Citizens Bank Student Loans Products and Services. The State University of New York at Fredonia

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1 Citizens Bank Student Loans Products and Services The State University of New York at Fredonia

2 Dear Valued School Client, Thank you for the opportunity to provide information about Citizens Bank and Citizens Bank Student Loans. As one of the oldest and largest financial services firms in the United States, Citizens Financial Group, Inc. is committed to delivering exceptional value for our customers by being: Simple. Innovative features allow ease, like the peace of mind our multi-year approval provides for your students, their families, and your business office, knowing that funds are secured for a student s entire time they are enrolled at your university, not just the first year. Clear. Our mobile app, annual Know What You Owe letter to loan borrowers, financial wellness tools, loan calculators, and personalized Get My Rate tool for our Education Refinance Loan, all work to inform our customers so that they can make smart financial decisions. Personal. We offer more lending options than any other lender so we can meet each customer s unique needs. Whether talking to one of our Student Lending Specialists via phone and web chat, or sitting face to face with a banker at one of our retail branches, we provide personal help throughout the borrowing process. This value is backed by sound operations and finance capital that has seen us through more than thirty years of student lending, and will continue to do so well into the future. It has earned us a proven track record as a trustworthy resource and successful industry advocate. I look forward to working with you in the year ahead to achieve our mutual goals. Once you have reviewed the enclosed proposal, please let me know if I can answer any questions or provide further information. Sincerely, Ben Loya Vice President Citizens Bank Student Lending 770 Legacy Place Dedham, MA

3 Citizens Bank Student Loan The Citizens Bank Student Loan is a private student loan designed to bridge the gap after students maximize grants, scholarships and their Federal loan options. Applicants may borrow up to the cost of attendance less other aid received. Citizens Bank offers multiple processes for schools to certify and disburse along with competitively priced products and flexible repayment options for our customers. Eligibility (applicable to Citizens Bank Student Loan Products) Students must be enrolled at least half-time in a program that has been certified by their school of attendance. Satisfactory academic progress is not required. Students completing certificate programs are ineligible. Students who have completed their Bachelor s degree and are taking one semester of pre-requisite courses (at a half-time status, up to one year in order to gain admission to a graduate program.) International students are eligible to apply, provided they have a qualified co-signer who is a U.S. citizen, permanent resident or resident alien with a valid U.S. social security number residing in the United States. Resident alien applicants require U.S. co-signers if applicable. U.S. Citizen student applicants are not required to have a co-signer, although students must meet the age of majority in their state of residency if they wish to apply without a co-signer. We encourage students to apply with a creditworthy co-signer to increase their chances of approval and maximize the opportunity for a lower interest rate. Rates and Fees The Citizens Bank Student Loan has no application, origination or disbursement fees. Borrowers are also offered a choice of fixed or variable interest rates. Please note that the repayment term selected by the borrower is a determining factor in the interest rate offered (example: a five year repayment term may yield the best interest rate). Variable Rate Option Interest rates range from 1-month LIBOR % to 1-month LIBOR %. Fixed Rate Option Interest rates range from 6.24% to 11.99%. Discounts (applicable for all Citizens Bank Student Loan Products) Automatic Payment Discount 2 During periods when payments are due, borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their loan by authorizing our loan servicer to automatically deduct their payments each month from any bank account they designate. Loyalty Discount 3 Borrowers will be eligible for a 0.25 percentage point interest rate reduction on a new Citizens Bank Student Loan if they or their co-signer (if applicable) has a Citizens Bank Student Loan or qualifying account at the time of application submission. This discount is automatically applied at the time of application and no action is required by the customer.

