First Republic Bank is a private bank and wealth management company, and student loan refinancing is one of the many options it offers. In terms of refinancing, it boasts fixed rates as low as 1.95%, which are exceptionally low when compared to other lenders.

If your finances are in order, your credit score is solid, and you have a healthy and consistent work history, you might be able to lower your rates and pay your student loans off early by refinancing them through First Republic.

How to Refinance With First Republic

Interested applicants who feel they meet the requirements can begin the process by providing their name, contact info, student loan balance, and an estimated credit score. You also need to have between $40,000 and $300,000 in student loan debt in order to refinance through First Republic.

As part of the process, applicants will also be required to select a preferred repayment term, which is a factor in the rate estimation that follows.

After the rate estimate portion of the process is complete, applicants will then be paired with a First Republic banker, who will discuss the rate estimate as well as their financial standing, essentially determining if the applicant should continue with the process.

To apply, a valid ID (license, military ID, or passport) is required, as well as financial statements (savings, retirements, and investments), recent pay stubs, and the prior year’s W-2 or tax return. 

Requirements for approval are more stringent than others, suggesting that First Republic is more conservative and selective when determining eligibility. Their requirements include a solid credit score, consistent work history, and not only a steady income but substantial savings, too. Approval also hinges on the applicant’s location, as the bank will only work with individuals who can visit one of its physical locations.

If an applicant is approved, they must meet with their banker, sign the required paperwork, and open an ATM Rebate Checking account, another distinct feature of First Republic student loan refinancing services.

The Costs of Refinancing With First Republic

First Republic offers borrowers who qualify some of the lowest interest rates in the industry, ranging from 1.95% to 3.95%. Another attractive perk is its “no loan fee” policy, specifically indicating that their members will not have to pay origination, annual, or prepayment fees.

Is Federal Direct Loan Consolidation Right for You?

Those who refinance through First Republic are required to deposit a minimum of $500 to open the required ATM Rebate Checking Account. If at any time the balance dips below $3,500, then the account holder will be charged a $25 monthly fee. Additionally, if the account does not maintain the automatic loan payment and direct deposit, then the rate will increase to the above rates plus 5 percentage points.

Things to Consider 

First Republic student loan refinancing might be a good option for borrowers with healthy credit and financial portfolios, who are confident that they can make regular payments, keep the required amount in their First Republic account, and don’t anticipate any major downward shifts in income in the next several years. The latter is particularly important since First Republic does not offer the flexible repayment options that other lenders do, such as forbearance and income-based repayment plans.

And if you don’t have at least $40,000 in student loans to refinance, you won’t meet the minimum criteria for eligibility. On the upside, the bank offers a 2 percent rebate if you repay the loan within 48 months.

In addition to student loan refinancing services, First Republic also offers other financial solutions, such as personal banking, IRAs, and wealth management. This makes them a one-stop-shop for those interested in such services.

Bottom Line

In the end, if the concept of keeping at least $3,500 in your account at all times, bringing massive savings to the application table, and owning an excellent credit score seem even remotely out of your grasp, First Republic might not be the right choice for you. However, if you do meet the requirements, and are confident that you can continue to do so, First Republic student loan refinancing represents a way to significantly decrease your current loan rates and monthly payments.