By Jim Donovan: As I continue to receive a lot of mail from parents inquiring about student finicial aid options, I’ve decided to begin posting different programs/loan options that I learn about here on my blog, with links to my Facebook and Twitter pages. Hopefully parents will find them useful.

To kick things off, Citizens Financial Group, Inc. ( Citizens Bank / Charter One ) has lowered the interest rates on its TruFit Student Loan product. The fixed rate is now as low as 5.75 percent APR and the variable rate is now as low as 2.75 percent APR. The loans are also now available with a choice of five, 10, or 15 year repayment terms. There are also three repayment choices available based on customer preference: immediate, interest-only or deferred until six months after graduation.

There are no fees with the TruFit Student Loan. Borrowers receive an additional 0.50 percent interest rate reduction for automatic payments from any eligible Citizens Bank or Charter One account or a 0.25 percent interest rate reduction for automatic payments from accounts at other banks.

The TruFit Student Loan is a private student loan available to college students throughout the 48 contiguous states. Eligible students must be enrolled at least half-time in a four-year undergraduate or graduate program. The bank does verify loan amounts with colleges to help ensure that students only borrow what they need to fund their education, including indirect costs such as books and personal expenses.

To learn more about the TruFit Student Loan, visit a local Citizens Bank or Charter One branch, apply online or speak to an Education Finance specialist between 8:30 a.m. and 8 p.m. ET weekdays at (800) 708-6684 or (800) 721-3969.