4 Loan Features Co-signer Release 4 Borrowers may apply for co-signer release after making any 36 consecutive on-time payments. On-time payments are defined as received within 15 days of the due date. Lump sum payments do not qualify. In addition, borrowers cannot have used any forbearance prior to receiving the co-signer release benefit. Student borrowers must also meet credit guidelines on their own at the time of application for the release. Loan Forgiveness In the unfortunate event of the student borrower s death or total and permanent disability, the Citizens Bank Student Loan will be forgiven, regardless of whether the loan is co-signed. Past Due Balances - The Citizens Bank Student Loan can be used for past due balances. Loan applications received and processed up to 180 days after the end of the enrollment are eligible, provided that the student borrower is enrolled at least half-time and is working towards a degree or has recently graduated. Loan Limits Repayment Options and Terms All Citizens Bank Student Loan applicants are given a choice of repayment option and term upon application. The minimum monthly payment is $50 during full principal and interest repayment. Borrowers may elect a 5, 10, or 15 year repayment term. Available repayment options are: Deferred repayment Interest-only repayment Immediate repayment Deferment and Forbearance Options The following deferments are available: In-School Period Student borrowers have the option of deferring principal and interest or deferring principal and paying only the interest accrued as long as they remain enrolled at an approved school. In-School deferment length is capped at eight years over the life of the loan. Once the initial six month grace period is exhausted, it cannot be reinstated, however, if a borrower only uses part of their grace period before re-enrolling, the full six month grace period will be reinstated prior to full repayment. Residency or Internship Program Participation - Student borrowers who enroll in an eligible internship or residency program as defined by Citizens Bank are eligible for a maximum of 48 months of deferment.

5 Military Deferment Student borrowers who are members of the National Guard or the Ready Reserves called to active duty for a period of more than 30 days, or regular activeduty members of the Armed Forces reassigned to another duty station due to a military mobilization, may request a military deferment. During this deferment period, no minimum payments are required. SCRA (Service members Civil Relief Act) Benefits may be awarded if the borrower is on active duty status. Hardship Forbearance Student borrowers and/or co-signers who are experiencing financial difficulty may temporarily postpone principal and interest repayment through approval of a hardship forbearance. Delinquent accounts may be granted a hardship forbearance to bring the account current in no more than two-month increments, with a maximum of 12 months available during the life of the loan. Interest may be capitalized once at the end of the grace period and at the end of each forbearance period. In all cases, capitalized interest is thereafter considered part of the principal and interest will accrue on the new principal balance. Citizens Bank Student Loan Multi -Year Approval Many families worry about their ability to secure financing each year through graduation. With Citizens Bank Student Loan multi-year approval, approved borrowers have access to a simplified, streamlined process to request funds in subsequent years. Terms and conditions apply. 5 If a Citizens Bank Student Loan borrower meets credit qualification requirements, they will be offered multi-year approval during the application approving them for financing through graduation. One approved, the student need only complete the Self-Certification for each academic year and request their loan amount. The loan will immediately be sent for school certification and no further documentation requirements are needed. During the academic year 55% of all applicants were eligible for the multi-year approval option! Borrowers must maintain their credit quality during school, avoid defaults or delinquencies on the loan and continue attending an eligible school to ensure future disbursements. For more details, visit Citizens Bank Student Loan for Graduate Students Citizens Bank recognizes that many students seek advanced degrees to further their education. Applicants may borrow up to the cost of attendance less other aid received. We offer several specialized loan packages for students pursuing graduate degrees. Rates and Fees The Citizens Bank Student Loan for Graduate students has no application, origination or disbursement fees. We also offer our borrowers a choice of fixed or variable interest rates in 5, 10 and 15 year repayment terms.

6 Loan Features Variable Rate Option Interest rates range from 1-month LIBOR % to 1-month LIBOR %. Fixed Rate Option Interest rates range from 5.75% to 11.75%. Co-signer Release 4 Borrowers may apply for co-signer release after making any 36 consecutive on-time payments. Loan Forgiveness In the unfortunate event of the student borrower s death or total and permanent disability, the Citizens Bank Student Loan for Students will be forgiven, regardless of whether the loan is co-signed. Past Due Balances - The Citizens Bank Student Loan can be used for past due balances. Loan applications received and processed up to 180 days after the end of the enrollment are eligible, provided that the student borrower is enrolled at least half-time and is working towards a degree or has recently graduated. Loan Limits Graduate Health Professions: Up to $180,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degrees. Medical and Dental Aggregate Limits: Up to $350,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Repayment Options and Term All Citizens Bank Student Loan applicants are given a choice of repayment option and term upon application. The minimum monthly payment is $50. Borrowers may elect a 5, 10, or 15 year repayment term. Available repayment options are: Deferred repayment Interest-only repayment Immediate repayment

