Student Loans

Student Loan Refinancing

You’ve finally earned your degree and you’re ready to get your life started! The excitement of your accomplishment soon fades when you start calculating your total student loan debt. You owe more than you might make in the first several years of your career. Buying a car, renting an apartment or saving in general are all out of the question. What do you do?

Before student loans take over your life, take control of your debt and start saving. That’s right – you may be eligible to refinance your student loans (both federal and private) and lower your monthly payments with the Citizens Bank Education Refinance Loan^®.

MTA members receive a special offer of up to $1,000 credit and up to 0.50 percentage points off the interest rate when they consolidate one or more student loans into a single low interest rate loan offering these benefits:

• No application, origination or disbursement fees
• Loan amounts available up to $350,000 depending upon your education level
• Payments of principal and interest begin immediately with a choice of repayment terms that best suit your needs

IMPORTANT NOTE: Before you take steps to refinance your student loans, MTA Benefits encourages you to take advantage of our Student Loan Counseling program to learn about all of your options regarding student loan repayment, including eligibility for loan forgiveness programs. 

To access the refinance application, you must have an active account on our website. You will be required to log in when you click the link below.

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To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must apply on or after 05/15/17, through the MTA Benefits dedicated website, be approved, and disburse a Citizens Bank Education Refinance Loan, Education Refinance Loan for Parents, Student Loan, or Student Loan for Parents through the employer’s dedicated Citizens Bank website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000 for the Education Refinance Loan and Education Refinance Loan for Parents and a minimum of $50/maximum of $500 for the Student Loan or Student Loan for Parents. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per primary borrower for the Citizens Bank Education Refinance Loan and Education Refinance for Parents or per loan for the Citizens Bank Student Loan and Citizens Bank Student Loan for Parents. Principal reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of principal to the loan and will not impact the required monthly payment amount or the payment due date for the loan. The value of the Principal Balance Reduction Benefit may be reported to the IRS. You are solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. Please consult your tax advisor. Citizens Bank, N.A. does not provide tax advice. Citizens Bank reserves the right to modify these terms or cancel this offer at any point in the future for new applications.

We can help you make college dreams come true!  Create your own customized, private student loan that fits your budget. Get help paying for college expenses that financial aid may not fully cover.

• There are no origination fees, application fees or pre-payment penalties
• As an NEA member, receive a special 0.25% interest rate discount¹
• Get an additional 0.25% interest rate discount with auto-pay enrollment²
• Cover up to 100% of the school-certified cost of attendance³
• Choose from multiple repayment options and terms
• Choice of undergraduate, graduate and parent loan options

To access the NEA Student Loan applications, you must have an active account on their website. You will be required to log in when you click the link below.

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Terms & Conditions
1. NEA members receive a 0.25% interest rate reduction on Undergraduate loans that are opened through the NEA member benefits portal. The NEA member discount will be applied to your loan account after the initial disbursement occurs.
2. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
3. As certified by your school and less any other financial aid you might receive; minimum $1,000.
The NEA Undergraduate Loan is provided by College Ave Student Loans. College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

Do you have private student loans? We can help! The NEA Private Student Loan Refinance Program¹ is a great way to potentially lower the interest rate or monthly payment you currently pay on your private student loans.  Find options for lowering your student loan interest rate or monthly payment.²

• There are no origination fees, application fees or pre-payment penalties
• NEA members receive a special one-time statement credit equaling 0.5% of the loan, up to $599.99³
• Choose repayment terms of 5 to 20 years, with loans up to $300,000⁴
• You’ll also receive a 0.25% interest rate discount when you enroll in AutoPay⁵

To access the NEA Student Loan Refinance application, you must have an active account on their website. You will be required to log in when you click the link below.

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Terms & Conditions

1. NEA Private Student Loan Refinance Program is provided by College Avenue Student Loans, LLC. College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
2. College Ave Refi Education loans are not currently available to residents of Maine.
3. Amount equal to 0.5% of the initial loan balance to be credited on the borrowers statement within 60 days of closing of the loan. For example, if the consolidated loan equaled $20,000, the member benefit equals $100, with a maximum of $599.99.
4. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. The minimum repayment period is 5 years, while the maximum repayment period is 20 years. Borrowers should refer to their credit agreement for specific terms and conditions. This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
5. 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.