This is a sponsored post written by me on behalf of First Republic Bank. All opinions are 100% mine.
A few weeks ago, I was in the Las Vegas airport waiting to head back to Chicago, when I struck up a conversation with the guy named Steve sitting next to me. It didn’t take long for me to see that he was logged into his student loan portal looking at his upcoming payment. I made a comment about how student loans suck and he agreed, saying that he spends half of his monthly take-home pay on his student loan payment. After a few minutes of sharing my own story, Steve trusted me enough to tell me more about his student loans. As it turned out the interest rate on his private student loans was 9%. I knew he could do a lot better so about 15 minutes later he had refinanced his loans at a much lower rate saving him thousands of dollars per year in interest payments.
I’m always on the lookout for amazing student loan refinance rates and this month I discovered an exceptionally low rate offered by First Republic Bank. It’s one of the lowest rates in the country, and a 5-year term is currently as low as 1.95% APR1! I was so interested that I wanted to learn more. I had the opportunity to chat with James Herbert, their Head of Student Loan Refinancing. Below is that interview. Check it out.
What are the benefits, in your opinion, of student loan refinancing?
When you refinance your student loan debt with First Republic, you are taking out a personal loan at a potentially lower rate. The biggest benefit of doing this is saving money, which you can do by either lowering your current monthly payment, lowering your interest rate or both. It’s about getting out of debt sooner. Another benefit is you are often able to combine your existing loans into one provider.
What’s the student loan refinance process look like at the First Republic?
It’s very easy. We want to blend the digital experience with a personal banking relationship. So anyone who is interested can come to our website, fill out a few simple questions, and get an estimate of their to refinance rate. Then they will also get a follow-up call from a First Republic banker to make sure they are getting the best loan and terms that work for them.
What makes the First Republic a good choice for student loan refinancing?
Our rates are really competitive and currently range from 1.95% APR to 3.95% APR.1 (Get your rate here.) So they are extremely attractive for refinancing and are among the lowest rates in the nation. We also offer great customer service since you work with a banker, not just an online experience. We also offer a full suite of financial solutions to help you achieve your life goals — from saving for retirement or a wedding to funding your children’s college education or investing. And as part of the refinance process you can get to know your banker and get personal support.
Is there any benefit for someone who wants to buy their first home to refinancing with you while also looking for a mortgage?
Yeah, absolutely. We recently just launched a new program that offers exclusive rates for our clients who have refinanced their student loans with us and are looking to buy or refinance their first home with the First Republic. If you refinance your student loans and then are interested, you can get paired with a homebuying expert to help you out. This is why we look to build holistic longer-term relationships with our clients.
When it comes to refinancing, when does it make sense and when doesn’t it make sense?
It’s a very personal decision based on your personal situation. Borrowers should know that when they refinance, the personal loan does not have the special benefits of student loans such as forbearance and income-based repayment. However, there are many financial benefits. Some people are looking to save money currently for a variety of reasons, including lowering their rates, shortening the loan term, or lowering their monthly payment to keep more cash in their pocket today. This is why an individual discussion can be so helpful because we can help you make the best decision based on your personal goals.
If you are in the market to refinance definitely check out the rates at First Republic Bank, some of the lowest in the country. Get started today and learn more.
1 Annual Percentage Rate. Rates effective as of January 15, 2018, and are subject to change. This is not a student loan. For more information, go to firstrepublic.com/student-loan-refinancing.
2 Terms and conditions apply. All loans are subject to the First Republic Bank’s underwriting standards. The products mentioned above are not available in all markets. For a complete list of locations, visit firstrepublic.com/locations.