7 Deferment Options In addition to the deferment and forbearance options mentioned in the Citizens Bank Student Loan section, Citizens Bank also offers: Residency or Internship Program Deferment - Student borrowers who enroll in an eligible internship or residency program as defined by Citizens Bank are eligible for a maximum of 48 months of deferment. Interest will be capitalized at the end of the residency or internship deferment. For more details, visit Citizens Bank Student Loan for Parents The Citizens Bank Student Loan for Parents can offer significant savings when compared to the Federal Direct PLUS Loan. Applicants may include parents or other individuals who seek to support the student s education. There is no co-signer allowed for the Citizens Bank Student Loan for Parents. It might be a good fit for the applicant who seeks to: Ease a student s overall education debt burden Leverage their own good credit to secure a lower interest rate and better terms on the loan We encourage schools to counsel families on both Federal and private student loan options because the Federal Direct PLUS loan offers some Federal benefits that may not be available with the Citizens Bank Student Loan for Parents. Rates and Fees The Citizens Bank Student Loan for Parents has no application, origination or disbursement fees. 5 Year Term Interest Rate: 7.14% 10 Year Term Interest Rate: 7.24% 6 Discounts Automatic Payment Discount 2 During periods when payments are due, borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their loan by authorizing our loan servicer to automatically deduct their payments each month from any bank account they designate. Loyalty Discount 3 Borrowers will be eligible for a 0.25 percentage point interest rate reduction on a new Citizens Bank Student Loan for Parents if they have a Citizens Bank Student Loan (for Parents) or qualifying account at the time of application submission. This discount is automatically applied at the time of application and no action is required by the customer.

8 Loan Features Borrower can be a parent, relative or sponsor Loan Forgiveness in the unfortunate event of death or permanent disability of the student, (who benefited from the loan) Citizens will forgive the outstanding balance of the loan. Past Due Balances The Citizens Bank Student Loan for Parents can be used for past due balances. Loan applications received and processed up to 180 days after the end of the enrollment are eligible, provided that the student is enrolled at least half-time and is working towards a degree or has recently graduated. A low fixed interest rate No origination fee Easy online application No FAFSA requirement School certified Loan Limits Repayment Options and Terms All Citizens Bank Student Loan for Parent applicants are given a choice of repayment option and term upon application. The minimum monthly payment is $50. Borrowers may elect a 5 or 10 year repayment term. Available repayment options are: Interest-only repayment Immediate repayment Deferment and Forbearance Options The following deferments are available: Return to School Deferment Student Loan for Parent borrowers may receive a Return to School Deferment if the borrower is enrolled at least half time in a school that is both degree-granting and Title IV eligible.

9 Military Deferment - Borrowers who are members of the National Guard or the Ready Reserves and are called to active duty for a period of more than 30 days, or a regular active-duty member of the Armed Forces who is reassigned to another duty station due to a military mobilization, may request a military deferment. During this deferment period, no minimum payments are required. SCRA (Service members Civil Relief Act) Benefits may be awarded if the borrower is on active duty status. Hardship Forbearance - Borrowers who are experiencing temporary financial difficulty may temporarily postpone principal and interest repayment through approval of a hardship forbearance. Delinquent accounts may be granted hardship forbearance to bring the account current in no more than two-month increments, with a maximum of 12 months available during the life of the loan. For more details, visit Citizens Bank Education Refinance Loan The Citizens Bank Education Refinance Loan lets qualified applicants refinance qualified student loans at a competitive rate and simplify repayment into one new private student loan with one monthly payment. Refinancing student loans is a personal decision best made according to each individual s needs and circumstances. We are here to help borrowers who want: The convenience of repaying one monthly private student loan payment To refinance a variable rate into a fixed interest rate loan To potentially lower their interest rate; and/or To lower their monthly payment, increase their monthly cash flow and extend their repayment period over a longer period of time Eligibility Former students may use the Citizens Bank Education Refinance Loan to refinance private and Federal student loans. Borrowers with a verified graduate degree do not have to have a minimum payment requirement and may apply while in their grace period. Borrowers with a bachelor s degree may be eligible to refinance their private and Federal student loan(s) upon making three consecutive on-time monthly payments of principal and interest and may need to provide proof of graduation. Borrowers without a bachelor s degree may be eligible to refinance their private and Federal student loan(s) upon making 12 consecutive on-time monthly payments of principal and interest. Borrowers must be a U.S. citizen, permanent resident or resident alien, with a valid U.S. Social Security Number, residing in the United States. Resident alien applicants require co-signers. Cosigners (if applicable) must be a U.S. citizen or permanent resident, with a valid U.S. Social Security Number, residing in the United States.

