Do I Need to File the Free Application for Federal Student Aid (FAFSA) to Apply for the Citizens Bank Student Loan Or Citizens Bank Student Loan for Parents? A: No

Do I Need to File the Free Application for Federal Student Aid (FAFSA) to Apply for the Citizens Bank Student Loan Or Citizens Bank Student Loan for Parents? A: No

Citizens Bank Student Loans FAQ Student Lending, the Citizens Bank Student Loan™ and Citizens Bank Student Loan for Parents™ Q: Do I need to file the Free Application for Federal Student Aid (FAFSA) to apply for the Citizens Bank Student Loan or Citizens Bank Student Loan for Parents? A: No. Citizens Bank Student Loan and Citizens Bank Student Loan for Parents borrowers do not need to submit a FAFSA. Simply complete the online application to apply. However, we recommend that you also consider available federal student loan options, for which a FAFSA will be required. You can obtain more information about federal student loan programs at the Department of Education website www.direct.ed.gov. Q: Can I use a Citizens Bank Student Loan or Citizens Bank Student Loan for Parents to help pay for books and personal expenses? A: Yes. Our Citizens Bank Student Loan and Citizens Bank Student Loan for Parents can be used to help pay for school-related costs beyond that of tuition while the student is enrolled in school. Examples of these costs are books and living expenses, such as meals and rent, and the maximum amount you can borrow each year is determined by the school. Q: What is the difference between the Citizens Bank Student Loan or Citizens Bank Student Loan for Parents? A: The biggest difference between the two products is that with the Citizens Bank Student Loan, the student is the primary borrower (with the ability to add a qualified cosigner) who is liable for the repayment of the loan. With the Citizens Bank Student Loan for Parents, the borrower is a parent or other sponsor who has taken out the loan for the benefit of the student (this option does not allow for a co-signer) and that borrower remains the sole person responsible for repayment of the loan. Q: What is the difference between the Citizens Bank Student Loan for Parents and the William D. Ford Parent PLUS loan (also known as the Federal Direct PLUS Loan)? A: While both loans are used to help finance the cost of a student’s education without having the student incur any debt, there are numerous differences. The Citizens Bank Student Loan for Parents is an alternative or private student loan issued by Citizens Bank, N.A., whereas the Federal Direct PLUS Loan is issued by the federal government. Differences in the programs include, but not limit too, interest rates, fees, eligibility, deferment and forbearance options as well as alternative repayment programs. We recommend that you research the key features of each loan program to make the choice that is best for you. Information on the Parent PLUS loan can be found at www.direct.ed.gov/parent.html Q: How much can I borrow with the Citizens Bank Student Loans? A: Minimum Loan Amount — $1,000 Maximum Loan Amount Total Private and Federal Total Citizens Bank Student Loan Debt Student Loan Debt Undergraduate $120,000 $90,000 Graduate $150,000 $110,000 Business and Law $175,000 $130,000 Medical and Dental $225,000 $170,000 Please Note: Graduate loan aggregate amounts include amount used to obtain undergraduate degree Q: What are the eligibility requirements to apply for the Citizens Bank Student Loan? A: ▪ Students must be enrolled at least half-time in a degree-granting program at an eligible institution. • Students must be a U.S. citizen or permanent resident, or an international student with a creditworthy U.S. citizen or permanent resident cosigner residing in the U.S. • Students must have attained the age of majority in their state of residence, or, if the borrower does not meet the age of majority in their state of residence, a cosigner is required. Q: What are the eligibility requirements to apply for a Citizens Bank Student Loan for Parents? • Borrower must have attained the age of majority in their state of residence. • Borrower must be a creditworthy U.S. citizen or permanent resident. • Students must be enrolled at least half-time in a degree-granting program at an eligible institution. • Students must be a U.S. citizen or permanent resident. Q: How do I find out if the school is an “eligible” school? A: Please call our customer service area at 800-708-6684 Monday through Friday from 8:30 AM until 8:00 PM EST. Q: Are there any fees for the Citizens Bank Student Loan or Citizens Bank Student Loan for Parents? A: There are no application, origination or disbursement fees for our Citizens Bank Student Loans. Late payment, returned check fees and charges for optional services may be assessed. Q: Do you offer interest rate reductions on Citizens Bank Student Loans? A: Yes, Citizens Bank offers our borrowers interest rate reductions on our Student Loan products. Please see www.citizensbank.com/student-loans for our current offers. Q: How good must my credit be to be eligible for a Citizens Bank Student Loan? A: We will need to see a reasonably strong credit history, along with a minimum household income (for either the borrower or cosigner) of $12,000. Although a cosigner is not required, we