![]() The lender offers fixed rates and no loan fees (no monthly fee, no prepayment fees, etc.). First Republic Bank student loan refinance ratesįirst Republic Bank shut down their refinancing program during the height of the pandemic in early 2020, but now they have re-entered the market. If you have a graduate degree with PLUS loans, the interest savings could be worth it. If you have a private loan, this is not a concern. For many borrowers that have a high average balance, that won't matter compared to the low interest they get on their loans.Īlso, when you refinance federal loans, you no longer qualify for student loan forgiveness, income-driven repayment, and your deferment and forbearance options may be limited. The interest savings from refinancing will likely be much greater than the cost of extra term life and disability insurance.Īnother con is the requirement to do your banking with First Republic to maintain the low interest rates. However, you can protect against the risk of death or disability in most cases. That is a big difference compared with federal student loans, which forgive your debt tax free in the event of death or disability. There isn't a death or disability discharge with First Republic's student loan program. Cons of First Republic student loan refinancing This is a major perk that First Republic loans offer and can simplify repayment. The ability to consolidate and refinance all your non-housing debt into one monthly payment at a very low interest rate will definitely appeal to high income borrowers. You can also include a bar study loan, residency loan, credit cards, auto loans, personal loans, and more. Low interest is always the top criteria for whenever you're evaluating a refinancing deal.įirst Republic Bank can now refinance more than just student debt, but many types of debt. The number one benefit of the First Republic Bank student loan program is the low interest rate. Pros of First Republic student loan refinancing The student loan interest deduction can only be taken for qualified educational debt, but most people who qualify to refinance with First Republic will earn too high of an income to qualify for this tax deduction. First Republic student loan refinancing: good for high earners who prioritize the lowest rate First Republic Bank student loan program is actually a personal loanįirst Republic Bank now offers its student loan refinancing program as a personal loan, NOT a qualified education loan.įor most borrowers, that will not matter. Student Loan Forgiveness Calculator (w/ New SAVE Plan)ĥ.Seems too good to be true but given my history with them with the student loans I tend to believe it. I was wondering if anyone recently got a mortage with them as they were able to quote me almost a full percentage point lower than the bank I was currently working with (offering 3.8% whereas the other 'best offer' was 4.75). I dont think they have the same program now as they do then but I do know its very similar and much better than anything out there. I had an unexpectedly good year and was able to pay off early and even get a large 'bonus' worth a few thousand dollars for paying off early. I would echo sentiments about the website being outdated but if there was ever an issue i would pick up the phone and whoever answered knew me and helped with what ever unusual request i had. Had to get a checking account with them and i was very satisfied with the customer service. I had a great experience consolidating/refinancing large school loans (which were at like 6.8 percent at the time, refinanced to 1.95%) with First Republic about 4 years ago. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.
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