AAA Advantage Loan

Financial AAA Advantage Loan
AAA Advantage Loan

AAA Advantage Student Loan

Now extended through September 30, 2020, get 0.50% off your interest rate on a new AAA Advantage Student Loan.*  The AAA Advantage Student Loan, powered by Cognition Financial, is a private student loan that can help pay for college. You worked hard to get into college, let us help you pay for it.

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Login to your AAA Advantage Student Loan Application, Apply for a AAA Advantage Loan, or to speak with a Customer Service Representative call:

 1-888-422-2536

Variable Rate Loan Details

Sign-in To Your Student Loan Account: Login

AAA Advantage Student Loan

Loan Name

Annual Percentage Rate (APR)

Application, Origination or Prepayment Fee

Graduation Reward

Loan Amount

How To Apply

AAA Advantage 
Student Loan

Variable: 1.25% APR to 9.73% APR1,2

0%

3.00%2

Minimum loan amount: $1,0014 

Annual loan maximum: $65,0004

Apply Now

Lowest APRs shown include a 0.50% interest rate reduction for auto pay from a SunTrust or BB&T account.1,2

Fixed Rate Loan Details

Sign-in To Your Student Loan Account: Login

AAA Advantage Student Loan

Loan Name

Annual Percentage Rate (APR)

Application, Origination or Prepayment Fee

Graduation Reward

Loan Amount

How To Apply

AAA Advantage 
Student Loan

Fixed: 4.26% APR to 10.74% APR1,2

0%

3.00%2

Minimum loan amount: $1,0014

Annual loan maximum: $65,0004

Apply Now

Lowest APRs shown include a 0.50% interest rate reduction for auto pay from a SunTrust or BB&T account.1,2

Product Features:

  • Choice of competitive fixed or variable interest rates
  • Multiple repayment terms to choose from: 7, 10 or 15 years4
  • Multiple repayment options available:
    • full deferment6
    • interest only6
    • partial interest6
    • immediate repayment6
  • No origination, application or prepayment fees

 

Borrower Benefits:

  • 3.00% principal reduction with proof of graduation for AAA members3
  • Up to 0.50% interest rate reduction for auto pay7
  • 0.25% interest rate reduction for consistently making on-time payments8
  • Cosigner release option available after making 36 on-time payments9

 

In-School Refinance Option:

With this option, the student can refinance existing private student loans10 into a new AAA Advantage Student Loan.

  • Your new loan will give you the flexibility to select a repayment term and repayment option that is right for you now.
  • The process is easy – after approval of the loan request, this option will be presented – just list which private student loans you’d like to refinance.
  • Learn more about the in-school refinance option.

 

Loan Limits:

  • Minimum loan amount: $1,0014
  • Maximum loan amount: lesser of the cost of attendance less aid or $65,0004 with an annual maximum of $65,0004
  • Aggregate student loan limit (total amount of student loan debt allowable): $150,0004

 

Eligibility:

  • The student must be enrolled at least half-time at an approved school in a degree-granting program. To view the approved school list, visit the online application.
  • The student, and, if applicable, the cosigner, must have a good credit history with no student loan defaults or bankruptcies. Students with no credit history, or without a substantial credit history, may qualify with a creditworthy cosigner. Students applying on their own, or cosigners on a cosigned application, must provide proof of income.
  • The student must be the legal age of majority11 at the time of application or at least 17 years of age if applying with a cosigner who meets the age of majority requirements in the cosigner's state of residence.
  • The student must be a U.S. citizen or permanent resident alien, or an international student applying with an eligible cosigner. The cosigner must be a U.S. citizen or permanent resident alien. The AAA Advantage Loan is not available to students or cosigners who are permanent residents of Iowa or Wisconsin.

Click here to see the Application and Solicitation Disclosure

Before applying for a private student loan, Citizens Bank and Cognition Financial recommend comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans.  

 

The AAA Advantage Student Loan is made by Citizens Bank (“Lender”).  All loans are subject to individual approval and adherence to Lender’s underwriting guidelines.  Program restrictions and other terms and conditions apply.  LENDER AND COGNITION FINANCIAL CORPORATION EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS, AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE.

 

* Offer valid for new AAA Advantage Loans for which applications are submitted for a credit decision between 12:00:00 am EST on July 6, 2020, and 11:59:59pm EST on September 30, 2020. A 0.50% interest rate reduction will be included in the loan options presented to an applicant during the online application process, upon passing the initial credit review. The interest rate reduction will be applied as of the first disbursement date and will be effective for the life of the loan.

 

1 Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the expected number of years in deferment, (4) the requested loan amount and (5) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective for applications received on or after 9/01/20. The variable interest rate for each calendar month is calculated by adding the One-month London Interbank Offered Rate (“LIBOR”), or a replacement index if the Lender, in their sole discretion, deems LIBOR to be substantially altered or if LIBOR is no longer based on newly reported rates from its reporting banks, plus a fixed margin assigned to each loan. The LIBOR is published in the "Money Rates" section of The Wall Street Journal (Eastern Edition). The LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter),. The current LIBOR index is 0.17% on 9/01/20. The variable interest rate will increase or decrease if the LIBOR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed-rate assigned to a loan will never change except as required by law or if you request and qualify for the on-time payment or auto pay discount(s). 

