Banks That Refinance Student Loans

Key facts

Wells Fargo offers interest rate discounts for borrowers with a qualifying Wells Fargo consumer checking account, a prior federal or private student loan made by Wells Fargo, or Portfolio by Wells Fargo.

Pros

• You are assigned a dedicated student loan advisor.

• More flexible repayment options for struggling borrowers than other lenders offer.

Cons

• Fewer repayment term lengths than other lenders.

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers or co-signers: 748.

• Loan amounts: $1,000 up to the total cost of attendance.

• Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Key facts

Borrowers with a Citizens Bank account — like a checking account or auto loan — at the time of application get a 0.25 percentage point interest rate discount.

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• You can refinance parent PLUS loans in your name.

• Loyalty discount: Borrowers with a Citizens Bank account when they apply get an additional 0.25% interest rate discount.

Cons

• No flexible repayment options for struggling borrowers.

Qualifications

• Typical credit score of approved borrowers or co-signers: Does not disclose.

• Loan amounts: $10,000 to $500,000.

• Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of September 1, 2019, the one-month LIBOR rate is 2.14%. Variable interest rates range from 2.34%- 9.33% (2.34%-9.33% APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.45%-9.49% (3.45% - 9.49% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens One is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.

Key facts

PNC has branches in 19 states. Unlike the other brick-and-mortar banks that refinance student loans, it doesn’t offer a loyalty discount for existing customers. It does offer a 0.50% rate discount for any student loan refinance borrowers who set up automated payments from a checking or savings account — larger than the 0.25% autopay discount that other student loan refinance lenders offer.

Pros

• Interest rate discount for autopay is larger than most lenders offer.

• Borrowers can refinance without a degree.

Cons

• Fewer repayment term lengths than other lenders offer.

• No flexible repayment options for struggling borrowers.

• You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers or co-signers: 761.

• Loan amounts: $10,000 to $75,000.

• Must have a degree: No.

Available Term Lengths

10 or 15 years

Disclaimer

Key facts

San Francisco-based First Republic Bank offers some of the lowest student loan refinance rates in the industry to customers who meet its checking account requirements. You must live near a First Republic location to have a checking account and refinance student loans.

Pros

• You are assigned a dedicated relationship manager.

• Interest rebate if you pay off your refinanced loan within four years.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• You must have a First Republic Bank ATM Rebate Checking account to receive the advertised rates.

• No option to pause payments through deferment or forbearance, unlike other lenders.

• Only available to borrowers who live near a First Republic Bank branch.

Qualifications

• Typical credit score of approved borrowers or co-signers: 770.

• Loan amounts: $25,000 to $300,000, depending on the highest degree earned.

• Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

5, 7, 10 or 15 years

Disclaimer

Annual Percentage Rate. Rates effective as of February 15, 2019, and are subject to change. Borrower must open a First Republic ATM Rebate Checking account ("Account"). Terms and conditions apply to the Account. If the Account is closed, the rate will increase by 5.00%. Rates shown include relationship-based pricing adjustments of: (1) 2.00% for maintaining automatic payments and direct deposit with the Account; (2) 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; and (3) 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. Payment example for a loan amount of $100,000. 5-year/60 monthly payments of $1750.59 at 1.95% APR. 7-year/84 monthly payments of $1310.10 at 2.75% APR. 10-year/120 payments of $991.21 at 3.55% APR. 15-year/180 payments of $737.19 at 3.95% APR. Assumes an original loan amount of $147,000, 10-year term, and a rate of 7.21% APR, refinanced to 3.55% APR. Total savings over the 10-year term would be $31,882. Loan amount reflects all customers who refinanced their student loans with First Republic Bank between 1/1/2015 and 9/1/2017. 7.21% was the Direct Plus Student Loan Program rate effective 7/1/2014 to 6/30/2015. Actual savings may vary based on the interest rates, balances and remaining repayment term of the loans being refinanced.