strongly encourage borrowers with little or no credit history to apply with a qualified cosigner to increase their chances of being approved. A qualified cosigner can also help the borrower secure a lower interest rate. Q: How good must credit be to be eligible for a Citizens Bank Student Loan for Parents? A: We will need to see a reasonably strong credit history and a minimum household income of $12,000 for the Citizens Bank Student Loan for Parents. Q: What is the difference between a variable and a fixed rate loan? A: The Citizens Bank Student Loan offers a choice of fixed and variable interest rates, while the Citizens Bank Student Loan for Parents is a fixed rate loan. A variable rate loan means that the interest rate will fluctuate monthly, and therefore, your monthly payment amount may vary over time. (A higher interest rate will mean an increase to the monthly payment and a lower interest rate will mean a decrease to the monthly payment). A fixed rate loan means that your interest rate will remain constant over the life of your loan and that your monthly payment amount will remain the same. Q: What information is needed to complete the Citizens Bank Student Loan application? A: Both the borrower and cosigner (if applicable) will need to submit the following: • Name of school the student plans to attend • Driver’s license number • Social Security Number (or Alien ID number for Permanent Residents) • Gross monthly income and one most recent paystub • Employer name, phone number and length of employment (if applicable) • Monthly rent or mortgage payment (if applicable) • Anticipated graduation date (MM/YYYY) • Loan amount requested • Loan period for which funds are needed – This is the entire academic year, or portion thereof, for which you are applying. • Cosigner name and valid email address (if applicable). • Student borrower reference Q: What information is needed to complete the Citizens Bank Student Loan for Parents application? A: The borrower will need to submit the following: • Name of school the student plans to attend • Driver’s license number • Social Security Number (or Alien ID number for Permanent Residents) • Gross monthly income and one most recent paystub • Employer name, phone number and length of employment • Monthly rent or mortgage payment (if applicable) • Student’s Name, Date of Birth and Social Security Number • Anticipated graduation date of the Student (MM/YYYY) • Loan amount requested • Loan period for which funds are needed – This is the entire academic year, or portion thereof, for which you are applying. Q: Will I have to provide any documents after I submit my application? A: When we review an application, we try to verify both identity and income reported on the application through an automated process. If we are unable to verify the information provided on our own, we will ask for documents to help us make our decision. Q: What do I need to provide if you ask me for income verification? A: If you are asked to provide proof of income or other documents, we need you to provide us different documents depending on the type of income you listed. We will need to review and verify that the documents match the information you provided on your application. If we can’t use the document you submit to verify your income we may have to ask you for an alternate document. If you are self-employed or included additional income on your application (such as investment or retirement income) you have two options. You can either reference the below chart and provide us the documentation listed there or you can complete the IRS form 4506-T, which allows us to obtain your tax returns on your behalf. If you choose to complete the 4506-T, please ensure that all fields are completed with no cross-outs and that Box 9 specifies the last two years of tax returns that you want the IRS to send us. This form is available on our website at www.citizensstudentloans.com/Content/Files/4506-T.PDF. Because this requires us to obtain documents from the IRS, the 4506-T has a one to two week turnaround for verification. Below are some the most common forms of income verification: Employment income Most recent paystub dated within 60 days of when you submitted your received through application. traditional paychecks Self Employment/ Family If you are self-employed or employed by a member of your family, then a copy Business Income of either of the below should be provided: • Your two most recent federal tax returns • IRS Form 4506-T Social Security benefits, A copy of any of the applicable documents below: Disability, • Award letter including the frequency and amount of the income Retirement/pension, Non- • Policy agreements taxable interest income • Account statements • Your most recent 1099R • Your most recent federal tax return • IRS Form 4506-T Investment Income A current asset statement to show proof of ownership and a copy of any of the following documents should be provided: • Your most recent federal tax return • A one-year income history shown through account statements • IRS Form 4506-T Income from a New Job If you have not yet started your job but want to use that income in your application, you must be scheduled to start employment before your first payment is due.

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