- Well-qualified borrowers
- Borrowers with sufficient funds to earn rate discounts and avoid bank fees
- Borrowers in the cities where branches are located
First Republic Bank is a full-service financial institution that offers personal and business banking services as well as wealth management. Its loan options include a student loan refinancing product.
However, refinancing with First Republic Bank is a little different than the standard refinance you might be familiar with — you’ll get a line of credit to pay off your student loans instead of actually refinancing to a new loan.
In this First Republic Bank student loan refinancing review:
- First Republic Bank interest rates and loan details
- First Republic Bank student loan refinancing review
- How First Republic Bank compares to other lenders
- How to refinance student loans with First Republic Bank
- How First Republic Bank can improve
First Republic Bank interest rates and loan details
First Republic Bank’s student loan refinance product is a personal line of credit with a two-year draw period. During these two years, you can withdraw funds and make interest-only payments on the amount you’ve borrowed. This could lower your student loan payment for those two years.
Here are more details about First Republic Bank student loan refinancing:
|Loan amounts||$60,000 - $350,000
(10% of loan amount must be unused at time of origination)
|Loan terms||7, 10, 15 years|
|Loan types||All student loan types
(can also be used to pay off other types of debt)
|Min. credit score||Check with lender|
|Residency||Must be located within close proximity to a First Republic Bank office in:
|Transfer parent loan to child?||N/A|
|Checking account fees*||
|*Note: Borrowers must open a First Republic ATM Rebate Checking account to be eligible for line of credit.|
First Republic Bank student loan refinancing review
Although First Republic Bank has offered direct student loan refinancing in the past, it no longer does. Instead, it has replaced traditional student refinancing with a personal line of credit that borrowers can use to refinance their student loan debt.
You can borrow a maximum of $100,000 more than the debt you’re refinancing at the time the loan is originated, up to the $350,000 limit.
Learn More: How to Refinance Student Loans
Relationship rate discounts
To qualify for a First Republic Bank line of credit, you must open a First Republic Bank ATM Rebate Checking account.
The ATM Rebate Checking account requires a minimum $500 opening deposit. The account also charges a $25 monthly maintenance fee, which you can avoid by maintaining a $3,500 balance.
Opening a checking account with First Republic Bank also means you could qualify for relationship discounts on your loan interest rate. Here are the potential discounts you could earn:
- 2%: Maintain auto-debit loan payments and direct deposit of your main source of income to your checking account
- 0.50%: Maintain a balance of at least 10% of the approved loan amount
- 0.25%: Maintain a balance of at least 20% of the approved loan amount
Check Out: How Often Can You Refinance Student Loans?
How to qualify
To open an account, you’ll have to meet with a First Republic banker. This means you’ll need access to a First Republic branch office in order to refinance your student loans. First Republic Bank has branches located in the following areas:
- California: Los Angeles, Newport Beach, Palo Alto, San Diego, San Francisco, or Santa Barbara
- Connecticut: Greenwich
- Florida: Palm Beach
- Massachusetts: Boston
- New York: New York City
- Oregon: Portland
- Wyoming: Jackson
You also have the option of checking your rates by filling out an online form. Afterward, a First Republic banker will contact you to collect more information and discuss your options.
The banker will walk you through the application process, which you can complete from home.
Learn More: Average Student Loan Payment
You can choose a repayment term of seven, 10, or 15 years with First Republic Bank. For the first two years, you can withdraw funds and make interest-only payments on the amount you’ve borrowed. You also have the option to pay down some or all of your balance and draw it again during the two-year period.
After the draw period ends, you won’t be able to draw any additional funds, and you’ll make payments with a fixed rate for the rest of the repayment term.
Check Out: Private Student Loan Consolidation
How First Republic Bank compares to other lenders
Here’s a look at how First Republic Bank compares to two of Credible’s partner lenders.
|First Republic Bank||SoFi||INvestEd|
|Fixed rates from (APR)||Check with lender||Check with lender||5.9%+4|
|Variable rates from (APR)||N/A||Check with lender||8.12%+4|
|Loan repayment terms (Years)||7, 10, 15||5, 7, 10, 15, 20||5, 10, 15, 20|
|Loan amount||$60,000 to $350,000|
(10% of loan amount must be unused at time of origination)
|$5,000 up to the full balance of your qualified education loans||$5,000 to $250,000|
|Min. credit score||Check with lender||Does not disclose||670|
How to refinance student loans with First Republic Bank
If you’re able to get a lower student loan interest rate or take advantage of rate discounts with First Republic Bank, refinancing your student loans through a First Republic Bank line of credit could be a good choice.
However, keep in mind that because you’ll actually have a line of credit instead of a refinanced student loan, you might lose tax benefits or other perks.
This is why it’s so important to consider not only First Republic Bank but as many lenders as possible before making a decision. Credible makes this easy — while First Republic Bank isn’t one of our partners, you can compare your prequalified rates from other top student loan refinancing lenders in two minutes.
How First Republic Bank can improve
First Republic Bank offers a viable alternative to traditional student loan refinancing. However, the structure of its personal line of credit could also limit its appeal. Here are a few way First Republic Bank could improve:
- Offer lower loan minimum: First Republic Bank’s minimum requirement for refinancing is $60,000. This is much higher than some other lenders. For example, College Ave will refinance loans for as little as $5,000.
- Allow borrowers full drawing access to their credit line: First Republic Bank doesn’t allow borrowers to draw their whole credit line when the loan is originated. Instead, you’ll have to borrow more than you need or refinance your loans in stages instead of all at once. Either option potentially increases the overall cost of the loan.
- Lower or eliminate the required checking balance: If you don’t qualify for any of the relationship-based discounts, you’ll need to have $500 to open your checking account. You’ll also have to maintain a $3,500 balance each month to avoid a $25 minimum balance fee.
- Make discounts easier to qualify for: To get all of the relationship rate discounts, you must maintain a $12,000 balance in your checking account and sign up for both autopay and direct deposit. If you don’t have income that can be direct deposited, you could miss out on the discount.