Figure student loan refinancing review March 2021 |
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Figure student loan refinancing review

Last updated:  

Program currently suspended — no word on when it might return.

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

3.50% to 6.33%



Max. Loan Amount


Min. Credit Score


Product NameFigure Student Loan Refinancing Variable Rate (with Autopay)
Minimum Loan Amount$5,000
Max. Loan Amount$250,000
APR3.50% to 6.33%
Interest Rate TypeFixed and Variable
Minimum Loan Term5 years
Maximum Loan Term20 years
Requirements680+ credit score, 12+ months of credit history, DTI ratio of 65% or less, good credit history

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 mandatory 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.

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

Figure suspended student loan refinancing

Student loan refinancing was removed from Figure’s lending product list in May 2020. It’s still servicing loans it originated, but you aren’t able to refinance any further student loans with it.

As of August 2020, Figure still hasn’t released any public details as to if it will return to student loan refinancing in the future. Rather than wait, check out more options and get your student loans into a more manageable state.

First, am I eligible?

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

  • 680 or higher credit score
  • 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 D.C. and all states except Colorado, Mississippi and New York.

How much will I pay to refinance with Figure?

Figure offers fixed interest rates that range from 2.036% to 6.33% APR if you pay the optional origination fee and take advantage of the autopay discount, and variable interest rates that range from 3.50% to 6.33% APR with autopay. And there aren’t any mandatory application, origination, prepayment, late or nonsufficient funds fees.

If you go with a fixed-rate option, you can choose to pay an origination fee between 1% and 3% of your loan amount to have the interest rate reduced. The fee then gets incorporated into your loan payments.

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 2.036% APR when you include the autopay discount and origination fee.
  • No mandatory fees — period. Figure doesn’t charge application, prepayment or late fees. Customers with a fixed-rate loan can opt to take on an origination fee to lower their interest rate.
  • Fast application process. You can get prequalified in minutes and approval takes less than a day — with financing in as few as five days.
  • 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.
  • Four-year degree required. To qualify for refinancing you must have at least completed a bachelor’s degree.

See how Figure compares to other student loan refinancing providers

Data updated regularly
Name Product Min. Credit Score Loan amount
Purefy Student Loan Refinancing (Variable Rate)
$7,500 - $300,000
Refinance all types of student loans — including federal and parent PLUS loans.
Credible Student Loan Refinancing
Good to excellent credit
Starting at $5,000
Get prequalified offers from top student loan refinancing providers in one place.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
Starting at $5,000
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Splash Financial Student Loan Refinancing
Starting at $7,500
Save on your student loans with this market-leading newcomer.
Education Loan Finance Student Loan Refinancing
Starting at $15,000
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
Earnest Student Loan Refinancing
$5,000 - $500,000
Get a tailored interest rate and repayment plan with no hidden fees.

Compare up to 4 providers

What are my repayment options?

Figure gives you the option of paying back your loans over 5, 7, 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 April 2020, 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 nine customer reviews.

However, it scores much better on Trustpilot, earning 4.5 out of 5 stars based on 797 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 submit 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 receive 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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