First Republic Bank is known for its competitive interest rates when it comes to student loan refinancing. First Republic offers fixed and variable rates and a variety of loan terms. However, the eligibility requirements for First Republic are stricter than many other banks that offer student loan refinancing.
This First Republic Bank review will help you figure out whether or not refinancing with First Republic is right for you.Learn More About First Republic Bank
First Republic Bank review
First Republic Bank offers attractive terms for student loan refinancing. However, First Republic is a private lender, so if you refinance your federal loans, you’ll lose access to student loan forgiveness and income-driven repayment plans offered by the government.
However, if you have a high-paying job and don’t qualify for those programs, it might be worth it for you to refinance your student loans privately to lower your interest rate and monthly payment.
Pros of First Republic refinancing
The biggest advantage to refinancing through First Republic Bank is the low interest rates, both fixed and variable. On top of that, First Republic offers terms of five, seven, 10, and 15 years. This provides you with several options for paying back your loan.
Another nice feature of First Republic refinancing is the fact that you’ll be assigned to a banker. This is someone you can call or email whenever you have questions about student loan refinancing. You can even visit the banker in person. This is a welcome alternative to going through customer service or dealing with a third-party when you need something.
If you pay off your student loan within 48 months, First Republic will give you a rebate on the interest paid, up to two percent of the original loan balance. So if you refinance $80,000 through First Republic, you could get up to $1,600 back.
First Republic doesn’t charge any origination or annual fees for student loan refinancing.
Cons of First Republic refinancing
One of the downsides to refinancing with First Republic is that you must live near one of its retail branches in order to get a loan. While you can start the application online, the bank requires that you live close by. You do get personal service, but it’s limited by geographic area.
It’s also important to note that First Republic Bank doesn’t offer hardship policies. There are no provisions for deferment or forbearance. That means if you run into financial difficulties, you can’t pause your loan payments.
Eligibility requirements are also tough to meet with First Republic Bank. You need to have excellent credit and refinance at least $60,000 in student loan debt to qualify. On top of that, it’s required that you have worked in your industry for at least 24 months.
First Republic student loan refinancing products
First Republic offers a student loan refinancing product as well as other banking products. You have an advantage when you open the First Republic ATM Rebate Checking Account, though.
If you want the best terms when refinancing, you need to open a checking account with First Republic.
Eagle Gold All-in-One loan
This is the student loan refinancing product offered by First Republic. You can borrow between $60,000 and $300,000. Interest rates are competitive, and the rebate offered is a great perk if you can repay the loan in 48 months.
Of course, you can take more time to pay back your loan by choosing from one of many terms available. There are options of up to 15 years with First Republic Bank. It’s also possible to get a variable rate or a fixed rate, depending on your needs.
First Republic ATM Rebate Checking Account
In order to qualify for the best interest rates on First Republic refinancing, you should open a First Republic ATM Rebate checking account. If you don’t open this checking account with First Republic and maintain automatic loan payment or direct deposit, your rate will be 5% higher.
You’ll also need to set up direct deposit so that your main income source goes into the account. Next, set up automatic loan payments. This way, First Republic secures your financial loyalty — at least until your loan is paid off.
Opening an account requires $500, and there is a $25 monthly fee. But if you get your monthly average balance up to $3,500 before three months, the fee is waived. Your account will also start to earn interest on a balance of $3,500 or more.
You’ll also receive rebates on ATM fees charged by other banks worldwide.
Other First Republic products
First Republic also offers a suite of personal and business banking products. You can use First Republic for various checking and savings account needs. The bank also offers private wealth management, investments, and other services if you wish to go beyond student loan refinancing.Open an Account With First Republic
Using First Republic’s website
While the First Republic website is easy to use, and you can find information easily, you can’t actually open an account online. You need to visit a branch in person and talk to a banker in order to open the ATM Rebate Checking Account.
First Republic offers an estimator that will help you figure out your student loan payment based on different loan terms.
With a shorter loan term, you have a lower potential interest rate. You can adjust the information to get a better idea of what you might pay, depending on your balance and whether you choose a fixed or variable rate.
Once you get your estimate, First Republic will screen you for eligibility.
If you don’t meet the credit requirement, you won’t be able to proceed to the next question. Borrowers who meet the requirements are instructed to meet with a banker to move forward.
First Republic Bank interest rates and fees
First Republic Bank offers some of the lowest interest rates available for student loan refinancing. Rates are as low as 2.35% for borrowers who meet the requirements. But the rate you end up with depends on your credit, loan terms, and other factors.
First Republic doesn’t charge origination fees. However, if you want the best possible rate, you need to open a checking account. The checking account is fee-free as long as you maintain an average monthly balance of $3,500. Otherwise, you pay a monthly fee of $25.
First Republic refinancing eligibility requirements
First Republic has some of the strictest eligibility requirements around. The minimum credit score is 750. You can only refinance through First Republic if you have excellent credit.
Next, First Republic requires that you work in the same field for 24 months. This isn’t exactly an income requirement, but it is a factor that is meant to weed out applicants who might not have a steady income or job stability.
First Republic also has a debt-to-income ratio requirement and other credit eligibility requirements, but doesn’t state what they are outright. Mainly, if you have a credit score of 750 and meet the employment requirement, you meet with a banker who decides your eligibility further. All loans are completed in person.
Finally, First Republic Bank has a minimum loan amount. You can’t refinance unless you have at least $60,000 in outstanding student loan debt.See If You’re Eligible
First Republic Bank customer service and contact info
You can call First Republic Bank Monday through Friday from 5 a.m. to 9 p.m. PST. Customer service is also available on Saturday from 6 a.m. to 8 p.m. and Sunday from 7 a.m. to 5 p.m. You can call 888-408-0288.
First Republic can be reached by email at email@example.com. There is also an option to ask someone from First Republic to contact you.
You can get help at one of the 68 brick-and-mortar locations, mostly located in California. However, there are also branches in Connecticut, New York, Oregon, Massachusetts, and Florida.
Once you are paired with your dedicated banker, you can contact your banker directly by phone or in person during business hours or email them.
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