Before You Apply

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Anywhere from $5,000 to $250,000.

We have no origination or prepayment fees, nor any late fees — but you should pay on time so your credit score isn’t impacted.

There are several repayment plans available to assist in managing your student loan account. Each plan has specific requirements based on your circumstances and offers different benefits to aid in repayment. View our Notice Regarding Student Loan Repayment Options.

You can use a valid US driver’s license, state ID, or a passport.

Making the decision to refinance your student loans is one of the first important financial decisions a recent graduate can make. If you have steady employment and high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans, refinancing your student loans with Figure can save you significant money over the lifetime of the loan. However, if you don’t have steady employment and excellent creditworthiness, you may be better off staying with your existing Federal student loan because of the multiple repayment plans such as IBR (income based repayment) that offer monthly payments tied to your discretionary income. We look for clients who have a strong history of financial responsibility, which can show itself in many ways. For example, some clients may have a limited credit history, but present healthy savings patterns and a career with strong earning potential. It’s important to have an income that supports both the life of the loan and everyday living expenses. Positive payment history is another key part of our review process, as this demonstrates you are committed to making your payments in full for all of your existing debts.

If you have a steady income, good creditworthiness, and high student loan interest rates on your existing loans, you should consider refinancing as soon as possible. The longer you keep your high-rate loans, the more interest you will accrue, even if you’re in a grace period. As a bonus, if you are a recent graduate, Figure will honor your existing grace period for up to six months. If you don’t yet have a job, job offer or source of income that supports payments for your loan, it’s recommended that you don’t apply yet.

A federal student loan consolidation combines multiple student loans into one payment. Your effective interest rate doesn’t change as it becomes a weighted average of the interest rates on the loans combined. The real savings come when you refinance. Figure can lower your rate on one or several loans, depending on your financial situation. We consolidate and refinance all of your loans quickly through our fast application process. You won’t have to upload any documents. Through online data sources, we do all the work behind the scenes work to migrate all of your loans into Figure, and in the end, provide you with a single payment that has either a lower interest rate or a lower monthly payment.

If you are considering refinancing your federal student loans, it’s important to review the current protections and benefits you are granted with those loans such as IBR (Income Based Repayment) or other flexible payment plans and understand which of those you may be giving up when refinancing with Figure. Federal student loans also offer various deferment (for example, economic hardship deferment), forbearance, lower payment plans, and loan forgiveness options (for example, Public Service Loan Forgiveness) that are not available to you if you take out a private refinanced loan. However, private refinance forbearance and deferment options may be available to you at Figure’s discretion.

Yes, if you are a recent graduate, Figure will match your existing grace period for up to six months.

No, checking your rate will not affect your credit score. However, if you decide to take a loan, we may need to conduct a hard credit pull which can drop your score temporarily by a few points.

We take security and your privacy very seriously. We never share your information except where required by law.

Life’s messy. So if you hit some financial hardship, like unemployment, you can apply with our servicing team to find out if you are eligible for our forbearance policy. It lasts up to a year in three month increments.

To be eligible for hardship forbearance, you need to have first made at least three months of on-time, consecutive payments. Additional restrictions apply and are outlined in the forbearance request form - Link to forbearance request form.

Yes, but you need to make a minimum of six months of on-time, consecutive payments before you can be eligible.

If you have already been funded, login into your Figure dashboard, select the funded app and download your loan agreement. If you are currently in the process of applying for a loan, you will be able to download an unsigned copy of your loan agreement before you sign.

Your first payment date will be one month after the funding of your Student Loan Refinance loan. If your loan is funded on the 29th, 30th, or 31st of the month, and the subsequent calendar month does not have a 29th, 30th, or 31st, the initial due date will be the last day of that subsequent calendar month. Your subsequent due dates will be the same day of each successive calendar month during the loan term. You will receive your first statement about 15 days before your first payment due date. Your first statement will confirm your exact due date and monthly payment amount.

Yes, the Figure Student Loan Refinance Loan is considered an education loan for federal and state tax consideration. Note that you may or may not be eligible for interest deduction depending on your individual tax situation. You should consult your tax advisor for more information. At the beginning of the year, we’ll have a 1098-E tax form available for download in your account. The form will include the full amount you've paid in interest toward your student loan.

