Citizens Bank this week announced it would begin offering a multi-year borrowing option with its student loan product.

“With the new multi-year borrowing option, we can not only simplify the loan application process for students, but provide borrowers the confidence of knowing Citizens Bank is there to support them through their entire education,” Brendan Coughlin, president of auto and education finance, said in a statement. “We are excited to be able to provide student loan borrowers with another unique option to help make paying for higher education a more affordable and simple process.”

The new offering, intended to simplify the student loan borrowing process, will allow qualified borrowers to reserve financing for the duration of their education without having to re-apply every year. Approved borrowers who choose this option will use a streamlined process in which they simply request funds to meet their subsequent years of school, and the bank will send that money directly to the school. The loan will be available with a variable interest rate as low as 2.18 percent.

Citizens also announced it has lowered the interest rate on its Citizens Bank Student Loan for Parents to 6.29 percent.