Figure is the newest student loan refinancing lender. They were previously known for being a leader in online mortgage and home equity lending, and they have taken their awesome online application technology and applied it to student loan refinancing.
They make it really easy to refinance your student loan - keeping the process online and funding your new loan extremely quickly. They also offer competitive rates and terms - so they should be on your list of lenders to compare.
- Newest student loan refinancing lender
- 100% online and paperless application process
- Competitive rates and terms, with only fixed rate loans
Figure Student Loans Details
Figure Student Loan Refinancing
Min Loan Amount
Max Loan Amount
3.49% to 6.99% APR
5, 7, 10, 15, 20 Year
Figure Student Loan Refinancing
Figure is the newest student loan refinancing lender. The company, Figure, is known for their online only HELOC and mortgage process. They are now taking that same concept to student loan refinancing.
Figure allows people to refinance or consolidate a single student loan or multiple student loans. Read this first: The Ultimate Guide To Student Loan Consolidation.
They offer competitive fixed rate loans, with an online only application process that takes just minutes to complete. They also offer quick funding times on your loan one you're approved.
Rates And Terms
One of the best things about Figure is that they offer extremely competitive fixed rate loans. Most lenders offer their best rates for variable rate loans. But Figure only offers fixed rate loans (similar to First Republic). However, unlike First Republic, they offer a much larger footprint of where you can get a loan from them.
They are currently offering the following rates:
Fixed Rate: 3.49% to 6.99% APR (with autopay discount of 0.25%)
They offer loans with the following term lengths: 5, 7, 10, 15, 20 years.
While they don't offer different repayment programs, they do offer generous benefits compared to other lenders.
They offer a hardship deferment for up to 12 months. They also are one of the few private lenders that offer death and disability discharge.
Borrowers can also get a deferment if they are in the military and deployed, or if they go back to school.
Figure doesn't offer the highest loan amounts. They currently limit borrowing to $250,000 - which may work for most borrowers, but could restrict certain professions like medicine.
They do have a minimum loan amount of $5,000.
With the loans, they don't charge any origination fees or prepayment penalties. That means that you can always be shopping around and refinancing if you can get a better rate.
Also, unlike other lenders, they don't charge a late fee or NSF fee.
Figure does have a few restrictions that borrowers need to be aware of.
The biggest is that they are simply not available in every state. They are currently not available in: AK, DE, HI, IN, MD, MS, NV, OH, PA, SC, SD, TN, TX, UT, VT, VA, WV, and WI. However, they said they plan to be available in every state in the near future.
The second restriction is that Figure doesn't allow cosigners at this time. Many borrowers who are looking to refinance don't need a cosigner, but some will need one. Figure isn't the lender for you in that case. You might want to look at other lenders such as Earnest.
Figure shows a lot of promise in the student loan refinancing space. I especially love the fixed rate loans and competitive rates and loan terms. I would definitely add Figure to my list of lenders to shop and compare when refinancing my student loans.
However, Figure isn't everywhere yet, and they don't offer the full range of loan types you may need. As such, I still recommend you compare other lenders. Check out Credible to easily shop multiple lenders in one place. Plus, College Investor readers can get up to a $750 gift card bonus if you refinance through their platform. Shop and compare here.
Check out Figure and see if it makes sense for you. It only takes minutes to apply >>