 

2 APRs assume a $10,000 loan with two disbursements and the summer savings rate discount of 0.50% (applicable to applications submitted for a credit decision between 12:00:00 am EST on July 6, 2020 and 11:59:59pm EST on September 30, 2020). The high variable rate APR assumes a 7-year term with the Full Deferment option, a 19 month deferment period, and a six-month grace period before entering repayment. The high fixed rate APR assumes a 15-year term with the Full Deferment option, a 31 month deferment period, and a six-month grace period before entering repayment. The low APRs assume a 7-year term, and the Immediate Repayment option with payments beginning 30-60 days after the last disbursement via auto pay. See footnote 8 for details about auto pay.

 

3 The 3% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, canceled, or returned. To receive this principal reduction, it must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher, proof of such graduation along with proof of the borrower’s or cosigner’s current AAA membership must be provided to the Servicer. This reward is available once during the life of the loan, regardless of whether the student borrower receives more than one degree.

 

4 The minimum loan amount is $1,000. The maximum annual loan amount to cover in-school expenses for each academic year is determined by the school’s cost of attendance, minus other financial aid, such as federal student loans, scholarships, or grants, up to $99,999 annually.  The loan amount must be certified by the school. The loan amount cannot cause the aggregate maximum student loan debt (which includes federal and private student loans) to exceed $180,000 per applicant (on cosigned applications, separate calculations are performed for the student and cosigner).  

 

5 In order to provide you with a range of rates you prequalify for, Citizens Bank will perform a soft credit inquiry, as authorized by you. Soft credit inquiries do not affect your credit score. If you prequalify, the rates and loan options offered to you are estimates only.  Once you choose your loan options and submit your application, Citizens Bank will perform a hard credit inquiry. Loan approval, options, and final rates depend on the verification of information provided on your application, and information obtained from the hard credit inquiry (and any cosigner’s hard credit inquiry).

 

6 The 15-year term and the Flat Payment repayment option are only available for loan amounts of $5,000 or more. Payment examples (all assume a 45-month deferment period, a six-month grace period before entering repayment, the summer savings rate discount of 0.50% applicable to applications submitted for a credit decision between 12:00:00 am EST on July 6, 2020, and 11:59:59pm EST on September 30, 2020, no rate reduction for autopay and the Flat Payment Repayment option): 7-year term: $10,000 loan disbursed over two transactions with a 7-year repayment term (84 months), and 6.60% APR would result in a monthly principal and interest payment of $174.17. 10-year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and 6.68% APR would result in a monthly principal and interest payment of $134.21. 15-year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and 6.82% APR would result in a monthly principal and interest payment of $104.86.

 

7 Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option  The Interest Only option (defer principal payments), Flat Payment Repayment option ($25 monthly payment) and the Full Deferment option (defer principal and interest payments)  are only available while the student is enrolled at least half-time at an approved school and during the six month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date.  The Flat Payment Repayment option ($25 monthly payment) is only available on loans of $5,000 or more. With the Immediate Repayment option, the first payment of principal and interest is due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment will be $50.00.  There are no prepayment penalties. See footnote 6 for payment examples.

 

Earn a 0.25% interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. The auto pay discount is in addition to the summer savings rate discount of 0.50%. The auto pay discount will be applied after the Servicer validates your bank account information and will continue until (1) three automatic deductions are returned for insufficient funds during the life of the loan (after which the discount cannot be reinstated) or (2) automatic deduction of payments is canceled. The auto pay discount is not available when reduced payments are being made or when the loan is in a deferment or forbearance, even if payments are being made.

 

9 The 0.25% interest rate reduction will automatically be applied if the first 36 consecutive monthly payments during the repayment term are received by the Servicer within 10 calendar days after their due date. Payments made prior to the start of the repayment term do not count toward the number of required monthly payments.  

 

10 A cosigner may be released from the loan upon request to the Servicer, provided that the student borrower is a U.S. citizen or permanent resident alien, has met credit criteria, and 36 consecutive monthly principal and interest payments have been received by the Servicer within 10 calendar days after their due date. Late payment(s), or the use of a deferment or forbearance will reset the number of consecutive principal and interest payments to zero. The use of an approved alternative repayment plan will disqualify the loan from being eligible for this benefit.

 

11 The legal age for entering into contracts is 18 years of age in every state except Alabama (19 years old), Nebraska (19 years old, only forwards of the state), and Puerto Rico (21 years old).

 

© 2020 Citizens Financial Group, Inc. All rights reserved. Citizens Bank is a brand name of Citizens Bank, N.A. (NMLS ID# 433960). Member FDIC.

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