Below is a guest post from Davey who runs www.trainwrecktrader.com. In exchange for room and board while visiting him in San Diego I offered to host his post and referral link. I for one am doing the 10 year loan forgiveness, but if you are not this is worth taking a look at. Enjoy!
I know most of you are sand-bagging your student loan payments to try to reach some type of loan forgiveness—but in case you aren’t and you still have student loans— First Republic Bank is doing a pretty sweet promo right now. Use this link if interested: https://refer.firstrepublic.com/s/David1
Basically when I applied, It offered me a few different rates based on the length of my loan. Where if I chose a 5 year loan refi it was 1.95%, 7 year 2.35%, 10 year 2.65% and 15 year 2.95%. I chose the 5 year, it lowered my payment a lot and shaved about 3 years of my repayment term. And check this out: I plan on paying it off in 4 years to get the 2% rebate—so my effective loan rate is going to be about 0.25% for 4 years if all goes according to plan.
So here’s the catch, you need to set up direct deposit AND you need to be able to go into one of the offices in person to finalize the loan. Basically you need to have an address you can use close to one of the offices and take a trip to one of their offices to finalize the loan and sign the final paperwork. Also make sure you have 3.5k as your minimum monthly average balance to avoid a monthly fee, and most importantly keep the auto debit and direct deposit or your rate goes up temporarily +5%
- You must have a First Republic ATM Rebate Checking Account with automatic loan payment and direct deposit of main source of income.
- Minimum $500 to open an ATM Rebate Checking account.
- A monthly fee of $25.00 will apply if minimum monthly average balance falls below $3,500.
- Without auto debit and direct deposit, the rates will be as listed plus 5.00%.
- The loan amount must be between $40,000 and $300,000. All loans are subject to First Republic’s underwriting standards.
- You must be located within close proximity to our offices in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida), Greenwich or New York City.