Figure Student Loan Refinancing Review

Figure Student Loan Refinancing is a student loan refinance offering by Figure Lending LLC, . Founded in 2018, Figure Lending LLC offers student loan refinancing in 48 states (and Washington, DC).

What APRs does Figure Student Loan Refinancing offer on its student refinancing loans?

The range of APRs you qualify for when refinancing a student loan vary widely by lender and will depend on your creditworthiness and the type of loan you choose. Loans with fixed rates will typically have higher APRs than loans with a variable rate. 

Figure Student Loan Refinancing offers variable rate APRs that range from 3.5% to 6.33%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 2.036% to 6.33% APR.

You can choose to buy down your rate by purchasing discount rates. This is similar to paying mortgage points on a home loan. Typically, it only makes sense to pay this fee if you aren't planning to refinance your student loans again in the forseeable future. If you refinance your student loans after just a few years, the cost of the fee will probably outweigh the savings from the lower interest rate.

How much can you borrow via Figure Student Loan Refinancing?

Loan amounts start at $5,000 and go up to $250,000

Does Figure Student Loan Refinancing charge an origination fee?

No, Figure Student Loan Refinancing does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Figure Student Loan Refinancing charge prepayment fees?

Yes, Figure Student Loan Refinancing charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment fees can reduce or even cancel the interest savings of repaying a loan early.

What terms does Figure Student Loan Refinancing offer?

Figure Student Loan Refinancing provides refinancing loans of 5 to 20 years.

What type of borrowers will Figure Student Loan Refinancing consider?

Figure Student Loan Refinancing considers loans applications from:

• undergraduate students
• graduate students
• parents of students
• undergraduate degree holders
• graduate degree holders
• parents of graduates

What do you need to qualify for Figure Student Loan Refinancing?

Figure Student Loan Refinancing does not have or does not disclose a minimum annual income eligibility requirement. Figure Student Loan Refinancing only considers borrowers who are employed.

U.S. citizens are, of course, eligible for the services offered by Figure Student Loan Refinancing. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Driver's license

What is the estimated funding time for a student loan refinance via Figure Student Loan Refinancing?

Figure Student Loan Refinancing will typically provide a credit approval decision in less than an hour and fund the loan within 5 to 21 days.