- 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
- First Republic student loan refinancing review
- How First Republic Bank compares to other lenders
- How to refinance your student loans with First Republic Bank
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 terms||5, 7, 10, 15 years
|Loan types||Any private or federal student loan, including PLUS loans
|Education||Bachelor’s degree or higher required
|Citizenship/Residency||U.S. citizen or permanent resident
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).
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
- 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
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.
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