10 Personalized Rates and Savings using the Citizens Bank Get My Rate Tool Customers have the opportunity to get a personalized interest rate and monthly savings estimate in under two minutes. This enables customers the opportunity to understand the personalized terms available to them before submitting an application without a negative impact to their credit score. (A submitted application will result in a hit to the applicant s credit score.) Rates and Fees The Citizens Bank Education Refinance Loan has no application, origination or disbursement fees. Citizens Bank Education Refinance Loan interest rates: Variable Rate Option Interest rates range from 1-month LIBOR % to 1-month LIBOR %. Fixed Rate Option Interest rates range from 3.70% to 8.34%. Discounts Automatic Payment Discount 2 Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their loan by authorizing our loan servicer to automatically deduct their payments each month from any bank account they designate. Loyalty Discount 3 Borrowers will be eligible for a 0.25 percentage point interest rate reduction if they or their co-signer (if applicable) has a Citizens Bank Student Loan or qualifying account at the time of application submission. This discount is automatically applied at the time of application and no action is required by the customer. Loan Features Co-signer Release 4 Borrowers may apply for co-signer release after making any 36 consecutive payments on-time. Loan Forgiveness In the unfortunate event of the student borrower s death or total and permanent disability, the Citizens Bank Education Refinance Loan will be forgiven, regardless of whether the loan is co-signed.

11 Loan Limits Degree Type Citizens Bank Education Refinance Loan Maximum Undergraduate or below $90,000 Master s, Doctorate or MBA $225,000 Law $300,000 Medical and Dental $350,000 The loan minimum is $10,000 Repayment Term Applicants begin repayment immediately on their Citizens Bank Education Refinance Loan and are given a choice of repayment term upon application. Borrowers may elect a 5, 10, 15 or 20 year repayment term. Deferment Options The following deferments are available: Return to School Deferment - Borrowers may receive a Return to School Deferment if the borrower is enrolled at least half time in a school that is both degree-granting and Title IV eligible. Residency or Internship Program Deferment - Borrowers who enroll in an eligible internship or residency program as defined by Citizens are eligible for a maximum of 48 months of deferment. Residency and internship deferment allows either the postponement of principal and interest payments or the postponement of principal payments only. Military Deferment - Borrowers who are members of the National Guard or the Ready Reserves and are called to active duty for a period of more than 30 days, or a regular active-duty member of the Armed Forces who is reassigned to another duty station due to a military mobilization, may request a military deferment. During this deferment period, no minimum payments are required. These borrowers can be on military deferment at the time of application. SCRA (Service members Civil Relief Act) Benefits may be awarded if the borrower or cosigner is on active duty status. Hardship Forbearance - Borrowers who are experiencing temporary financial difficulty may temporarily postpone principal and interest repayment through approval of a hardship forbearance. For more details on the Citizens Bank Education Refinance Loan visit citizensbank.com/edrefinance.

12 Citizens Bank Education Refinance Loan for Parents This revolutionary new offering allows parents or sponsors the opportunity to potentially reduce their interest rate and/or lower their monthly loan payments. By refinancing their current Federal Parent Loans and/or co-signed student loans into one new Citizens Bank Education Refinance Loan for Parents, we re helping borrowers save even more. Parents may even refinance loans for multiple children into one new loan. We are here to help borrowers who want: The convenience of repaying one monthly private student loan payment To refinance loans taken out on behalf of multiple children s education into one new loan To refinance a variable rate into a fixed interest rate loan To potentially lower their interest rate; and/or To lower their monthly payment, increase their monthly cash flow and extend their repayment period over a longer period of time To refinance multiple parent loans Eligibility Borrowers may use the Citizens Bank Education Refinance Loan for Parents to refinance private and Federal student loans. Loans must have been taken out to finance another individuals education There is no payment history requirement on their current student loans Borrowers will be able to apply for a Citizens Bank Education Refinance Loan for Parents at any time, even while the student is still enrolled in school Borrowers must be a U.S. citizen, permanent resident or resident alien, with a valid U.S. Social Security Number, residing in the United States. Resident alien applicants require co-signers. Cosigners (if applicable) must be a U.S. citizen or permanent resident, with a valid U.S. Social Security Number, residing in the United States. Personalized Rates and Savings using the Citizens Bank Get My Rate Tool Get My Rate is also available for the Citizens Bank Education Refinance Loan for Parents allowing customers the opportunity to get a personalized interest rate and monthly savings estimate in under two minute without an impact to their credit. (A submitted application will result in a hit on the borrower s credit score.)

