Refinancing with First Republic

The First Republic is a private student loan lender, which refinances your student loans, which would be a dream agency for any person with student loan debt. The “Eagle Gold All-In-One” option is one of the best options to refinance your student loans as it provides incredibly low-interest rates.

Now, all this may sound great, but there is always a catch when you refinance your student loans with the First Republic, as the requirements are quite a lot for the majority of the student loan borrowers. Check out more below:

Table of Contents

Features
Advantages
Disadvantages/Requirements

What does the First Republic provide?

Types of Student Loans that you can refinance your student loans in the First Republic: Both, Federal Student Loans and Private Student loans
Length of Refinancing terms:5 to 15 years
Interest Rates: Fixed APR: 1.95% to 3.95%
No prepayment, origination, or annual fees

Advantages of Refinancing your student loans with the First Republic

Apart from the very attractive rates of interest, refinancing your student loans with the First Republic has the following advantages:

The First Republic assigns a private local banker when you apply for their loan and you can contact this person alone during repayment or if you have any doubt at all. This is the biggest advantage because the advantage of having to talk to the same person is comforting

The First Republic is also the only loan lender who rewards you with a 2% rebate of interest of the original loan balance if you pay off your student loans within the first 48 months.

Sounds great, huh? Now, let’s check the catch.

Looking for student loans? Find the best student loans for you.

Requirements to be eligible for refinancing your student loans with the First Republic

The requirements to apply for the refinancing option with the First Republic are the catch, or you can also say as the biggest disadvantages. Here’s why:

High Credit

To be eligible to apply for refinancing your student loans with the First Republic, you should make sure that you have a credit score of a minimum of 750, thereby not allowing a majority of the borrowers to apply for refinancing your student loans with the First Republic.

High Remaining Balance Amount

As mentioned before, you can refinance both your Federal and Private Student Loans with the First Republic. However, to apply for refinancing, your student loans must have a minimum outstanding amount of $30,000, which is around 3 times more than the usual loan lender. And the maximum amount you can refinance your student loans with is an amount of $300,000.

High Work Experience

You should have a minimum work experience of 24 months, for the First Republic to refinance your student loans.

Personal Liquidity Requirement

You must have some money in your account. However, First Republic does not disclose the student how much money you must have in your bank account. Some people suggest that the required amount is around 25% of your total loan amount that you are about to refinance your student loans.

Auto Debt Requirement

Borrowers refusing to sign up for the auto-withdrawal of loan payment amount are penalized with an extra interest rate of 5%. The same penalty is applied to the people whose primary source of income is not deposited in their First Republic bank account.

Checking Account Requirement

A student loan checking account must be opened with First Republic where the minimum balance to open an account is $500 and your average monthly balance should be above $3,500 which upon failing you will have to pay a $25 fee each month.

We would like to conclude by saying that the First Republic is like a piece of cake, which you can’t have, for the majority of the borrowers. However, if you are qualifying all the requirements for the refinancing terms, then it is an excellent option. However, you can find some of the best companies to refinance your student loans with.

Frequently Asked Questions

1.Is it a good option for you to refinance a student loan with the first republic?
It all depends on where you fall on the spectrum. You can save thousands by refinancing as the first republic provides interest at incredible rates. But your status should match the requirements to be eligible for refinancing.
2.Are there any disadvantages to refinancing student loans with the first republic?
Yes, there are disadvantages to refinancing student loans with the first republic as you can lose federal protection for forgiveness. Even if you give the loan won’t be forgiven your family has to pay the debt.
3. Why should you not apply for refinancing with the first republic during the coronavirus outbreak?
You should not apply for refinancing with the first republic during the coronavirus outbreak as you need to have a high account balance. You have to be very deliberate in your current situation.
4.What is the minimum credit score you need to be eligible for refinancing student loans with the first republic?
The minimum credit score the borrower should score is 750 or higher. The lenders expect borrowers to have a good credit history or at least a cosigner. The student loan depends on higher credit standards.
5.What are the eligibility criteria for refinancing a student loan with the first republic?
The eligibility criteria for refinancing a student loan with the first republic are: the borrower should have a good credit history, should have a high account balance, should be employed with high income.
6.What is the benefit of refinancing a student loan with the first republic?
The benefit of refinancing a student loan with the first republic is you will be provided with low-interest rates plus the first republic is the only loan lender who provides a 2% rebate of interest if the borrower repays the loans within 48 months.
7.Can you negotiate the interest rate with the first republic?
The interest rates of the first republic bank are - fixed APR: 1.95% to 3.95%. For further queries and information related to negotiating interest rates, you can contact (888) 408-0288.
8.Is it very difficult to get refinancing with the first republic?
No, it is not difficult until you have a good account balance. Refinancing with the first republic is hard to get as its eligibility criteria are quite tough to match the status of an individual.