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Citizens does not charge any fees for extra payments (or even for paying off your loan entirely!

) Interest rate discounts: Citizens offers interest rate discounts of up to 0.5% to borrowers fulfilling specific criteria.

While MEFA could still be the right lender for you, it’s important to educate yourself before you dive in.

Borrowers must: Lower monthly payments: MEFA strives to offer borrowers lower monthly payments than they would get with other lenders.

However, you have to be a Massachusetts resident or attend a college in the state, if you want to take out a new loan with MEFA.

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Borrowers must: Let your cosigner off the hook: If you think that i Help is the lender for you, but you don’t meet their income or other eligibility requirements, adding a co-signer could help.The average MEFA borrower pays 1 less per month than before they refinanced.MEFA also has no maximum loan balance, so you can refinance your total loan balance with MEFA as long as you meet their eligibility requirements Refinance without graduating: MEFA’s eligibility requirements do not include having completed a degree, so if you haven’t graduated but you still need help refinancing your loans, MEFA could be the lender for you Limited borrower benefits: MEFA might offer you lower monthly payments, but it doesn’t offer options such as deferment, forbearance, or co-signer release.Borrowers who have a pre-existing Citizens Bank account when they apply (co-signers’ accounts also qualify) can earn a 0.25% ‘Loyalty Discount’, and those who set up auto-pay get a 0.25% interest rate reduction You can’t refinance while you’re still in school: While you don’t need a degree in order to refinance with Citizens, you cannot do so if you’re still in school.Some lenders will allow you to refinance before you graduate from school, meaning you’ll start saving on monthly payments and interest as soon as possible, but Citizens requires you to have graduated (or have stopped going to school) before you can refinance Fewer loan options than some newer lenders: Being an older, more established bank, Citizens doesn’t offer some features that some startup lenders have incorporated into their offerings.

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