- No origination fee, prepayment penalty or annual fees
- Eligibility requirements: must have FR Checking account with auto-pay, working professional for at least 24 months
- Interest prepayment rebate program First Republic will rebate interest paid on the loan, up to 2% of the original balance, if the loan is paid in full within 48 months
Public Service Loan Forgiveness Maximization
Also there are several third party companies that help you sort through all the options such as LendEdu (check out their complete guide to refinancing student loans) and Credible ($1K welcome bonus link they also have a discount with the AMA).
Keep in mind, with any refinance of federal loans into private loans, you will be giving up federal loan benefits such as Public Service Loan Forgiveness, income-driven repayment, disability discharge and forbearance options. You should fully understand exactly what you are giving up with your federal student loans before moving forward with this process. You should also consult with your tax advisor to understand the tax implications of this type of transaction.
If you are still not convinced that student loans have become extremely complicated, then this should seal the deal for you. Unfortunately, just keeping up with student loans alone isn’t enough. In order to get the best deal, you must also regularly analyze various tax scenarios and keep up with applicable income tax laws. Read more