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Figure student loan refinancing review

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Enjoy no fees, low rates and flexible terms — but only for borrowers with good credit.

  • Best for borrowers with good credit looking for flexible terms and low rates.
  • Pick something else if you have PLUS Loans or were hoping to apply with a cosigner.

4.25% to 6.32%



Max. Loan Amount


Min. Credit Score


Product NameFigure Student Loan Refinancing
Minimum Loan Amount$5,000
Max. Loan Amount$250,000
APR4.25% to 6.32%
Interest Rate TypeFixed
Minimum Loan Term5 years
Maximum Loan Term20 years
Requirements680+ credit score, 12+ months of credit history, DTI ratio of 65% or less, no delinquencies in last 30 months, no unpaid collections, no bankruptcies in last 7 years, no undischarged bankruptcies, no unpaid charge-offs over $1,500
Go to Figure's website

Expert review

Deni Sharp

Review by

Deni Sharp is a freelance writer with years of experience in higher education, particularly student loans and financing. She has a passion for helping students navigate the trenches of financial aid so they can realize their full potential. In her free time, you can find her at home in Arizona hanging with her family and adorable pup Theo.

Expert review

If you’re looking for a refinancing provider with low rates, no fees and flexible repayment terms, then Figure could be for you. Its online application only takes minutes to fill out. And most applicants receive a response in less than one day thanks to its fully automated process.

Figure is best suited for borrowers with good credit who have graduated from their bachelor’s degree programs. It doesn’t allow cosigners, so you’ll need to look elsewhere if you’re struggling to meet its credit requirements on your own. And it also doesn’t work with Grad or Parent PLUS Loan borrowers at this time.

Not sure it’s right for you? Compare your other options below.

First, am I eligible?

To qualify for refinancing through Figure, you need to meet the following criteria:

  • 680 credit score or higher
  • Graduated from a four year or graduate Title IV school
  • Live in an eligible state
  • US citizen or permanent resident
  • 18 years or older

What states does Figure offer student loan refinancing in?

Figure student loan refinancing is available in Washington, DC and all states except Mississippi.

How much will I pay to refinance with Figure?

Figure offers fixed interest rates that range from 3.49% to 6.99% with autopay. And there aren’t any application, origination, prepayment, late or nonsufficient funds fees. The rate you see is what you pay — period.

Does Figure offer discounts?

On top of already low interest rates, Figure also offers a 0.25% discount when you enroll in autopay.

What are the benefits of refinancing with Figure?

From low rates to a fast application process, here are a few perks of refinancing with Figure:

  • Low interest rates. One of the main reasons to refinance is to lower your current interest rate. Figure offers rates as low as 3.49% including the autopay discount.
  • No fees — period. Figure doesn’t charge application, origination, prepayment or late fees.
  • Fast application process. You can get prequalified in minutes and approval takes less than a day.
  • Dedicated support team. If you need assistance, Figure’s support team has you covered over the phone, through email or via online chat.

What to watch out for

Consider these potential drawbacks before refinancing with Figure:

  • Strict credit requirements. Figure refinancing is only available to borrowers with a credit score of 680 or higher.
  • No cosigner option. On top of strict credit requirements, you can’t apply with a cosigner to help you qualify.
  • No PLUS Loans. Graduate students or parents with federal PLUS Loans aren’t eligible for refinancing with Figure.

Compare other student loan refinancing offers

Updated April 10th, 2020
Name Product Min. Credit Score Max. Loan Amount APR
Figure Student Loan Refinancing
4.25% to 6.32%
Enjoy no fees, low rates and flexible terms — but only for borrowers with good credit.
Splash Financial Student Loan Refinancing
Starting at 2.27%
Save on your student loans with this market-leading newcomer.
Credible Student Loan Refinancing
Good to excellent credit
Starting at 2.21%
Get prequalified offers from top student loan refinancing providers in one place.
Education Loan Finance Student Loan Refinancing
3.50% to 6.01%
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
Earnest Student Loan Refinancing Variable Rate (w/ autopay)
3.5% – 8.72%
Get a tailored interest rate and repayment plan with no hidden fees.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
Full balance of your qualified education loans
3.5% to 8.7%
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Purefy Student Loan Refinancing (Variable Rate)
2.27% to 7.49%
Refinance all types of student loans — including federal and parent PLUS loans.

Compare up to 4 providers

What are my repayment options?

Figure gives you the option of paying back your loans over five, seven, 10, 15 or 20 years. This allows you the flexibility to choose the term that best fits your lifestyle and budget. Repayments are structured under a standard repayment plan and split up evenly over the term of your loan.

If you’re a recent graduate, Figure will match any grace period that’s left on your loans. Otherwise, your first payment is due one month after the refinancing process is complete.

What do borrowers say about Figure loan refinancing?

As of November 2019, Figure isn’t accredited with the Better Business Bureau (BBB) and earns an F rating based on its failure to respond to two customer complaints and its short time in business — it opened in 2018. It also earns just 2 out of 5 stars based on eight customer reviews.

However, it scores much better on Trustpilot, earning 4.8 out of 5 stars based on 443 customer reviews. Borrowers happy with Figure’s services praised its fast, easy process and helpful customer service team. The few negative reviewers complained that they received prequalification letters in the mail, only to get denied when they filled out the full application.

How do I apply?

Figure offers an easy and quick application process. Everything is done online, but they have a dedicated customer service staff that you can contact via phone, chat or email if you need assistance.Once you’re ready to apply, follow these steps:

  1. Go to Figure’s website and hover over Products in the main menu. Click Student Loan Refinance.
  2. Click Find my rate. Enter your contact information and create a password.
  3. Read and agree to Figure’s policy documents. Click I agree.
  4. Complete the application with information about yourself, your student loans and your finances.

What information do I need to apply?

Figure continues to make the application process simple by only requiring a copy of your US driver’s license, state ID or passport.

What happens after I apply?

Once you’ve submitted your application, you’ll receive an approval decision within one day. Figure will then wait three days before funding your loan, in case you have second thoughts and want to cancel it.

Keep in mind, even once your funds are disbursed, it can take between one to three weeks for your previous lender to apply the funds to your debt. Keep making payments to your previous lender until you’ve received written confirmation that the balance has been paid off.

More about Figure

Figure was founded in 2018 with a mission to simplify the loans process. This can be seen through their easy and efficient loan application and almost instantaneous approvals. In addition to student loan refinancing, Figure offers mortgage refinancing and home equity lines of credit.

See how Figure stacks up to other providers with our guide to student loan refinancing.

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