Figure Lending Suspends Student Loan Refinance Program

Figure lending no long refinances student loans, but will continue servicing its existing customers' loans.
Ryan Lane
By Ryan Lane 
Updated
Edited by Des Toups

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Figure Lending stopped offering student loan refinancing in May 2020. While the lender will continue to service its existing refinanced loans, it isn’t accepting new applications for student loan refinancing.

Get accurate refinance options in just 2 minutes with Credible
Compare pre-qualified rates from multiple lenders with no impact to your credit score.

Powered by

Figure started refinancing student loans in October 2019, with a limited set of features and availability. Its initial refi product was built around an all-digital application process that eliminated steps like uploading pay stubs to verify income, for example.

Figure also offered a unique optional origination fee. This feature let you increase your balance by 1%, 2% or 3% in exchange for a lower fixed rate. (These fees were not available for variable rate loans.)

If you already refinanced with Figure

Figure will still be servicing its existing student loan refinance customers. Here are repayment details for these loans:

  • Academic deferment: Yes.

  • Military deferment: Yes.

  • Forbearance: Yes, borrowers can postpone payments in three-month increments, for up to 12 months total.

  • Co-signer release available: There’s no option to add a co-signer, but refinancing removes the original co-signer.

  • Death or disability discharge: Yes.

Repayment Preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: No.

  • Loan servicer: Figure Lending.

  • In-house customer service team: Yes.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from approval to payoff: Varies, but can be as quick as 5 days.

If you no longer wish to work with Figure, consider refinancing again with a different lender if you can qualify for a better interest rate. Don't take this step if you paid Figure's optional origination fee and have yet to pay off that additional cost.

Student loan refinancing from our partners

SoFi Student Refinancing logo
Check Rate

on SoFi

SoFi

5.0

NerdWallet rating 
SoFi Student Refinancing logo

5.0

NerdWallet rating 
Fixed APR 

5.24% - 9.99%

Min. credit score 

650

Check Rate

on SoFi

Earnest Student Loan Refinance logo
Check Rate

on Earnest

Earnest

5.0

NerdWallet rating 
Earnest Student Loan Refinance logo

5.0

NerdWallet rating 
Fixed APR 

5.19% - 9.74%

Min. credit score 

650

Check Rate

on Earnest

Splash Financial Student Loan Refinance logo
Check Rate

on Splash Financial

Splash Financial

5.0

NerdWallet rating 
Splash Financial Student Loan Refinance logo

5.0

NerdWallet rating 
Fixed APR 

6.64% - 8.95%

Min. credit score 

650

Check Rate

on Splash Financial

Spot your saving opportunities
See your spending breakdown to show your top spending trends and where you can cut back.