13 Rates and Fees The Citizens Bank Education Refinance Loan for Parents does not have application, origination or disbursement fees. Citizens Bank Education Refinance Loan for Parents interest rates: Variable Rate Option Interest rates range from 1-month LIBOR % to 1-month LIBOR %. Fixed Rate Option Interest rates range from 4.75% to 7.99%. Discounts Automatic Payment Discount 2 Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their loan by authorizing our loan servicer to automatically deduct their payments each month from any bank account they designate. Loyalty Discount 3 Borrowers will be eligible for a 0.25 percentage point interest rate reduction if they or their co-signer (if applicable) has a Citizens Bank Student Loan or qualifying account at the time of application submission. This discount is automatically applied at the time of application and no action is required by the customer. Loan Limits Repayment Term Applicants begin repayment immediately on their Citizens Bank Education Refinance Loan for Parents and are given a choice of repayment term upon application. Borrowers may elect a 5, 10, 15 or 20 year repayment term. Deferment Options The deferment options are the same as though listed for the Citizens Bank Education Refinance Loan. Unlike our traditional product, there is no co-signer release or loan forgiveness for the Citizens Bank Education Refinance Loan for Parents. For more details, visit citizensbank.com/ parentrefi.

14 Contact and Processing Information for Schools Primary Contact We place a high value on maintaining single points of contact for school administrators to ensure your needs are met and to streamline loan processing. Ben Loya is your primary contact. As your advocate, Ben will work on your behalf should any questions arise. He is available Monday through Friday, from 8:30 a.m. to 5:30 p.m. EST. You can reach Ben by phone or . Name: Ben Loya Phone: ben.loya@citizensbank.com School Services Team Our School Services Team (SST) provides financial aid administrators with superior service, from initial product set-up through processing and disbursement. The SST will serve as the primary contact for school customers who need assistance with loan certifications, disbursements and general inquiries. Schools can call or schoolservices@citizensbank.com for assistance. Normal business hours are Monday through Friday, 8:30 a.m. to 8 p.m. EST. School Processing Information To streamline the certification process for schools, our product options are available under a single alternative lender and guarantor code. Certification Methods Schools may choose one of the following certification options ELMOne ScholarNet School Portal Website at Fax School administrators who wish to obtain a username and password for our school portal or change their preferred processing option should contact their Account Executive directly or our Sales Operations Team at salesoperations@citizensbank.com.

15 Disbursement Options Loan proceeds are transmitted directly to the school in up to four disbursements. Schools can choose one of the following disbursement options: EFT, ELM NDN, ScholarNet CDS, individual checks, or master checks. Paper checks will be drawn from Citizens Bank, N.A. Borrower Customer Service Our Student Lending Specialists, located in Cranston, Rhode Island and Pittsburgh, Pennsylvania, counsel both students and parents on the financial aid process. Their areas of expertise include in-depth knowledge of financing options, the financial aid application process and loan repayment options. Prospective borrowers can call our Student Lending Specialists toll-free at Specialists are available Monday through Friday from 8:00 a.m. to 9:00 p.m. and Saturday from 8:30 a.m. to 5:00 p.m. EST. Borrowers who prefer to receive electronic assistance may also our Customer Service Team at Methods to Apply Citizens Bank is an innovator in student lending and we are proud to offer many different methods for our borrowers to apply for their student loan: 1. Applicants can apply for any loan product at their local branch. We offer personalized service, our bankers act as advocates for the student and their families throughout the process. 2. Via web at 3. We also offer a phone application at ; either the borrower or co-signer may initiate their application via the phone. Applicants receive a credit decision and/or loan status immediately once a completed application is submitted. Upon loan approval, the applicants are invited to sign the promissory note and complete their required disclosures electronically. We adhere to all requirements mandated by Title X of the Higher Education Opportunity Act. Citizens Bank Student Loans are originated in-house at our Rhode Island operations center. Repayment Servicing Firstmark Services, a subsidiary of Nelnet, is the repayment servicer for the Citizens Bank Student Loan products. Citizens Bank does not sell our student loans. Once the loans are disbursed, Firstmark Services will maintain an account with balance and repayment information. Borrowers have full access to their account information online at They can check their current balance and most recent payments, review and/or edit account information (including changing mailing address and phone number), make payments online and set up KwikPay TM for automated payments.

