The amount of student loan debt in the U.S. has eclipsed $1.5 trillion across roughly 44 million borrowers. We followed three stories across three unique walks of life and learned how different people live with student loan debt.
Completed her undergraduate with a bachelor’s degree in International Studies and is hoping to pursue a law degree.
Student loan debt: $200,000 (estimated)
Estimated repayment term: Unknown
Recently graduated with an MFA and is living in New York as a working actor. It will take her 25 years to pay off her debt.
Student loan debt: $68,000
Estimated repayment term: 25 years
BRIAN AND AIMEE
Now doctors, they paid off their medical school debt in six and a half years while raising three children.
Student loan debt: $550,000 (combined)
Payments fulfilled: 6.5 years (early repayment)
At First Republic, we believe that student loan debt is an investment — a commitment made by individuals to achieve their highest potential. That’s why we’re changing the conversation from obstacle to opportunity and shining the spotlight on the dreams, debt and determination of individuals from across the country who are investing in their futures — regardless of the cost.
1. This is not a student loan. The terms of this product may differ from terms of your current loan. For example, this product does not contain special features such as forbearance periods and income-based repayment plans available for student loans. Applicants should discuss loan terms and conditions with their banker and contact their legal and financial advisors for advice on deciding whether this is the right product for them.
Product is not available in all markets. For a complete list of locations, visit firstrepublic.com/locations. Applicants must meet a First Republic banker in person to complete paperwork. This can be done at any First Republic Preferred Banking Office. This is not a commitment to lend, all loans are subject to First Republic’s underwriting standards. Applicants should discuss loan terms, conditions and account details with their banker.
2. Annual Percentage Rate. Rates effective as of February 15, 2019, and are subject to change. Borrower must open a First Republic ATM Rebate Checking account ("Account"). Terms and conditions apply to the Account. If the Account is closed, the rate will increase by 5.00%. Rates shown include relationship-based pricing adjustments of: (1) 2.00% for maintaining automatic payments and direct deposit with the Account; (2) 0.50% for depositing and maintaining a deposit balance equal to the greater of 10% of the approved loan amount or $5,000 into the Account; and (3) an additional 0.25% for depositing and maintaining a deposit balance equal to the greater of 20% of the approved loan amount or $10,000 into the Account. Payment example for a loan amount of $100,000. 5-year/60 monthly payments of $1,750.59 at 1.95% APR. 7-year/84 monthly payments of $1,310.10 at 2.75% APR. 10-year/120 payments of $991.21 at 3.55% APR. 15-year/180 payments of $737.19 at 3.95% APR.
3. Gradifi, Inc., is a wholly owned subsidiary of First Republic Bank.
Banking products and services are offered by First Republic Bank, Member FDIC and Equal Housing Lender
Investment Advisory services are provided by First Republic Investment Management, Inc. Trust services are provided by First Republic Trust Company and First Republic Trust Company of Delaware LLC. Brokerage services are offered through First Republic Securities Company, LLC, Member FINRA/ SIPC. Insurance services are provided through First Republic Securities Company, DBA Grand Eagle Insurance Services, LLC, CA Insurance License # 0I13184, and First Republic Investment Management, DBA Eagle Private Insurance Services, CA Insurance License # 0K93728.
Investment, Insurance and Advisory Products and Services, and Foreign Exchange Transactions, are Not FDIC Insured or Insured by Any Federal Government Agency, Not a Deposit, Not Bank Guaranteed and May Lose Value.