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- Figure’s application is 100% digital—there’s no paper documentation required.
- Figure’s student loan refinance rates are competitive.
- An optional origination fee that allows you to pay a fee that will reduce your fixed interest rate and monthly payment offers.
- You can put loans into forbearance if you can’t make payments due to financial hardship.
What we like:
Up to figure-refi-1634-forbearperiod of forbearance
|Minimum Credit Score||figure-refi-1634-mincreditscore|
|Loan Amounts||figure-refi-1634-amountlow – figure-refi-1634-amounthigh|
|Fees||An optional origination fee between 0% – 3%|
Refinancing student loans could reduce your interest rate, lower your monthly payment, adjust your loan term, and consolidate your student loans to simplify repayment.
Figure is one lender that offers student loan refinance services. This Figure student loan refinancing review will help you determine whether working with this lender is right for you.
In this review:
- Figure student loan refinance: at a glance
- Pros & cons of Figure student loan refinancing
- Eligibility & application requirements
- Where to find Figure alternatives
Figure student loan refinance: at a glance
|Figure Student Loan Refinance|
|Loan amounts||figure-refi-1634-amountlow to figure-refi-1634-amounthigh|
|Interest rates||Variable: 2.21% – 6.21%|
Fixed: 2.54% – 6.08%
|Fees||Optional origination fee: 0% – 3%|
Prepayment fee: $0
Late payment fee: $0
|Forbearance length||Up to figure-refi-1634-forbearperiod|
Pros & cons of Figure student loan refinancing
- Forbearance option: Figure lets you put your loans into forbearance for up to 12 months to help you avoid default in case of financial hardship.
- Easy online application: You can sync with external accounts and complete the entire application process online without submitting any loan paperwork.
- Easy on the fees: You have the option to add an origination fee between 0% – 3% to fixed-rate loans to reduce the rate and monthly payment offers. Otherwise, there are no fees for paying off your loan early, and no fees for late payments.
- Not established: Figure is primarily a home equity and mortgage lender and new to student loans. It’s not clear how it will perform in this space; it may need time to work out kinks.
- Difficult to qualify: Borrowers who don’t have strong credit, strong earning potential, or substantial savings may be unable to qualify for a loan.
Eligibility & application requirements
Figure’s application process is quick and simple, because everything is handled online.
You can sync external accounts with the lender instead of producing physical copies of the financial documents required to obtain a student loan refinance loan. But you still have to meet requirements to qualify.
To be eligible, you must be a US Citizen or Permanent Resident who has graduated from a four-year or graduate Title IV school in the United States.
How to apply
Figure touts its quick and simple application process, which is entirely digital. To apply for student loan refinancing with Figure:
- Visit the Figure website and click “Find my rate.” This will let you pre-qualify for a loan without a hard credit check and see what your rate might be.
- Complete a paperless application. You can do this online in minutes. You’ll provide bank account details and information about your student loans. You’ll also sync your online accounts with Figure to confirm the information.
What you’ll need to apply
To apply with Figure, you will need:
- A valid U.S. driver’s license, a United States passport, or a state ID card.
- Your Social Security number, so Figure can check your credit. It’ll do a soft inquiry for pre-approval and a hard inquiry if you move forward with the application process.
- Details about your current student loan debt and the education and credentials you received when acquiring the debt to be refinanced.
- Information about your income.
- Details about your bank accounts and other assets, including account numbers.
Where to find Figure alternatives
Figure is not the only lender offering student loan refinance loans. While it has a lot of good features, it is always important that you compare interest rates and terms from multiple lenders to explore all of your loan options.
Our list of the best student loan refinancing companies is a good place to start. Get quotes from multiple lenders and compare them before applying. Comparing before you choose can help you keep costs and monthly payments low by looking for a lender with low fees and good rates.
Keep in mind: If you refinance federal student loans with a private loan from Figure or any other lender, you’ll forfeit borrower protections such as income-driven repayment and the possibility of student loan forgiveness.
Author: Christy Rakoczy
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