First Republic has a student loan refinancing program called Eagle Gold All-in-One that claims to put customers' savings to work. The program offers a one-month payment plan, with a variety of term options. There are no origination, annual, or prepayment fees, though the website does not specify whether or not there is an application fee. Student loan borrowers work with a First Republic banker to begin the refinancing process. First Republic's goal is to reduce student loan borrowers' monthly payments and overall loan repayment costs. The company boasts having a stress-free and simple program.
Student loan borrowers can save 5% if they sign up for automatic payments, direct deposit, and online banking. If customers decide not to sign up for these three features, 5% percent will be added on in addition.
First Republic offers an additional rebate on the interest paid against the student loan. If the student loan is paid within 48 months, borrowers can receive a rebate of up to 2% of the original loan balance.
A common complaint of is that a majority of options involve online or over-the-phone communication with few options for face-to-face correspondence. First Republic Bank requires customers to be near a U.S. office. For customers who might prefer to discuss loan in person, First Republic Bank gives them the chance to do so.
Clients can choose to pay off their student loan in 5, 7, 10, or 15 years. These flexible options aren't available with every lender. For student loan borrowers who want to pay their loans with a longer repayment term, they'll need to look elsewhere.
First Republic Bank offers some other perks for those who choose to refinance their student loan through the company:
In order to be eligible for Eagle Gold All-in-One's program, borrowers must meet the following requirements:
Borrowers must also meet in-person to complete the paperwork for the refinancing program.
Eagle Gold All-in-One's program does not offer forbearance periods, financial hardship deferment periods, or income-based repayment plans.
If student loan borrowers do not keep up with a $3,500 average monthly balance, First Republic Bank will charge a monthly fee of $25.00. This fee can be waived for the first three months.
The website lacks key information. Rates and loan terms are not explained in-depth. While many lenders won't provide all their information online, it's typical for a loan servicer to provide information on average rates, forbearance options, and required documentation before you apply. For those pre-screening loan servicers for repayment terms before they apply, the lack of information provided by First Republic Bank may be discouraging.
Many companies in the industry only require a $5,000 loan minimum. First Republic Bank requires that loans be between $60,000 to $300,000. This is on the high end of many needs.
Amazing lender. It took some doing to go through the application process, but it's been a great experience and is really worth it. Fantastic rates.
I should have known this was a scam when I had to spill my guts to an account pre-screener who asked alot of questions. I have excellent credit and just wanted a better rate on college loans, but they want people who really don't need the money, and people who have large amounts of capital to invest in their brokerage arm. Don't waste your time.
Bad experience. Without appointment, won't allow us to open new checking account in Sunnyvale branch office. We have good credit rate and never been turned down by bank.