Note: First Republic Bank has paused their student loan refinancing program. This review serves as an archive of their past offer. Look for current offers here: Refinance Your Student Loans.
First Republic Bank is a relative unknown when it comes to student loan refinancing, but they offer some of the most competitive fixed rate student loans around. First Republic is a smaller bank that offers student loans as a way to build long term client relationships.
So, while they don't do much advertising of their amazing student loan rates, they do have an amazing product for those that qualify. And along with getting your student loans refinanced, you might consider using their bank as well.
Let's dive into First Republic Student Loan Refinancing, the rates, fees, and bonus offers.
Quick Summary
- Student loan refinancing with highly competitive rates
- Loan amounts from $25,000 to $300,000
- $300 bonus offer if you mention The College Investor
First Republic Student Loans Details | |
|---|---|
Product Name | First Republic Student Loan Refinancing |
Min Loan Amount | $25,000 |
Max Loan Amount | $300,000 |
APR | As low as 1.95% APR |
Rate Type | Fixed Rate |
Loan Terms | 5, 7, 10, 15 Year |
Promotions | Up to a $300 Bonus |
First Republic Student Loan Refinancing
First Republic offers one of the most competitive student loan refinancing products out there. If you have a strong credit score and strong income, First Republic should be among your top choices to refinance your student loans.
They offer a simple product, with ultra-low rates, and no fees.
Their goal with this product is to get you to become a banking customer - so to get the lowest rates you also need to establish a checking account at the bank. You can also only start the loan process via a private banker.
Luckily, we have a private banker, and you can reach out to him here: Eric Peterson at (619) 338-1505 or by email here: epeterson@firstrepublic.com. Make sure you mention The College Investor to get your $300 bonus!
Rates And Terms
What's awesome about First Republic is the low rates. They currently only offer fixed rate loans, and they keep it pretty simple.
They currently offer the following:
- 5 Year: 1.95% APR
- 7 Year: 2.30% APR
- 10 Year: 2.70% APR
- 15 Year: 3.10% APR
These rates include relationship-based pricing adjustments. To qualify for a 2.00% rate adjustment, applicants must open a First Republic ATM Rebate Checking account (“Account”) with automatic loan payment and direct deposit. To qualify for a 0.50% rate adjustment, borrower must deposit and maintain a minimum deposit balance in the Account. If the borrower does not meet these requirements, the rate adjustments will be removed and the rate will increase by 2.00% and 0.50% respectively.
First Republic also has tough credit and income requirements to qualify. You should expect to have excellent credit to get a loan through them.
Loan Amounts
First Republic allows borrowers to borrow up to $300,000 when they refinance their student loans. This is a solid amount, but not the most we've seen.
Depending on your degree type, there are minimums. If you have an undergraduate degree, the minimum loan amount is $40,000. If you have a graduate degree, the minimum loan amount is $25,000.
Loan Bonus Offers
First Republic is offering a lot of bonus offers to make these loans so enticing. You can get a 2.00% rate adjustment by opening a checking account with automatic debit and direct deposit. You can also get a 0.50% to 0.75% rate adjustment by maintaining a minimum balance in the account.
The rate reduction works as follows:
Borrower must open a First Republic ATM Rebate Checking account. If the Account is closed, the rate will increase by 5.00%. Rates shown include relationship-based pricing adjustments of:
- 2.00% for maintaining automatic payments and direct deposit with the Account
- 0.50% for depositing and maintaining a deposit balance equal to the greater of 10% of the approved loan amount or $5,000 into the Account
- An additional 0.25% for depositing and maintaining a deposit balance equal to the greater of 20% of the approved loan amount or $10,000 into the Account.
If the loan is paid off within 48 months, they will refund the interested paid, up to 2% of the original loan amount. That means, if you got a 5 year loan and qualified for the 1.95% APR, and you pay off your loan within 2 years, you could get a rebate of the total amount of interest you paid! That's awesome.
Finally, if you call and get started with our personal banker, you'll get a $300 bonus. You can reach out to him here: Eric Peterson at (619) 338-1505 or by email here: epeterson@firstrepublic.com. Make sure you mention The College Investor to get your $300 bonus! You can also start the application online here.
Restrictions
As you saw above in the rates and terms, there are definitely some restrictions, but they can be met by well qualified borrowers.
First Republic has several important restrictions that every potential applicant should be aware of before going forward. No deferment or forgiveness is offered. These loans are private loans, and so you lose access to any Federal programs you might be eligible for. Make sure you read our full guide on student loan consolidation and understand your options.
Loans may only be taken out in states where the company has locations and is accredited to do business. These states include:
- California
- New York
- Massachusetts
- Oregon
- Florida
- Connecticut
Finally, as we mentioned above, there are a lot of terms and conditions to get the lowest rates. You must also reach out to our personal banker to get started. Hopefully they move this process online soon, but that's how you need to get going for now.
Final Thoughts
First Republic offers a fantastic loan refinancing product for those that qualify for it. These are some of the lowest fixed rate loans we've seen, and even though there are hoops to jump through to get them, they are worth it.
If you're ready to get started, contact our personal banker and start the process. You can reach out to him here: Eric Peterson at (619) 338-1505 or by email here: epeterson@firstrepublic.com. Make sure you mention The College Investor to get your $300 bonus!
First Republic Student Loans
- Rates And Fees - 95
- Application Process - 70
- Customer Service - 80
- Products and Services - 80
Overall
Summary
First Republic may not be the best choice if you or your parents have low credit. Their tighter restrictions also make this a less than perfect choice for anyone who is uncertain about future employment status. A well-crafted website does offer some helpful sections that can help anyone take control of their financial status.
Joe Raspolich is a writer, editor and a money-saving enthusiast. He has a passion for learning and researching new topics and ideas. Joe was raised believing frugality doesn’t have to be boring, and he has learned how to have fun with limited funds.
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