PROVIDENCE – Citizens Bank has launched a new student loan refinancing product specifically designed for parents.
The loan, dubbed the Citizens Bank Refinance Loan for Parents, allows parents and co-signers to consolidate and refinance student debt while their children are still in school. The product offers flexible terms and no origination fees, according to an announcement.
“Student loan debt isn’t just an issue affecting millennials, it’s a concern for parents too,” said Christine Roberts, head of student lending at Citizens.
The Providence-based bank has realized robust growth from student-lending products. As of Dec. 31, Citizens education loans totaled $8.1 billion, growing 23.1 percent compared to the prior year, according to federal filings.
The new offering complements a separate product Citizens offers for students to consolidate federal and private loans into a single monthly loan payment.
“We are committed to helping our customers manage the rising cost of college and proud to offer a solution that helps parents nationwide navigate this leg of their financial journey,” Roberts said.
Citizens Bank, the largest Rhode Island-based bank, is a subsidiary of Citizens Financial Group Inc. with $152.3 billion in assets.