Yes. We’ll have a 1098-E tax form available for download through your account dashboard at the end of January each year. The documents will include the full amount you've paid in interest toward your student loan refinancing in the previous calendar year. For previous years, contact us.

Application

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You may cancel anytime prior to finalizing the loan agreement by contacting us via chat, email, or over the phone at 888-819-6388. Once the loan agreement has been signed, there is a 3-day rescission period in which you may provide written notice of cancelation by downloading your notice of right to cancel from your dashboard, filling it out, and emailing it to loans@figure.com.

If you choose to go back to an accredited school for at least half time, Figure offers loan deferment up to 36 months. Please note that interest continues to accrue during the deferment period. If you would like to request a deferment or would like additional information, please contact the Figure servicing team.

Once you have been approved, you have 30 calendar days to accept your student loan refinancing offer. If you have any questions about your terms or details of the loan agreement, please reach out to us directly by contacting our customer service team.

After you sign your loan agreement, Figure is legally required to wait three business days (rescission period) before we will fund your loan in case you decide to cancel or change something with your loan (e.g. 10 year to 15 year term). Once the rescission period has passed, Figure will send the payoff funds to your old loan servicer(s). We'll send you an email once we have sent your funds. Please note, it can take 1-3 weeks for your old servicer to apply the payoff. We recommend that you continue to make all required payments to your old servicer(s) until your loan balance is $0. If you are worried that continuing to make payments will overpay your loan, your old servicer will send the overpayment amount back to us or to you (depending upon servicer). Most of the time, your old servicer will send the overpayment back to us and once received, we'll apply those funds to the principal balance of your loan. Unfortunately, this process can take 30-45 days.

Rate and Cost

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We take into account your loan terms, your creditworthiness and other factors.

We offer 5,7,10,15, and 20-year terms.

Your payments will always be applied first to any accrued interest, and then the remainder goes to the principal balance.

Yes, you can set up auto-pay during your application process to recieve a 0.25% APR discount.

Yes, you can defer if you go back to school full-time.

Eligibility

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You must be at least 18 years old US Citizens or Permanent Residents with a 10-year non-conditional card Current US resident of a state that Figure is authorized to lend Graduated from a four year or graduate Title IV school

Figure will refinance student loans used to pay for any US based four year college or university degree that is accredited with the U.S. Department of Education under Title IV. Please note, we can only refinance loans for completed degrees, not certificates or other credentials. If you are unsure whether your school is accredited, you can consult this list.

Figure currently requires a minimum of a bachelor's degree from a US based four year college or university that is accredited with the U.S. Department of Education under Title IV.

Yes. However, if you are considering refinancing your federal student loans, it’s important to review the current protections and benefits you are granted with those loans such as IBR (Income Based Repayment) and PSLF (Public Service Loan Forgiveness) and understand which of those you may be giving up when refinancing with Figure.

No, at this time, we are not able to refinance Federal Parent Plus loans. Please check back shortly as we are working on this capability.

Troubleshooting

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If you’d like to dispute how a previous loan or credit card appears on your credit report, you should contact the credit bureaus directly. Here is their contact information: Experian P.O. Box 2104 Allen, TX 75013-2104 1-888-397-3742 www.experian.com/reportaccess Equifax P.O. Box 740241 Atlanta, GA 30374 1-800-685-1111 www.credit.equifax.com Trans Union P.O. Box 2000 Chester, PA 19022 1-800-916-8800 www.transunion.com Innovis Attn: Consumer Assistance P.O. Box 1689 Pittsburgh, PA 15230-1689 (800) 540-2505 If you'd like to dispute how your Figure Student Loan Refinance loan appears on your credit report, you have two options. You can file the dispute directly with us by mailing a copy of your dispute to the following address: Figure Lending PO Box 40534 Reno, NV 89504 Or you can contact the credit bureaus directly. Their contact information is above.

Yes. Previous refinancing or consolidation does not affect the eligibility of your application.

No. Unfortunately, we are unable to transfer a student loan from one person to another at this time.

No, at this time, we are only able to refinance loans for the primary borrower. We can’t transfer the ownership of a loan between parents and children or between spouses at this time.