Student Refinance

Questions?
We’re here to help.

• What is the difference between a personal loan and a personal line of credit?
  • A personal loan traditionally offers a lump sum of funds at origination with fixed monthly payments over the life of the loan. Term options for personal loans typically vary from 1 to 5 years and offer lower loan amounts for those looking to take out minimal debt.
  • A personal line of credit allows the borrower to draw on the loan multiple times, offering the ability to draw on the funds available once principal on the funds drawn is repaid. A line of credit generally offers longer-term options and higher loan amounts for those looking to fund larger purchases or life events. Learn more about personal lines of credit vs. personal loans. 
• I’m looking to refinance my student loan debt. What happens if I get a Personal Line of Credit instead?

  One of the benefits of the First Republic Personal Line of Credit is the ability to refinance existing student loan debt and have additional access to funds. Similar to a standard refinance, you will provide the payoff information for your existing student debt, and you will start making one monthly payment to First Republic on your new Personal Line of Credit.

  
  

  Plus, with its flexible use cases, the Personal Line of Credit offers the ability to refinance other types of debt, such as auto loans.

  
  

  Please note, this is not a student loan and you may be permanently giving up the benefits of a student loan such as certain deferment, forbearance, and forgiveness options.

• What should I use my Personal Line of Credit for?
  • Whether you want to refinance existing debt or to have access to funds for a major purchase, the First Republic Personal Line of Credit allows you to do both. For example, you can use funds to refinance student loans, buy or refinance a car, pay for home expenses and minor improvements or pay for a momentous celebration, such as a wedding.
  • Please note, only debts that appear on your consumer credit report or student loans can be repaid at origination.
  • The Personal Line of Credit cannot be used (among other prohibitions) to refinance or pay any First Republic loans or lines of credit, to purchase securities or investment products, for speculative purposes, for business or commercial uses, or for the direct payment of post-secondary educational expenses. This product cannot be used to payoff credit card debt at origination.
• Can I use this product to pay off or refinance my existing First Republic loan(s)?

  No. The First Republic Personal Line of Credit may not be used to pay down or refinance any existing First Republic Bank loans or lines of credit, including previously refinanced student loans.

  
  
• How are my loan payments structured?

  The Personal Line of Credit offers a two-year draw period with interest-only payments, followed by a repayment period (sometimes referred to as the amortization period) based on your loan term. During the two-year draw period, you will pay interest only on what you draw and you are able to make principal payments at any time (with no fees). Principal amounts repaid during the two-year draw period are available to be borrowed again. During the repayment period, you make principal and interest payments throughout the remainder of your loan term.

• What amounts and term options are available?
  • Choose amounts from $60,000 up to $350,000. The Personal Line of Credit will require 10% of the line amount to be unutilized at the time of origination with a maximum of $100,000. For example, if you apply and are approved for $100,000, you could use up to $90,000 to pay off student loans or other debt at origination, which would leave an additional $10,000 to draw on for future financial needs.
  • Choose a term option of 7, 10 or 15 years. After the two-year draw period, the loan will amortize (be repaid) over 5, 8 or 13 years respectively. Plus, the rate you receive will be fixed for the entirety of your term.
• What are the requirements to receive the lowest listed rates?
  • You must have a First Republic ATM Rebate Checking account ("Account") with auto-debit for your Personal Line of Credit payments and direct deposit of your main source of income for a 2% relationship-based pricing discount. If the Account is closed, the rate will increase by 5.00%.
  • The lowest available rate includes a relationship-based pricing adjustment for maintaining 20% of the approved amount in your ATM Rebate Checking account.
  • If you do not opt in to any relationship-based pricing adjustments, a minimum $500 is required to open an ATM Rebate Checking account. A monthly service fee (currently $25) will apply if a $3,500 required minimum average balance is not maintained. 
• Are there any fees associated with the First Republic Personal Line of Credit?

  No. There are no prepayment, annual or maintenance fees associated with the First Republic Personal Line of Credit.

  
  
• How do I draw on my Personal Line of Credit?

   

  • If you wish to draw on your line of credit, you can do so through Banking Online or by reaching out to your dedicated personal banker. Draws on your line of credit must be a minimum of $1,000. Draws are only permitted during the two-year draw period.
  • In addition, your dedicated personal banker is always an email or phone call away to answer any questions about your personal line of credit or to help with any other financial goal you may have, now and in the future.

   

• Why do you currently not offer the Personal Line of Credit in my state?

  First Republic Bank has a limited service area for retail banking. Personal Line of Credit applicants must be located within close proximity to our offices in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Jackson (Wyoming), Boston, Palm Beach (Florida), Greenwich or New York City. For a complete list of locations, visit the locations page.

  
  
• Do I need to have multiple loans in order to refinance them with First Republic Bank?

  No, we can refinance either a single loan or multiple loans into one loan with First Republic Bank.