All You Need to Know About First Republic Bank Student Loans : Current School News

All You Need to Know About First Republic Bank Student Loans

Filed in Loan, Student Loan by on April 1, 2022

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– First Republic Bank Student Loans –

First Republic Bank Student Loans is a Republic Bank is also a comparative unknown with student loan refinancing, but they provide most of the competitive fixed-rate student loans around.

First Republic Bank Student Loans

So, while they don’t do much advertising for their amazing student loan rates, they have an amazing product for those that qualify.

And along with getting your student loans refinanced, you might use their bank as well.

First Republic Student Loan Refinancing

The First Republic provides one of the most competitive student loan refinancing products out there.

If perhaps you have a strong credit score and strong income, consider using the First Republic to refinance your student loans.

Their services are amazing and they offer a simple product, with ultra-low rates and no fees.

The companyā€™s major goal with this product is to get you to become a banking client – so to get the lowest rates.

You also need to create a checking account at the bank. However, you can also only begin the loan process through a private banker.

Rates and Terms

What’s awesome about the First Republic is the low rates. They presently only offer fixed-rate loans, and they keep it real simple.

Here is what they currently offer:

1. 5 Year: 1.95% APR

2. 7 Year: 2.75% APR

3. 10 Year: 3.55% APR

4. 15 Year:Ā 3.95% APR

These rates comprise relationship-based pricing adjustments. To be qualified for a 2.00 percent rate change.

However, aspirants must open a First Republic ATM Rebate Checking account (ā€œAccountā€) with automatic loan payment and direct deposit.

To qualify for a 0.50% rate change, the borrower must deposit and maintain a minimum deposit balance in the Account.

If the borrower does not meet these requirements, the rate adjustments will be removed and the rate will increase by 2.00% and 0.50% respectively.

It also has rather tough credit and income requirements to be eligible. Expect to have outstanding credit to get a loan through them.

Loan Amounts

The First Republic permits borrowers to borrow up to $300,000 when they refinance their student loans. This is a solid amount, but not the most we’ve seen.

Depending on your degree type, there are minimums. If you have an undergraduate degree.

However, the minimum loan amount is $40,000. If you have a graduate degree, the minimum loan amount is $25,000.

Loan Bonus Offers

The First Republic is also offering a lot of bonus offers to make these loans so tempting. For instance.

Also, you can get a 2.00% rate change by opening a checking account with automatic debit and direct deposit.

You can also get a 0.50% rate change by maintaining a minimum balance in the account.

If they pay the loan off within 48 months, they will refund the interest paid, up to 2% of the original loan amount.

That means if you got a 5-year loan and qualified for the 1.95% APR, and you pay off your loan within 2 years, you could get a rebate of the total amount of interest you paid! That’s awesome.

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Restrictions

As you saw above in the rates and terms, there are definitely some restrictions, but well-qualified borrowers can meet them.

The First Republic has several important restrictions that every potential applicant should know before going forward.

Therefore, they offered no deferment or forgiveness. These loans are private loans, and so you lose access to any Federal programs you might be eligible for.

Make sure you read our full guide on student loan consolidation and understand your options.

We should note that Loans may only be taken out in states where the firm has locations and is qualified to do business. They include:

1. California

2. New York

3. Massachusetts

4. Oregon

5. Florida

6. Connecticut

Lastly, as we mentioned above, there are a lot of terms and conditions to get the lowest rates. You must also reach out to our personal banker to get started.

Hopefully, they move this process online soon, but that’s how you need to get going for now.

Final Thoughts

The First Republic is an amazing platform to loan money. It offers amazing loan refinancing products for those that are eligible for it.

These are some of the lowest fixed-rate loans we’ve seen, and even though there are hoops to jump through to get them, they are worth it

Refinancing Your Student Loan through First Republic Bank

If you are a student loan borrower with excellent credit and a high income living near a branch office, refinancing your student loan with First Republic Bank might make sense to you.

TheĀ First Republic has competitive interest rates, but the approval process is highly selective, hence the need for excellent credit.

On the whole, to qualify for student loan refinancing, youā€™ll need to have a credit score in the upper 700s or higher.

Youā€™ll also need to have finished college and owe at least $40,000 in student loans.

On top of this, First Republic considers borrowers who have at least two years of employment in the same industry. They viewed this as evidence of income stability.

Basic Information: Rates, Terms, Fees, & Limits

First Republic Bank student loans offer low, fixed interest rates between 1.95 and 3.95 percent to borrowers who refinanceĀ (as of April 1, 2018).

These are exceptionally low rates compared with other refinancing lenders and competitors.

Though, there are other rates to keep in mind. For certain applicants, First Republic offers rates between 6.95 and 8.95 percent.

They offered these two clients who cannot maintain automatic payments through the First Republic checking account. There are more details on this in the downside section.

As I have said before, refinancing applicants must have no less than $40,000 in student loan debt, and applicants can only refinance up to a maximum of $300,000.

Borrowers can choose loan terms of 5, 7, 10, or 15 years, which is a fairly standard range of options.

With fees, First Republic claims that there are no origination or prepayment fees involved.

CSN Team.

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