16 Financial Stability Citizens Bank finances all our own loans. Today, the bank holds more than $152.3 billion in assets and $115.1 billion in deposits. Among U.S. banks, we rank 13 th in assets and 12 th in deposits, as of January, CFG s capital ratios exceed regulatory criteria governing wellcapitalized minimums. CFG maintains a strong Common Equity Tier 1 Capital Ratio, a key measure of a bank s strength and capital adequacy. Please be assured we are committed to funding loans to your students through academic year Financial Literacy and Default Prevention At Citizens Bank, we get what it s like to pay for college because we ve been there, too. That s why we created a one-stop site filled with educational tools and helpful resources to help guide your students and their parents to make the best choice for their student lending needs. Please visit to view our educational tools which include a college cost calculator, a host of videos designed to help plan and pay for college, and resources to help families navigate their resources. Last year, more than 400 Citizens Community Ambassadors brought Financial Literacy education into our communities and reached more than 240,000 people. This year, we will invest more than $1.4 million into our communities. The Citizens Helping Citizens Manage Money program was recognized with the 2015 Joe Belew Award from the Consumer Banking Association. We also offer a website designed to provide resources, tools and tips to help students and families understand good money habits. Annual Summary We send an Annual Summary to all Citizens Bank Student Loan borrowers and co-signers. This letter summarizes the total Citizens Bank Student Loans to date for those not yet in repayment, estimates monthly payments based on the total amount borrowed and shows when payments are scheduled to begin. Commitment to the Code of Conduct We re committed to upholding the principles of our Student Lending Code of Ethics. It offers our colleagues practical guidance in making decisions and judgments consistent with our commitment to maintain our position as a leading provider of fair and affordable education financing products. We ve worked hard to earn a reputation as a lender who conducts business with the highest standards of honesty and integrity, and we re proud to have been named one of America s most reputable banks by American Banker/Reputation Institute. 7 Our code of ethics is an integral part of, and will be enforced in accordance with, our business conduct and ethics policies.

17 Disclosures We understand that your institution agrees to respect and protect the security and confidentiality of any information contained in this response. Your institution shall ensure that all of its directors, officers, employees, representatives, agents and affiliates will comply with this notice of confidentiality. Citizens Bank reserves the right to modify or discontinue products, services or program features and benefits (such as interest rate reductions), at any time, without notice. Changes to these benefits, if any, will affect only applications taken after the changes occur. Should Citizens Bank need to make changes to any of our programs, we will notify you immediately. Applicants should check our website at close to their loan application date to obtain current information regarding our product offerings. 1 London Interbank Offered Rate (LIBOR) Based on the one-month London Interbank Offered Rates ( LIBOR ) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. Terms and conditions apply. 2 Automatic Payment Discount Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount. 3 Loyalty Discount The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account or other student loans owned by Citizens Bank, N.A. Please note that our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT, and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. There is a limit of one Loyalty Discount per loan and the discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. 4 Co-signer Release Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not

18 reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: Co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 5 Multi-year approval: Multi-year approval funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, we may refuse to allow you to take out additional loans under the multi-year approval feature, terms and conditions will be outlined in your promissory note. Please Note: International students are not eligible to receive an offer for multi-year approval. 6 Rates are reviewed annually and subject to change. 7 Source: American Banker/Reputation Institute Survey of Bank Reputations, June 29, Member FDIC. Citizens Bank and Citizens Bank Student Loans are brand names of Citizens Bank, N.A. and Citizens Bank of Pennsylvania Citizens Financial Group, Inc. All rights reserved. PLEASE NOTE: This document is for in-school use only. Not to be distributed to customers.