dependable source of funding after grants, scholarships and federal loans have been exhausted. We hope this new option will make it even easier for students to achieve the goal of attending the school of their choice.”
The new product has been dubbed the TruFit Student Loan. CFG said that although students have the ability to qualify solely, they are encouraged to apply with a qualified cosigner to increase their chances of receiving the lowest interest rate possible.
Students have three repayment choices: immediate, interest only or deferred until six months after graduation. Borrowers will receive a 0.50 percent interest rate reduction for automatic payment from any eligible Citizens Bank or Charter One account or a 0.25 percent interest rate reduction for automatic payments from accounts at other banks.
