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First Republic Bank Student Loan Refinancing Review

First Republic Bank’s personal line of credit lets you refinance your student loans and make interest-only payments for the first two years.

Daria Uhlig

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Best for:

  • 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’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:

RatesFixed
Loan amounts$60,000 - $350,000
(10% of loan amount must be unused at time of origination)
Loan terms7, 10, 15 years
Loan typesAll student loan types
(can also be used to pay off other types of debt)
Min. credit scoreCheck with lender
ResidencyMust be located within close proximity to a First Republic Bank office in:
  • CA: Los Angeles, Newport Beach, Palo Alto, San Diego, San Francisco, or Santa Barbara
  • CT: Greenwich
  • FL: Palm Beach
  • MA: Boston
  • NY: New York City
  • OR: Portland
  • WY: Jackson
Transfer parent loan to child?N/A
Cosigner releaseN/A
Loan feesNone
Checking account fees*
  • Opening balance fee: $500 (if you don't opt into any relationship-based pricing adjustments)
  • Monthly min. balance fee: $25 (if $3,500 balance isn't maintained)
Key benefits
  • Interest-only payments for 2 years
  • Competitive rates
  • Flexible loan use
Best for
  • Borrowers with sufficient funds for First Republic checking account
  • Borrowers who can earn loan rate discounts
  • Borrowers who would also like to consolidate other types of debt
*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.

Keep in mind: While the First Republic Bank line of credit can be used for personal, family, and household expenses, it isn’t a student loan — you can’t use it to directly pay college costs.

Borrowers who refinance student loans with First Republic Bank’s line of credit might also lose tax and other benefits.

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.

Keep in mind: If you close your checking account before you repay your loan, First Republic Bank will impose a 5% rate increase on your loan.

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
How can I get the biggest discount on my rate? First Republic Bank’s minimum loan amount is $60,000. This means you’d need to maintain a balance of at least $12,000 as well as sign up for both autopay and direct deposits to qualify for all of the discounts from First Republic Bank.

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

Repayment

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 BankSoFiINvestEd
Fixed rates from (APR)Check with lender2.99%+53.46%+4
Variable rates from (APR)N/A2.25%+52.51%+4
Loan repayment terms (Years)7, 10, 155, 7, 10, 15, 205, 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 scoreCheck with lenderDoes not disclose670
Cosigner release?N/ANoYes
Best for
  • Borrowers with high student loan debt
  • Borrowers who want to consolidate other types of debt
  • Borrowers with good to excellent credit
  • Advanced degree holders in fields like law and medicine
  • Borrowers who might need access to forbearance
  • Borrowers who didn’t complete their degree

All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5SoFi Disclosures

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.

Credible makes refinancing easy

First Republic Bank isn’t one of our partner lenders. But you can use Credible to compare rates in 2 minutes from other lenders who offer student loan refinancing.

Compare Rates Now
Checking rates won’t affect your credit score

Trustpilot

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.

Keep Reading: When Student Loan Refi is a Good Idea and When to Reconsider

About the author
Daria Uhlig
Daria Uhlig

Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

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