First Republic Bank Logo

First Republic Bank

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3 User Reviews
LAST UPDATED: May 10th, 2021

First Republic Bank founded in 1985, and is headquartered in San Francisco, California. The bank offers a range of services, including lending, deposits, loans, investments, private wealth management, and loan refinancing.

You can refinance your student loans with a First Republic Bank personal line of credit, providing you with a set amount of money which you can withdraw from as needed.

With low rates ranging from 2.25 percent to 3.50 percent and loan fees, First Republic Bank student loan refinancing could be a good option for you.

 

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Highlight: First Republic Bank’s personal line of credit offers competitive rates and terms:

  • APR range — 2.25%–3.50% (fixed)
  • Loan amounts — $60,000-$350,000
  • Loan terms — 7, 10, 15 years
  • No loan fees
  • Flexibility in use of funds

Continue reading for a full review of this company, as well as First Republic Bank reviews from real customers.

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The Good

  • Competitively Low Rates
  • Interest-Only Payments for First 2 Years
  • No Fees
  • Quick and Easy Application Process
  • Refinance Your Student Loans Multiple Times
  • Options to Lower Your Interest Rate
  • Apply with a Cosigner

Competitively Low Rates

In comparison to other student loan refinancing lenders and loan products, First Republic Bank's personal line of credit offers competitively low fixed rates, ranging from 2.25 percent to 3.50 percent APR — student loan refinancing rates typically range from 2.59 percent to 6.94 percent.

Lines of credit typically have lower interest rates because there is a smaller amount of risk involved for the lender than with traditional loan products.

Interest-Only Payments for First 2 Years

In addition to low rates, First Republic Bank also offers interest-only payments for the first two years of a personal line of credit.

This means that you will only need to pay interest on the money you withdraw for the first two years of the loan term. This can provide greater flexibility in repayment, but also help you save money as you pay off your student loans.

No Fees

First Republic student loan refinancing with a personal line of credit has no fees — no origination fee or prepayment penalty fee ever throughout the life of the loan.

Quick and Easy Application Process

You can check your rates in two minutes, and then if you decide to complete your application, you will be connected with a First Republic Bank banker who will reach out to learn more about you and your refinancing needs.

After determining the best options for you and submitting required documentation, your application is complete and your funding should be dispersed quickly.

Refinance Your Student Loans Multiple Times

You can refinance your federal and private student loans as often as you'd like. However, if you are refinancing federal student loans, it is important to note that you will permanently be giving up federal repayment benefits, such as deferment, forbearance, and forgiveness options.

Options to Lower Your Interest Rate

First Republic Bank provides a few options to lower your interest rate:

  • First Republic ATM Rebate Checking account — Receive a 2% relationship-based pricing discount by having or creating a rebate checking account with auto-debit for your personal line of credit payments. If the account is closed, your rate will increase by 5%.
  • Relationship-based pricing adjustments — Pricing and billing will be determined on your circumstances instead of specific product requirements, such as solely relying upon your credit score to make a lending decision.

Apply with a Cosigner

If you have a low credit score, you can apply for a First Republic Bank personal line of credit to increase your chances of approval, as well as potentially lower your interest rate.

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The Bad

  • Not Available Nationwide
  • Must Visit a Branch Location for Application Process
  • No Deferment of Forgiveness Available
  • Monthly Fees
  • High Loan Minimum Amount

Not Available Nationwide

First Republic Bank lines of credit can only be taken out in states where the company has locations. Currently, First Republic Bank only serves the following states:

  • California
  • New York
  • Massachusetts
  • Oregon
  • Florida
  • Connecticut

Must Visit a Branch Location for Application Process

The application process for First Republic Bank student loan refinancing can be started online, but you must visit a branch location to meet with a banker to complete the process.

This can be inconvenient if you would prefer a fully online process, but on the other hand, you could receive more personal service, providing greater flexibility in rates and terms based on your needs and finances.

No Deferment or Forgiveness Available

First Republic Bank does not offer forbearance periods, financial hardship deferment periods, or income-based repayment plans.

Monthly Fees

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.

High Loan Minimum Amount

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 student loan refinancing needs.

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The Bottom Line

First Republic Bank's student loan refinancing personal lines of credit offer competitive rates, whether customers are looking for a fixed or variable interest rate. Borrowers can choose among 5-, 7-, 10-, and 15-year terms.

The application process can be started online, but you must live in proximity to a bank location to complete the process by speaking with a banker and submitting required documentation. Currently, the bank has locations only in California, New York, Massachusetts, Oregon, Florida, and Connecticut.

Unfortunately, if you don't reside in any of the aforementioned states, you will not be able to apply for First Republic Bank's refinancing line of credit or other services.

While the bank offers competitive rates and terms, it doesn't offer deferment or forbearance options if you are having difficulty making your payments.

However, one benefit of a line of credit is that you can withdraw money as needed, and so you have some control in the amount of money you are borrowing at one time.

In addition, First Republic Bank offers interest-only payments for the first two years, which can help you save much more money than you might with other student loan refinancing products.

If you reside in the states where First Republic Bank has branch locations, and/or you are an existing bank customer, it could be a good option for your student loan refinancing needs.

View Best Student Debt Companies

First Republic Bank reviews are currently limited. If you have refinanced your student loans through this company, please tell us about your experience by leaving a review.

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Star Rating

2.7

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3 Reviews

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1 grade

33%

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Jman New York, NY

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.

2 years ago

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gstettle Fremont, CA

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.

3 years ago

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Peggy Yau Milpitas, CA

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.

3 years ago

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