Note: Figure has paused student loan refinancing as of May 15, 2020. This review serves as an archive of the previous archive. If you're looking to refinance your student loans, check out this list: Student Loan Refinancing Companies.
Figure is the newest student loan refinancing lender. They were previously known for being a leader in online mortgage and home equity lending, and they have taken their awesome online application technology and applied it to student loan refinancing.
They make it really easy to refinance your student loan - keeping the process online and funding your new loan extremely quickly. They also offer competitive rates and terms - so they should be on your list of lenders to compare.
Bonus Offer: Refinance your loans with Figure through our link, and you'll get a $200 Amazon gift card within 90 days of your loan closing. Start the process here >>
- Newest student loan refinancing lender
- 100% online and paperless application process
- Competitive rates and terms
Figure Student Loans Details
Figure Student Loan Refinancing
Min Loan Amount
Max Loan Amount
As low as 2.036% APR
Fixed and Variable
5, 7, 10, 15, 20 Year
$200 Gift Card
Figure Student Loan Refinancing
Figure is the newest student loan refinancing lender. The company, Figure, is known for their online only HELOC and mortgage process. They are now taking that same concept to student loan refinancing.
Figure allows people to refinance or consolidate a single student loan or multiple student loans. Read this first: The Ultimate Guide To Student Loan Consolidation.
They offer competitive fixed rate loans, with an online only application process that takes just minutes to complete. They also offer quick funding times on your loan one you're approved.
Rates And Terms
One of the best things about Figure is that they offer extremely competitive fixed rate loans. Most lenders offer their best rates for variable rate loans. But Figure only offers fixed rate loans (similar to First Republic). However, unlike First Republic, they offer a much larger footprint of where you can get a loan from them.
They are currently offering the following rates:
Fixed Rate: 2.036% to 6.330% APR (with autopay discount of 0.25% and origination fee)
Variable Rate: 3.50% to 6.330% (with autopay discount of 0.25%)
They offer loans with the following term lengths: 5, 7, 10, 15, 20 years.
While they don't offer different repayment programs, they do offer generous benefits compared to other lenders.
They also are one of the few private lenders that offer death and disability discharge.
Borrowers can also get a deferment if they are in the military and deployed, or if they go back to school.
Optional Origination Fee
Figure is the first student loan refinancing lender that we've seen that is offering an optional origination fee that allows you to buy down your interest rate (similar to mortgage points).
The origination fee is amortized (included) in the loan payment schedule. It's only offered for their fixed rate loans.
Choosing a lower rate with an origination fee could make sense if you don't plan to refinance again. If you plan to refinance in the near future, it's never a good idea to choose an option that contains an origination fee as the math just won't work out.
Figure doesn't offer the highest loan amounts. They currently limit borrowing to $250,000 - which may work for most borrowers, but could restrict certain professions like medicine.
They do have a minimum loan amount of $5,000.
With the loans, they don't charge any prepayment penalties. That means that you can always be shopping around and refinancing if you can get a better rate.
Also, unlike other lenders, they don't charge a late fee or NSF fee.
Figure is offering a special bonus offer to College Investor Readers.
If you refinance your loans through The College Investor, you'll get a $200 Amazon Gift Card within 90 days of your loan closing. Get started with Figure here >>
Figure does have a few restrictions that borrowers need to be aware of.
As of December, they are available in 47 states and Washington D.C. The only state they don't currently offer loans in Colorado, Mississippi, or New York.
The second restriction is that Figure doesn't allow cosigners at this time. Many borrowers who are looking to refinance don't need a cosigner, but some will need one. Figure isn't the lender for you in that case. You might want to look at other lenders such as Earnest.
Figure shows a lot of promise in the student loan refinancing space. I especially love the fixed rate loans and competitive rates and loan terms. I would definitely add Figure to my list of lenders to shop and compare when refinancing my student loans.
However, Figure isn't everywhere yet, and they don't offer the full range of loan types you may need. As such, I still recommend you compare other lenders. Check out Credible to easily shop multiple lenders in one place. Plus, College Investor readers can get up to a $750 gift card bonus if you refinance through their platform. Shop and compare here.
Check out Figure and see if it makes sense for you. It only takes minutes to apply >>
Disclaimer: The advertised APR includes an autopay discount of 0.25% and a rate reduction of 1.714% purchased at origination. Customers have the option to purchase an interest rate reduction by paying an origination fee ranging from 1%-3% of the original loan balance. As of 04/27/2020, APRs start at 4.00% for customers that do not opt in to autopay or purchase a rate reduction. These rates are for the most qualified applicants and are higher for other applicants. To be eligible for the advertised rate, an applicant must have more than $5,500 in discretionary income and a credit score of 800 or higher. Figure calculates monthly discretionary income by reducing monthly income by a state income tax factor, and then subtracting estimated housing expenses, transportation expenses, and other expenses listed in your credit report. The advertised rate is only available for applicants who select 5 year loan terms; longer terms have higher rates. Rates change frequently so your exact interest rate will depend on the date you apply. Loan terms and fees are also subject to change.
Figure Student Loan Refinancing Review
- Rates and Fees - 90
- Application Process - 90
- Customer Service - 80
- Products and Services - 70
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.