Refinance with First Republic Bank for Better Rates

44 million borrowers owe over $1.5 trillion as of 2019. And we know medical school loans are especially high. So how do you take off some of the pressure? Look for better interest rates! If you live near First Republic Bank, you can use them to refinance for a better student loan rate. Here's how I took advantage of what First Republic Bank offers and how you can do the same, plus snag $200!

How to Refinance with First Republic Bank

First things first. Check your location. Do you live in one of the cities marked above?
  • New York City
  • Greenwich, CT
  • Portland, OR
  • Palm Beach, FL
  • Various cities in Northern and Southern Calfornia
If you live in one of the locations from the map above AND you have high-interest student loans, keep reading. You may be eligible for the lowest rates in student loan refinancing. First Republic Bank offers fixed-rate student loan refinancing in 5, 7, 10, and 15-year terms. I snagged 2.25% in early 2017. These are currently the lowest rates you will find for student loan refinancing. Last year, they offered 1.95% for the 5-year term! Plus, as my readers, you can snag a $200 bonus once you're approved.

OK, so what's the catch?

You must:
  • Live near a physical branch.
  • Meet their salary requirements and may need a certain % of your debt liquid in your main checking account.
  • Open a checking account with them and use it as your main checking. That means your main source of income must be direct deposited there.
  • Maintain a minimum balance of $3,500 a month and you must auto-debit the loan payment from this account.
  • Pass a credit check.
Also, remember that this becomes a private loan and will not be forgiven at death or total disability like federal loans. Of course, this is not a concern. Or it shouldn't be. I mean, are you really planning on dying before your loans are paid off? If this truly worries you, make sure you have enough term life insurance to cover this. I do.

More Considerations When You Refinance with First Republic Bank

  • The minimum loan is $40,000 and the maximum is $300,000.
  • Their checking account refunds ATM fees!
  • They will refund you up to 2% of paid interest if you pay back the loan in 2 years!
  • If you get approved for this loan but move away from a physical branch, this does not affect the loan as long as you keep your primary checking account with them.

How Do I Get Started?

This is an amazing deal if you meet their requirements. If you're ready to take the plunge, contact Kerry Berchtold at kberchtold at firstrepublic dot com or 339-235-0419. Don’t forget to mention Miss Bonnie MD to get your $200 once you’re approved!

Final Thoughts on Refinancing with First Republic Bank

In March 2017, First Republic Bank approved my refinance! I chose the 5-year term at 2.25% fixed for $88,000 of my loans. My strategy was to”force” myself into a 5-year repayment, since I do my best financially when things are automated. If you're ready to tackle your student loans and you want to refinance to lower your interest rates, reach out to First Republic Bank today.]]>

Get our guide

Sign up to learn the 5 Money Myths Keeping You From True Wealth — so you'll never fall for them again.

Posted in ,

Recent Posts

What's Better Than Being Debt-Free?

47: What’s Better Than Being Debt-Free?

Apple Podcasts Spotify Stitcher As a financially-minded coach focused on teaching you how to live a wealthy life, I’m all about debunking the myths we have about money and debt. This may come as a shock to you, but I don’t believe debt to be a bad thing, and today, we’re diving into why so…

Why I Love Prenups

46: Why I Love Prenups

Apple Podcasts Spotify Stitcher I love prenuptial agreements, or prenups for short. This might sound a little strange right now to some of you, but by the end of this episode, you’ll understand why I believe they are a vital part of any marriage, and even add to the romance. You might be thinking that…

All or None Thinking: Shame Around Wanting More Money

45: All or None Thinking: Shame Around Wanting More Money

Apple Podcasts Spotify Stitcher I want to talk about something that I see come up so often for my clients within my program Money for Women Physicians. They want more money to make their lives and their family’s lives better, among many other amazing reasons. However, they also feel bad, guilty, or ashamed for wanting…