First Republic Student Loan Refinancing Review

student loan refinancing review

Company Overview: First Republic

First Republic is a leading private bank with exceptional, personalized customer service and solid commitment to building long-term relationships with its customers. Founded in 1985, First Republic offers among the lowest student loan refinancing rates in the student lending industry. To qualify for these low student loan refinancing rates, you have to meet certain income and credit qualifications. You also need to live near one of First Republic’s physical branches. First Republic has locations in California, Connecticut, Florida, Massachusetts, New York and Oregon.

First Republic Student Loan Refinancing Overview

First Republic offers attractive rates and terms compared with other top lenders in the student loan refinance industry:

Overview

Variable Rates:-
Fixed Rates:1.95% - 3.95%
Average Savings:-
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$40,000
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich
Unemployment Protection:-
Co-signer Option:Yes

*Fixed and variable rates are based on APRs and include an ACH AutoPay interest rate reduction of 0.25%.

How First Republic Compares: Key Benefits For Student Loan Refinancing

Here are some of the reasons that First Republic borrowers love First Republic student loan refinancing:

  • Significant Savings: Given that First Republic offers among the lowest student loan refinancing rates, the average First Republic borrower can save substantial interests costs on their student loans.
  • Federal & Private: First Republic allows you to refinance and consolidate both federal and private student loans into a new, single student loan.
  • Interest Rebate: If you repay your student loan in full within 4 years,First Republic gives you back the interest paid against your student loan, up to 2.00% of the original student loan balance.
  • Personal Banker: First Republic gives you your own dedicated financial professional known as a personal banker to help with your financial needs.
  • No ATM Fees Worldwide: First Republic provides you with an ATM Rebate Checking account,which offers no access fees at virtually all ATMs worldwide. Even better, any access fees charged by other banks are rebated to you.First Republic will ask that you set up direct deposit and automatic student loan payments in this account, and also maintain a minimum balance.

Eligibility Criteria

To apply for First Republic student loan refinancing, you need to meet the following eligibility criteria:

Requirements To Apply For First Republic Student Loan Refinancing

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Employment: You are currently employed

Eligible Schools: You graduated from a Title IV accredited university or graduate program

Generally, First Republic lends only to borrowers with good to excellent credit. Loan approval may depend on a number of additional factors, including, but not limited to, your financial history, employment experience and debt-to-income ratio.

Bottom Line: Is First Republic right for you?

First Republic has a top reputation for student loan refinancing and for customer service. There are a few things to keep in mind with First Republic student loan refinancing.

Remember, First Republic caters to borrowers with good to excellent credit and high incomes. Typically, First Republic borrowers have FICO scores of at least 750, and work experience in the same field for at least 2 years.

First Republic also wants to see strong, stable monthly income and cash flow that is sufficient to cover your life expenses and any other debt obligations.First Republic also likes to see that you have significant savings. Finally, First Republic wants to ensure that you make all your student loan payment each month on-time.

First Republic may be right for you if you like having a full-service experience, complete with a personal banker. You will have access to First Republic, which offers other types of personal financial products such as small business loans, wealth management and mortgages as well. You will meet with a personal banker to complete your student loan refinancing application, and your personal banker can answer any questions that you may have.

To qualify for student loan refinancing with First Republic, you need to live near a physical First Republic branch. Therefore, you must be a resident of San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida), Greenwich or New York City.

Next Steps: How To Apply To First Republic

It’s easy to apply for student loan refinancing with First Republic. There are 4 easy steps:

1. Find your rate

The good news is that you can check your personalized student loan rate online with First Republic before you complete the full application. This way, you’ll know whether you can be approved for First Republic student loan refinancing. Therefore, First Republic will provide you with a student loan refinancing rate estimate. The pre-approval is only a soft credit pull so there is no impact to your credit.

2. Connect with a personal banker

A dedicated financial professional will contact you to discuss your student loan refinancing options, and to answer any questions.

3. Complete your application online

Once you’ve filled out your online application, you’ll need personal verification documents, which may include:

  • Your most recent pay stubs
  • Your most recent student loan billing statements
  • Driver’s license or passport (or other form of government-issued identification)
  • Transcript or diploma to verify your degree

4. Enjoy the benefits

If your student loan refinancing application is approved, you’ll meet with your personal banker to complete the account opening paperwork and start enjoying the benefits.

Applying is super easy – get your personalized rate in 2 minutes

The Best Student Loan Refinance Rates For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.57% - 5.87%
Fixed Rates:3.49% - 6.32%
Average Savings:$21,810
Minimum Credit Score:None
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$45,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, KY, MS, VT
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.51% - 7.55%
Fixed Rates:3.90% - 7.80%
Average Savings:-
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.55% - 6.01%
Fixed Rates:3.09% - 6.69%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.76% - 7.90%
Fixed Rates:3.15% - 8.54%
Average Savings:$15,270
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes
1.95% - 4.45%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 3.95%
Average Savings:-
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$40,000
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:2.80% - 6.38%
Fixed Rates:3.50% - 7.02%
Average Savings:$20,200
Minimum Credit Score:680
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.72% - 7.46%
Fixed Rates:3.25% - 7.03%
Average Savings:$20,221
Minimum Credit Score:700 (670 with a co-signer)
Minimum Income:$42,000 solo or combined with spouse; $25,000 with a co-signer
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$7,500
Loan Terms:5, 8, 12, 15 years
Borrower Residency:All states
Unemployment Protection:Case by case
Co-signer Option:Yes

Advertiser Disclosure

PenFed powered by Purefy
4.9 (98.67%) 15 votes
First Republic Student Loan Refinancing Review
5 (100%) 1 vote