My wife had a graduate school student loan with an interest rate of over 6%. Although this was a government student loan with forgiving repayment terms in case of unemployment, the whopping interest rate meant we had painful monthly payments!
After we got married, we stumbled upon the lowest student loan refinancing interest rate that we’d ever seen with First Republic Bank. Current rates are between 2.25% and 3.5%!
Is This For Real?
We visited our local branch in Santa Monica and found out the bank and the deal were legit. First Republic is a real, respected bank with offices in California, the Northeast, and other areas of the country. Our customer service rep, Mitchell, was super nice and helpful.
How it Worked Out For Us
We filled out the paperwork and opened a checking account (which is required to get the loan). With me co-signing, we were able to get the lowest interest rate, under 2%!
This ended up saving us over $600 per month!!! Wow!
The main caveat to all of this is that it’s a regular loan without the lenient payment terms that a government student loan might have. So, if you lose your job, you’ll still be expected to make your loan payments. With our dual income, that was not a problem for us though.
Also, the loan is only available to those who live within close proximity to one of their offices, located in various cities in California, as well as Boston, Palm Beach Florida, and New York City. See a complete list of their locations here.
And of course, you must qualify for the loan with sufficient assets and income to demonstrate you can pay it off.
Finally, you have to open a checking account with them, because the reason they can offer this deal is to get more folks to do their other banking with them.
So, if you want to save potentially hundreds of dollars per month on your student loan payments, and you are secure financially, consider refinancing your student loan with First Republic Bank.
I hope this can help you save money on your student loan. Let me know how it works out for you in the comments below! – Brian
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