Overview

ServisFirst Student Loan Refinance allows eligible borrowers to replace one or more existing federal or private student loans with a single, customized ServisFirst loan. Refinance options include fixed-rate and variable-rate loans, multiple term lengths, and flexible repayment plans. The program is built to lower your monthly payment, reduce the total interest paid over the life of the loan, or both—giving you control over your financial future.

Key Benefits

• Lower interest rates: Competitive rates based on creditworthiness and loan term can reduce your monthly payments and total interest costs.
• Single payment: Consolidate multiple servicers into one convenient monthly payment, simplifying your finances.
• Flexible terms: Choose repayment terms that fit your budget, from shorter terms to pay off faster to longer terms to lower monthly payments.
• Fixed and variable options: Select a fixed rate for predictable payments or a variable rate for potentially lower initial rates.
• No prepayment penalty: Make extra payments or pay off your loan early without incurring penalties, saving on interest.
• Potential cosigner release: For borrowers who used a cosigner, certain loans may qualify for cosigner release after meeting credit and payment requirements.
• Customer support: Access dedicated support to help you through the application, closing, and repayment process.

Who Should Refinance?

Student loan refinancing is ideal for borrowers who want to:

• Reduce their interest rate and total interest paid.
• Lower their monthly payment by choosing a longer term or a lower rate.
• Combine multiple loans into a single payment for easier financial management.
• Switch from variable to fixed rate for payment stability, or from fixed to variable for potential initial savings.
• Get rid of a cosigner when eligible through cosigner release programs.

However, borrowers with federal loans should weigh the loss of federal benefits—such as income-driven repayment plans, forgiveness programs, or deferment options—before refinancing federal loans into private credit.

Eligibility and Requirements

Eligibility criteria typically include credit history, income, employment status, and existing debt obligations. While specific requirements vary, applicants generally need to provide:

• Proof of identity and U.S. citizenship or eligible residency status.
• Proof of income or employment verification.
• Account statements or payoff details for existing student loans.
• Credit score and credit history information.

Applicants with limited credit histories may apply with a qualified cosigner to improve approval chances. Cosigner release options may be available after meeting certain repayment and credit criteria.

How It Works

1. Pre-qualify: Receive a rate estimate based on a soft credit check that does not affect your credit score.
2. Apply: Submit a full application with supporting documents for income, employment, and existing loan information.
3. Underwriting: ServisFirst reviews the application, verifies documents, and performs a hard credit inquiry when moving forward.
4. Offer: Receive loan terms outlining rate, monthly payment, and repayment schedule.
5. Closing: Sign final loan documents and authorize payoff of existing loans. ServisFirst pays your prior servicers directly where applicable.
6. Repay: Begin making payments to ServisFirst under the new loan terms.

Repayment Options & Terms

ServisFirst offers a range of term lengths to align with your goals. Shorter terms typically result in higher monthly payments but lower total interest, while longer terms lower monthly payments but increase total interest. Choose between:

• Fixed-rate loans: Stable monthly payments for the life of the loan.
• Variable-rate loans: Potentially lower initial rates with payments that may fluctuate over time.

Additional repayment features may include automatic payment discounts and deferment or forbearance options under qualifying circumstances. Consult loan terms for specific details and eligibility criteria.

Savings Example

By refinancing into a lower rate or extending the term, many borrowers reduce their monthly payments and save on interest. For example, refinancing a balance at a lower interest rate can shorten the payoff period or lower monthly obligations, allowing for faster debt reduction or improved cash flow for other financial goals.

Security and Privacy

ServisFirst prioritizes the protection of borrower information. Applications use secure processes to safeguard personal and financial data. Data handling follows regulatory and internal privacy standards to protect customer information during application, approval, and servicing.

Frequently Asked Questions

Can I refinance federal student loans?

Yes, you can refinance federal loans into a private loan, but doing so will eliminate federal benefits like income-driven repayment and eligibility for loan forgiveness. Carefully weigh these trade-offs before proceeding.

Will refinancing hurt my credit?

A soft credit check for pre-qualification does not affect your credit score. A full application may include a hard inquiry, which can have a temporary impact. Successful refinancing that consolidates payments and reduces debt over time can help improve credit.

Is there an application fee?

Fee structures vary; some refinance loans have no application or origination fees. Review your loan disclosure for any applicable fees and terms.

Why Choose ServisFirst

ServisFirst combines competitive rates with dedicated customer service and flexible loan features tailored to real-life financial needs. The refinancing experience emphasizes clarity, personalized options, and efficient servicing to help borrowers manage and reduce their student debt responsibly.