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.
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“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.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
