Figure Lending Suspends Student Loan Refinance Program
Figure lending no long refinances student loans, but will continue servicing its existing customers' loans.
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Lead Assigning Editor 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.
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:
Repayment options
- 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.
Customer service
- 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.
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