Citizens Bank student loans are privately funded, so our assistance program differs from the federal act approved on March 27, 2020. We understand that these are difficult times for many of our customers and we’re ready to help. We are offering our student loan customers the following relief:
- No late fees through June 2020 to help ease any financial worry you may have.
- Offering a 3-month COVID-19 emergency loan forbearance option, a form of repayment relief temporarily postponing your payments. Although interest will still accrue during this 3-month period, it will not be capitalized and payment will not be due until forbearance period has ended.
- If you experience financial hardship beyond the initial 3-month forbearance, you have the option to request an additional 3- month emergency loan forbearance extension (providing payment relief for a total of 6 months).
- COVID-19 specific forbearance options will not count towards your forbearance allowance. Given these difficult times, this is considered an emergency offering so your future forbearance allowance will not be impacted, or prevent you from being approved for forbearance in the future should you need it.
If you are in need of the emergency forbearance, please contact Firstmark Services at 1-866-259-3767. We understand this is a difficult time and we are making every effort to accommodate our customers’ needs.