As the dollar value of student debt rises, the number of defaulters is also rising, despite a growing economy and falling rates of unemployment. In the first 6 months of 2016 alone, $137B was added to the default ceiling, translating in a 14% increase from the previous year alone, according to data from the Consumer Federation of America.

This is why defaulters are increasingly looking for a host of refinancing options. Among these is Citizens Bank. It is often imagined that it takes about 20 years for a four-year college degree to turn profitable, and though there aren’t any referable statistics to correlate the hypothesis, it’s still a damning indictment of the state of affairs in the world of student finance.

Citizens Bank, through Citizens One, is a retail Bank that operates nationally in the US, and which offers refinancing options to students with weighty student debt and those on default. Apart from student loans, the lender caters to a whole host of other financial credit services, such as Citizens Bank auto loans. This Citizens Bank student loans review gives you an in-depth summary of what makes Citizens bank one of the best options to consolidate and refinance your Federal and Student Loans.Citizens Bank Student Loans What To Think About When Refinancing

Key Finance Features of Citizens One Student Loans

This Citizens One student loans review covers several key factors that you as a defaulter should consider when seeking to refinance. Lenders always leverage repayment periods with interest, and always seek to recover the Principal and cost of the loan. The most crucial thing that anyone would look at is interest rates. You may have higher interest rates on shorter-term loans or lower interest rates spread out over longer periods. Whatever the case, the borrower should always be keen on interest because it accrues and draws its own charge. Compared to our Credit Direct loans review, you will see why CitizenBank student loans should seem attractive when it comes to matters principal and interest:Key Finance Features of Citizens One Student Loans

These are some of the more important figures that you should keep in mind in case you want to refinance through CitizensBank student loans. Important to remember too when you are seeking these loans is that this particular lender doesn’t offer payments on interest at any given time during the repayment period. Citizens Bank will require you to have an income of at least 24,000 dollars at the time of application of the loan refinance. This is a far cry from some services which don’t require any form of monthly income for you to start the refinancing process.Citizens One Student Loans table

With Citizens Bank consolidate student loans, both Federal and Private loans can be combined into one product with negotiated interests and repayment periods.

More Good News about Citizens Bank

Customers who already have existing accounts that qualify can usually access Citizens loans with 0.25% reduction on interest. This also applies to a borrower whose co-signer has a qualifying account. The lender doesn’t need you to pay an origination, disbursement or application processing fees. Citizen bank will offer refinance regardless of your GPA too. Some lenders will require that you must have a co-signer when going for their loans. Citizen Bank student loans don’t need you to have one, and neither do they need you to bring in a personal reference.

While loans which are currently in default don’t make the pass for eligibility, Citizens Bank does allow refinancing of loans which have been rehabilitated. Citizen not only checks eligibility requirements based on applicant credit profiles, but it also requires one to have at least a credit score of 680.

What Are The Cons?

Citizen Bank doesn’t let lenders make interest-only repayments which might come as a disappointment to many. You also need to have graduated or are in active employment if you halted school before finishing your undergraduate degree. Parent PLUS loans which are usually the last resort for many students who are unable to make their own payments cannot be brought in by Citizen’s bank for the refinance effort.

While Citizens does offer stability in refinance options, it is an older bank and may have fewer features that cater to the dynamic changes in student debt.

What are Firstmark Student Loans?

Citizens Bank works with servicing companies that take over the administrative duties of servicing the loans, being liaisons between the lenders and debtors, and being a point of reporting for credit reference bureaus. Firstmark is one of these companies which is contracted by Citizens Bank, and which helps make clear and simple all the complexities of applying for student refinance.

There are no Firstmark loans per se. The service is just a credit management service and the first point of contact for over 5 million American students repaying their loans. Students applying for Citizens Bank loans have to go through First Mark.

First mark student loans mean that you authorize the company to initiate payment transactions on your behalf. Firstmark doesn’t charge for being the liaison between you and your lender, but other bank charges may apply. Through the Firstmark student loans login, you can access a variety of tools such as Autopay. You will also be able to check a comparison of the various lenders that use Firstmark, and you will see the exact T&Cs relating to Citizens Bank.

The First mark loans process ideally makes it easier to access and keep track of all your lender’s refinancing services and any changes that might need to be cascaded to you.