RBS Citizens Financial Group announced the introduction of the Citizens Bank Education Refinance Loan and Charter One Education Refinance Loan, creating a new option for students looking to refinance their private student loan debt. Designed to help simplify private student loan payments, the loan enables borrowers to refinance or consolidate their private student loans at a competitive rate with flexible repayment terms. With no prepayment penalties, the Citizens Bank Education Refinance Loan and Charter One Education Refinance Loan provides borrowers with the potential benefits of a single monthly private student loan payment, refinancing a variable rate into a fixed interest rate loan and potentially lowering the interest rate and/or lowering the borrower's monthly payment. The loan offers interest rates as low as 2.82%.

There are no application, origination or disbursement fees, and refinancing is available with either a fixed or variable rate. Borrowers and co-signers with a prior TruFit Student Loan or qualifying Citizens Bank or Charter One account receive a 0.25% interest rate reduction on their loan. The Education Refinance Loan follows the recent introduction of the Citizens Bank TruFit Annual Summary and the Charter One TruFit Annual Summary.

The annual summary provides annual updates on loan amount and repayment so students and their families have more visibility into their total debt and estimated monthly payment well in advance of graduation to help them effectively manage their student loans and be well prepared for life after graduation.