About First Republic Student Loans
First Republic offers a wide range of private banking services for individuals or companies. Founded over thirty years ago, it has incessantly grown and has striven for success and profit. However, its ambition to succeed hasn’t suppressed its initial ideas about business ethics.
It has stuck to its core values throughout all these years and focused on thriving through providing helpful advice to clients and working closely with them, putting their satisfaction and needs first.
With these objectives in mind, they have set up Personal Banker services. In other words, the customer gets one banker who will work with them on resolving all their doubts and problems without pushing them towards options that are only in the bank’s interest.
Another attractive benefit is not having to pay ATM fees anywhere in the world. Additionally, the bank expresses its care for its customers’ financial wellbeing through incredibly low rates, which can’t be found with any of the competitors.
Their student loan refinancing is especially friendly to the clients’ finances, since the rates are fixed and extremely low, so you actually get to save more.
There is no spending on any kind of loan fees either and you are even able to win back some of the interest money by fully returning all of the loans within four years.
Also, it is easy to keep track of what’s going on with all of your student loans. This is because you are able to include as many of them as you have in this program and they’ll all be neatly refunded via one monthly payment.
At First Republic, they boast excellent and sincere relationships with their clients. So, they should understand your potential confusion with all the conundrums regarding your student loans and the prospects of repaying them in the foreseeable future.
That said, the already mentioned designated banker is there to help you every step of the way. This is so that you don’t have to wreck your head over all the big and small financial issues that await you.
How Does It Work?
Firstly, you’ll have to determine the possible conditions, considering the amount of your loan. For this purpose, they have an “estimator tool,” which will show you your rate options and assist you with deciding on the terms.
The next step is a discussion with your dedicated banker, who should help you understand all the terms and conditions and answer all the questions you have concerning the refinancing of your loan.
After clearing everything up and deciding on all the features, you are required to apply online for the loan. Not only that, you have to collect all the necessary data and documents for their verification.
Once you’ve ticked off everything from your paperwork requirements list and your loan has hopefully been approved, you will get an appointment with your banker to finalize the setting up of your loan. Afterwards, you just have to wait for the financial benefits to kick in.
Cost and Price Plans
The interest rates and the terms are, of course, interrelated. When it comes to terms, you are able to choose between the following: 5 years, 7 years, 10 years and 15 years. The rates range from 1.95% to 3.95% and as the term grows in length, so do the rates in height.
Thus, repaying your loan in 5 years will require the rate of 1.9%, repaying it in 7 asks for the rate of 2.55%, a 10-year period calls for 3.35% rate and finally, a 15-year long refunding period will involve the mentioned 3.95% interest.
If you have any concerns or questions, consult the bank’s professionals through telephone on the number (888) 408-0288. However, if you want to call from outside of the US or Canada, you should dial (415) 288-7598 instead.
Another option you have is to reach out via email – their customer support address is [email protected]
The abovementioned upsides of this refinance loan are some things that the online reviewers are highlighting as the reason to opt for it. So, seriously low interest rates, expert guidance through the process and attractive rebates are the pros.
Moreover, the bank’s website seems to be quite informative and easy to navigate. However, they also talk about a few possible issues to keep in mind when considering opting for First Republic’s refinancing loan.
Firstly, you’d need to have been employed for at least 2 years in order for your loan request to be accepted. Additionally, you’ll need quite a high credit score – at least 750. Plus, your loan balance has to exceed $60,000.
If you still think you fit into the profile, make sure you check their locations, since they do business only with the people living in the areas where they have opened branches.
Competitors and Alternatives
Earnest offers a quite flexible rhythm of repayment, which is convenient if you have frequent fluctuations in income. There is even an option to skip a month if you need to. Also, they offer an app which gives you insight on the state of your finances at all times.
Similar to First Republic, SoFi provides expert guidance and advice for their student loan repaying clients. Not only that, they offer access to their community of clients and networking events, which could help you make the much-needed connections in order to improve your career.
On the other hand, Laurel Road refinance loan application and access are fully digitalized, i.e. you are able to do everything online, which comes in handy if you are too busy to make those trips to the bank.
Another thing – the required loan balance is only $28,000, which is significantly lower than with First Republic. That being said, the advantage that First Republic has over all of these alternatives is the fact that its APR is lower by at least 1%.
Where to Buy?
Most of the steps of the loan application and start-up are doable online at www.firstrepublic.com/student-loan-refinancing. However, once it comes to signing the contract, you’ll have to do it in person at one of their locations.
It is generally agreed upon that the biggest problem with the First Republic Student Loans Refinancing is that there is a good chance you won’t fit into the required borrower profile. If you don’t – don’t despair, there are some other decent options for you.
However, if you do fit, you shouldn’t think too much about whether you should apply for it, since the conditions and the client care really are quite extraordinary.