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First Republic Bank closed its student loan refinancing program until mid-July, 2020. It plans on making adjustments to better fit the current economic situation. Call your local branch to get notified when applications reopen. Or, check out our top picks for student loan refinancing that are available now.
2.25% to 3.50%
APR
$300,000
Max. Loan Amount
750
Min. Credit Score
Product Name | First Republic Bank Student Loan Refinancing |
---|---|
Minimum Loan Amount | $40,000 |
Max. Loan Amount | $300,000 |
APR | 2.25% to 3.50% |
Interest Rate Type | Fixed |
Minimum Loan Term | 5 years |
Maximum Loan Term | 15 years |
Requirements | Have between $40,000 and $300,000 in student loans, 750+ credit score, 24+ months working in current industry, US citizen or permanent resident, First Republic checking account and access to a First Republic Bank branch. |
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
First Republic Bank is one of the few student loan refinancing options out there offering a maximum APR that’s actually lower than federal student loan rates.
But while it could seriously help you save on interest, you’ll need a relatively high student debt load, excellent credit and feet firmly on a career path to qualify.
It’s also only available in a handful of cities across the West Coast and Northeast.
Can’t qualify? Compare your other student loan refinancing options below.
Looking to refinance your loans at a lower rate with First Republic Bank? To qualify, you’ll need:
First Republic Bank operates branches in California, Connecticut, Florida, Massachusetts, New York and Oregon. You’ll need to visit one of these branches during the application process.
When you refinance your student loan with First Republic Bank, you’re essentially taking out a loan with the bank to pay off your current student debt. It’s like trading your loans for a new one offering more favorable rates and terms.
Through First Republic Bank, you can refinance both federal and private student loans as long as your total debt balance is between $40,000 and $300,000.
First Republic Bank is one of the few banks that allows you to start your application online, though you’re required to visit a branch in person to complete your application. That’s why student loan refinancing is only available to borrowers who live near one of its branches in New York, California, Oregon, Florida, Connecticut or Massachusetts.
You’ll likely save on interest, but you could lose key benefits. For instance, you’ll give up the choice between multiple repayment programs like income-driven or graduated repayment. You’ll also lose out on the government’s long list of forbearance and deferment options, which allow you to put your student loan repayments on hold if you lose your job or decide to pursue another degree.
On top of this, you’re no longer eligible for federal forgiveness programs. If you’re pursuing a career in public service in particular, you might want to reconsider refinancing.
There’s no fee to apply for First Republic Bank refinancing, and there are also no fees or penalty for paying off your loan early. The main cost to worry about is the interest rate, which ranges from 2.25% to 3.50% — as long as you agree to automatic repayments from your First Republic ATM Rebate Checking account.
While many student loan refinancing providers offer both variable and fixed rates, First Republic Bank sticks with the standard fixed rate. This means that the rate you qualify for when you apply stays the same over the life of your loan, resulting in predictable repayments.
If you don’t already have a First Republic ATM Rebate Checking account, you’ll need to sign up for one before you apply. This is where this loan can get expensive.
To open an ATM Rebate Checking account, you must deposit a minimum $500 and maintain a balance of $3,500 or more. You’ll pay a $25 fee for each month you’re unable to maintain a $3,500 balance, though First Republic waives the fee for the first three months your account is open.
And if you don’t sign up for automatic repayments or direct deposit with that account, First Republic raises your interest rate by 5%.
Yes. Repay your student debt within four years, and First Republic Bank rebates you the interest paid on your loan worth up to 2% of your original loan balance.
First Republic Bank offers one standard repayment plan, where you make fixed monthly repayments until you’ve paid off your loan over terms of 5, 7, 10 or 15 years.
First Republic Bank’s lowest rates are available for loans with a five-year term only, though your monthly repayments will be higher than for loans of longer term. To keep down both your monthly and overall loan costs, consider going with the shortest loan term that gives you monthly repayments you can comfortably afford.
First Republic Bank doesn’t have many online reviews — not surprising, given its limited reach. A couple customers say they were blown away by the quality of its branches — it doesn’t have tellers, and some even bake cookies for customers.
Its refinancing product comes up on refinancing forums, where people agree that loans are competitive but difficult to qualify for. One person mentioned a rejection due to a too-high debt-to-income ratio but wasn’t sure what an acceptable DTI might be.
Start an application at a local branch or online:
From here, your banker guides you through the application process. While turnaround is unique to each applicant, keep in mind that student loan refinancing can take longer than other types of personal loans, and banks aren’t known for their speed.
To expedite the application process, take along the following documents to your appointment:
Founded in 1985, First Republic Bank is a national bank with branches concentrated on the coasts. It emphasizes customer service, operating teller-less branches so that every transaction is a personalized experience. And did we mention the freshly baked cookies?
You can also open a checking account, savings account and retirement fund, or take advantage of its private wealth management services. It offers personal loans, home loans and business loans in addition to student loan refinancing.
Find out how First Republic Bank stacks up to other lenders with our guide to student loan refinancing.