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Refinance Again After First Republic Refinance

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  • #16
    Nice, maybe that's a backdoor that you could then refinance to whoever else from, if they have even better rates

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    • #17
      I was told by FRB they don't refi their own loans. so a one time thing. But the rates they give are so good, its not much to complain about.

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      • #18
        Originally posted by MD2000 View Post
        I was just approved today for a variable refinance with common bond! They quoted me a rate of 4% variable (despite me having a 800 credit score) but I'm assuming this will drop within a month after I start
        Why the assumption? Isn't the variable a base rate and a spread? Please educate me on the assumption. Thanks.

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        • #19
          Bumping this topic up. I refinanced my student loans with FRB in 2017 into an "all-in-one" student loan refinance. Have about 60k left. I f I pay it off within 4 years (almost there) I get the 2% cash back. I'd rather not pay if off and instead just keep investing my money. So I am looking at doing a second refinance, but none of the national lenders will touch an FRB loan because they say it is no longer a "student loan".

          I called Commonbond in particular after reading this thread and they wouldn't do it.

          Has anyone had success getting another lender to refinance an FRB loan?

          Thanks!

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          • #20
            Reviving this thread. I'm in the same boat as the OP and have about 100k left on my FRB refi and want to refinance with someone else. Sofi rejected my application for the same reasons stated above. I just put out an inquiry with Laurel Road. Anyone else have success?

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            • #21
              Originally posted by MD2000 View Post
              I was just approved today for a variable refinance with common bond! They quoted me a rate of 4% variable (despite me having a 800 credit score) but I'm assuming this will drop within a month after I start
              How did you get them to refinance your FR loan? (classified as a personal loan)

              And has anyone else had success?

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              • #22
                Originally posted by CFEonline View Post

                How did you get them to refinance your FR loan? (classified as a personal loan)

                And has anyone else had success?
                United States Code, 2019 Edition
                Title 15 - COMMERCE AND TRADE
                CHAPTER 41 - CONSUMER CREDIT PROTECTION
                SUBCHAPTER I - CONSUMER CREDIT COST DISCLOSURE
                Part B - Credit Transactions
                Sec. 1650 - Preventing unfair and deceptive private educational lending practices and eliminating conflicts of interest

                I doubt it. FRB has put their terms and conditions specifically in to extend credit as a personal loan.
                Specifically the residence and having funds on deposit. Establishes a documented personal banking relationship. Their refi loan is no longer a private education loan. Documented fact.
                Now, refi into another personal loan is the option.
                SoFi I think does personal loans besides education loans. Suggest you explore that possibility.
                Same profile, same payoff, same facts just a different product.

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                • #23
                  Originally posted by dermres120 View Post
                  I was wondering if anyone has experience refinancing their student loans after you have already once refinanced with First Republic?

                  I refinanced into a 4% 15 year term with First Republic about 2 years ago, while a resident, but want to now refinance into something shorter with a lower interest rate. I tried to apply through SoFi and was told that I cannot do it as First Republic recharacterizes the loan as a “Personal Loan” instead of a “Student Loan”. Anyone have a successful experience with any of the other student loan companies?
                  When you "refinance" with First Republic, they are no longer student loans. That's your last "student loan refinance."
                  Helping those who wear the white coat get a fair shake on Wall Street since 2011

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