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Editor’s note: First Republic no longer offers student loan refinancing. Instead, they offer a personal line of credit that can be used to refinance your student loans. If you’re looking for other refinancing options, please check out our student loan refinancing lenders.

Best if:

  • You’re already a customer of First Republic Bank
  • You’re able to maintain a large balance in your First Republic checking account
  • You might pay your loan off early

First Republic Bank provides private banking, private business banking, and private wealth management to clients in seven states. First Republic offers competitive student loan refinancing interest rates, though you have to visit a branch office in person. Here’s what you need to know about refinancing with First Republic.

In this post:

First Republic interest rates and loan details

As of Aug. 1, 2019, First Republic offers some of the lowest student loan refinancing rates in the industry, with fixed rates ranging from 1.95% to 4.45% APR, including all available discounts. Those advertised rates assume you’re able to take full advantage of First Republic’s “relationship-based pricing,” which provide significant discounts that are tied to the level of business you do with the bank.

Loan amounts
  • Undergraduate degree: $40,000-$300,000

  • Graduate degree: $25,000-$300,000
Loan terms 5, 7, 10, 15 years
Loan typesAny private or federal student loan, including PLUS loans

  • No application, origination, or disbursement fees

  • No prepayment penalty

  • $25 monthly fee if average checking balance falls below $3,500
Key benefits
  • 2% interest rate discount for direct deposit and autopay from First Republic account

  • 0.50%-0.75% “relationship-based pricing” interest rate discount
EducationBachelor’s degree or higher required

U.S. citizen or permanent resident
Best if
  • You’re already a customer of First Republic Bank

  • You’re able to maintain a large balance in your First Republic checking account

  • You might pay your loan off early

First Republic student loan refinancing review

To refinance your student loans with First Republic, you must live near one of the company’s 78 retail banking branch offices. You’ll also be required to open a First Republic ATM Rebate Checking account (restrictions apply).

See: The Best Companies to Refinance Your Student Loans

Interest rate discounts

Your First Republic ATM Rebate Checking account can also qualify you for significant “relationship-based” discounts when you refinance student loan debt:

  • 0.50%-0.75%: If you maintain a minimum balance of $5,000, or 10% of your approved loan (whichever is more), you’re eligible for a 0.50% rate reduction; or by maintaining a minimum balance of $10,000, or 20% of your approved loan (whichever is more), qualifies you for a 0.75% rate reduction.
  • 2%: If you agree to have your main source of income automatically deposited to your First Republic checking account each month and enable autopay for your loan, you’ll qualify for an additional 2% interest rate discount.

Altogether, your First Republic ATM Rebate Checking account can qualify you for up to 2.75% in interest rate discounts. But if you decide to close the account, the interest rate on your refinanced student loans will increase by 5%.

How to qualify

To apply to refinance your student loans with First Republic, you can fill out an application online, using your computer or mobile device. After that, you’ll need to meet with a First Republic banker to complete your paperwork. Although most of First Republic’s retail branch offices are in California, there are also a few in Oregon, Wyoming, Massachusetts, Connecticut, New York, and Florida.

First Republic is a good choice for student loan refinancing if you live in one of the following metro areas:

  • San Francisco
  • Palo Alto
  • Los Angeles
  • Santa Barbara
  • Newport Beach
  • San Diego
  • Portland, Oregon
  • Jackson Hole, Wyoming
  • Boston
  • Palm Beach, Florida
  • Greenwich, Connecticut
  • New York City

First Republic has higher minimum loan balances than many lenders. If you have a bachelor’s degree, the smallest total amount of student loan debt you can refinance is $40,000. If you’ve earned a graduate degree, the minimum loan balance is $25,000.


First Republic offers a good selection of repayment terms ranging from five to 15 years, although a 20-year option could be helpful for some borrowers refinancing medical school loans or other educational debt near the bank’s $300,000 upper limit.

Most borrowers will probably want to authorize autopay from their First Republic ATM Rebate Checking account, to take advantage of the 2% interest rate discount.

First Republic offers an unusual prepayment rebate that rewards clients for paying off their loans early. If you pay your loan off in full within four years, the interest that you’ve paid to date — up to 2% of the original loan balance — will be refunded.

How First Republic Bank compares to other lenders

first republic refinancing reviewsofi refinancing reviewcitizens bank refinancing review
Loan repayment terms (Years)5, 7, 10, 15, 20 (15- and 20-year options not available to parents) 5, 7, 10, 15, 205, 7, 10, 15, 20
Loan amount$25,000 to $300,000$5,000 up to outstanding balance$10,000 to $500,000 (depending on level of education)
Cosigner release?Check with lenderNoYes, applications accepted after 36 months of consecutive payments
Transfer parent loan to child?Check with lenderYesNo
Loan servicerFirst Republic BankMissouri Higher Education Loan Authority (MOHELA)Firstmark Services
Best forExisting customers of First Republic BankThose who have very good or excellent credit and don't require a cosignerRefinancing large loan balances

How to refinance your student loans with First Republic Bank

First Republic can be a great option for student loan refinancing, particularly for highly educated, wealthy borrowers who are attracted to the “relationship-based services” it provides. But regardless of your wealth or level of education, it’s always a good idea to compare rates from multiple lenders.

Although First Republic isn’t one of Credible’s partners, you can use Credible to fill out a single form and compare rates from other top refinancing lenders without harming your credit.

Find out if refinancing is right for you

  • Compare actual rates from other lenders – Unlock rates from multiple lenders with no impact on your credit score
  • Won’t impact credit score – Checking rates on Credible takes about 2 minutes and won’t impact your credit score
  • Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders

See Your Refinancing Options
Credible is 100% free!

How First Republic can improve

While First Republic offers some borrowers rates that can be hard to beat, it could improve by:

  • Serving borrowers who aren’t First Republic customers
  • Providing services to more markets
  • Refinancing smaller loan balances
About the author
Matt Carter
Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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