First Republic Bank Student Loan Refinancing Review

• Soft credit check to qualify and see what rate you’ll get: Yes.
• Loan terms: 5, 7, 10 or 15 years.
• Loan amounts: Minimum: $25,000 with a graduate degree, $40,000 with an undergraduate degree. Maximum: $300,000.
• Can transfer a parent loan to the child: Yes.
• Application or origination fee: No.
• Prepayment penalty: No.
• Late fees: Yes; a fee equal to 5% of the overdue payment applies if your full payment isn’t received after 10 days.

Compare First Republic’s range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate First Republic will offer you, apply on its website.

• Have a First Republic ATM Rebate Checking account, or open one with at least a $500 initial deposit. Closing this account after refinancing will increase your interest rate by 5.00%.
• Use your ATM Rebate Checking account for direct deposit and to pay the refinanced student loan via auto-debit. Failing to do so will increase your rate by 2.00%.
• Maintain a minimum balance in your ATM Rebate Checking account based on the amount you refinanced. There is also a $25 monthly fee if you don’t maintain a $3,500 average monthly loan balance in your account.

Financial

• Minimum credit score: Did not disclose.
• Minimum income: No minimum.
• Typical credit score of approved borrowers or co-signers: 770.
• Typical income of approved borrowers: Did not disclose.
• Maximum debt-to-income ratio: Did not disclose.
• Can qualify if you’ve filed for bankruptcy: No.

Other

• Citizenship: Non-U.S. citizens may qualify if they can prove permanent and sufficient ties to the United States.
• Location: Only available to borrowers who live near a First Republic Bank branch. Most of the bank’s locations are in California, but it also has branches in other places, including New York City; Boston; Greenwich, Connecticut; Palm Beach, Florida; and Portland, Oregon.
• Must have graduated: Yes.
• Must have attended a school authorized to receive federal aid: Yes.
• Percentage of borrowers who have a co-signer: Did not disclose.

• Academic deferment: No.
• Military deferment: No.
• Forbearance: No.
• Co-signer release available: No.
• Death or disability discharge available: No.

Repayment preferences

• Allows greater-than-minimum payments via autopay: Yes.
• Allows biweekly payments via autopay: No.

• Loan servicer: First Republic Bank.
• In-house customer service team: Yes.
• Process for escalating concerns: Yes.
• Borrowers get assigned a dedicated banker, advisor or representative: Yes.
• Average time from approval to payoff: Varies.

• Prepayment rebate: If you repay your refinanced loan within four years, First Republic will give you back the interest you paid, up to 2% of the original loan balance. For example, if your loan was $60,000, you could get a rebate of up to $1,200.