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Darien Rowayton Bank Reviews

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  • Pros
  • 5
  • Cons
  • Higher interest rates than other lenders
  • Does not allow co-signer

Darien Rowayton Bank Student Loan Consolidation

Darien Rowayton Bank offers consolidated loans at competitive rates and plenty of opportunities for rate reductions. Compared to other top lenders, the rates they offer are among the lowest in the industry. They offer refinancing options to individuals with both graduate and undergraduate degrees. Also, DRB offers refinacing to parents with Parent PLUS Loans.

Loans Basics with Darien Rowayton Bank

Refinancing student loans with Darien Rowayton Bank is a great option for students because of the flexibility it offers with its loans. You can refinance up to 100% of your private and federal student loans, with variable rate loans as low as 3.92%, or 4.55% APR with a fixed rate loan.

Repayment terms for the loan vary from five to 20 years. What's unique about Darien Rowayton Bank is the rate caps it offers on its loans. As an illustration, if you decide to refinance with a variable rate loan with a repayment term of five, seven or 10 years, the rate caps at nine percent. Meanwhile, if you opt for a variable rate with repayment terms of 15 or 20 years, your maximum APR will be 10 percent.

Darien Rowayton Bank doesn't charge fees for loan origination or for paying off the loan balance early. Moreover, if you become unemployed during repayment, the bank offers assistance where you can receive a forbearance; this is where you don't have to make monthly payments for a specified time, normally from three to 12 months.

How it Works

Darien Rowayton Bank makes it simple to find out if you qualify. To start, you can visit its website to fill out the online pre-qualification application. This is a short form that should take only a few minutes to complete. Once you submit it, you'll receive an instant decision on if you qualify for refinancing.

If you do, the next step is to upload the documents requested to finalize the loan. As part of this, you'll need to submit a picture of your photo ID (i.e. driver's license), your two most recent pay stubs from your employer, proof of graduation, statements from your student loan providers indicating payoff amounts and if you are in the healthcare field you will need to provide your license and malpractice insurance.

After submitting documents, the next step is for you to approve the loan terms. This is where you find out all about your loan, such as its interest rate and monthly payment amounts. Once you sign and send the loan documents, Darien Rowayton Bank will pay off your current student loans. They will also open a checking account for you where you can make automatic payments. By using this option, you will receive a 0.25% discount on your current interest rate.

Qualifications:

To qualify for its student loan refinancing, there are several eligibility requirements you must meet, including the following:

  • DRB has typical eligibility requirements for a lender. You must be a US citizen or a permanent resident.
  • This lender, like many, offers consolidation to those who have a good financial standing. This means that they require a good credit and a strong debt to income ratio.

Benefits of Refinancing Your Student Loan Debt with DRB

It offers some of the lowest interest rates available for student loan debt consolidation. Instead of sticking with private loan companies, where you could pay a higher interest rate, leading to you paying more during the life of the loan, DRB helps you repay your loan quickly with lower rates. The results speak for themselves: DRB touts borrowers have saved an average of $20,000 over the life of their loans. As you can see, this equates to substantial savings.

Moreover, the flexibility they allow in repayment terms allows you to dictate how you want to repay your loan. With shorter terms at competitive rates, your monthly payments might be slightly higher, but at the same time, you pay off your loan quickly. Meanwhile, if you have to adhere to a tight budget, the longer repayment terms give you the flexibility of paying down your student loan debt at a good rate with an affordable monthly payment.

Lastly, there are no maximum caps on how much you can refinance with DRB. Considering the staggering costs of grad school, particularly in certain disciplines such as medicine can grow your student loan debt quickly, this makes DRB a great option no matter how much you owe.

Drawbacks of using DRB for Student Loan Refinancing

Similar to other lenders, the criteria they use to measure your eligibility include credit and income requirements. For example, if you don't have a job or offer of one where you make at least $50,000, it is likely you'll need a co-signer to receive approval for the loan. Unlike a few other providers, they don't allow co-signer releases.

Customer Service with DRB

In the event you need to contact Darien Rowayton Bank for any reason, you can do so via phone, email or live chat assistance. The bank is available to field calls six days a week during standard banking hours, while the live chat feature is great if you want answers to a question quickly, but don't have time to call.

Verdict - Good

Darien Rowayton Bank offers great benefits. If you qualify investigate this company to see if they are right for you. Additionally, its low interest rates, no fees and flexible repayment terms make it a great option to consider if you want to pay down your student debt quickly and save money as well.

Last Updated:

Darien Rowayton Bank Consumer Reviews

Average Customer Rating

5 out of 10 rating 5 14 User Reviews

User Rating Distribution

Ratings: 10 - 9 1
Ratings: 8 - 7 6
Ratings: 6 - 5 2
Ratings: 4 - 3 2
Ratings: 2 - 1 3
1 out of 10 rating 1 Nothing Long application process

This company is THE WORST. I had a loan application in for 4 MONTHS to refinance my student loans. I applied 11/22/15. It is now 3/23/16 and I have not heard anything. I have called and emailed numerous times to try to find out when I would even get a quote for a rate and was told it was in "underwriting" each time. It's like talking to a brick wall. There was no end in sight. I just called and cancelled my application today. I have excellent credit (around 800 score) make good money and it seems that they just don't care about customers. I went with one of their competitors!! Don't even bother applying for a loan here.

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7 out of 10 rating 7 Interest rates are low Process time

My friend recommended this company to me to help consolidate my student loans and I'm so glad she did. This company has the best staff, they are friendly and are happy to answer any questions I had. Some great low interest rates and have saved me lots of money. The only bad thing is the initial process took a couple of weeks.

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8 out of 10 rating 8 Saves money Long application process

The application takes a long time and looks a bit complicated, but you can call any of the support reps who are happy to help. Saved me so much money on my student loans.

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2 out of 10 rating 2 Low interest rates Unprofessional

Apart from the low interest rates on their loans, everything else is terrible. I waited over a month for the whole process and four months down the line I am still waiting for documents from them. The slowest company ever!

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7 out of 10 rating 7 Interest rates are low Process time

My friend recommended this company to me to help consolidate my student loans and I'm so glad she did. This company has the best staff, they are friendly and are happy to answer any questions I had. Some great low interest rates and have saved me lots of money. The only bad thing is the initial process took a couple of weeks.

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8 out of 10 rating 8 Saves money Long application process

The application takes a long time and looks a bit complicated, but you can call any of the support reps who are happy to help. Saved me so much money on my student loans.

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7 out of 10 rating 7 Most competitive rates Long processing time

The most competitive low rates for loans, but they did take over a week to get approval. They had just changed systems, so it may have caused a few delays. Definitely worth contacting!

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5 out of 10 rating 5 Great rates None

I've read reviews about the process taking a long time, but I had no issues. And the rates are one of the lowest available. The staff are all friendly and professional, I highly recommend them!

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4 out of 10 rating 4 Rates are low Long process

Having used a couple of other companies previously for student loan consolidation, this company are by far the best. Although their process is the longest, it's well worth the wait. The rates are the best offered and every member of staff I have spoken to have beed super friendly and helpful.

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6 out of 10 rating 6 Good low rates for consolidation Application process

They offer a great low rate for student loan consolidation, but the application process is a bit slow, took over 2 weeks for me to get approved and the money in my bank.

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4 out of 10 rating 4 Low rate loans Takes a long time to get approved

A great company if you need to consolidate your student loans. The rates are low and great communication from the start.

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2 out of 10 rating 2 None Can withdraw loan approval

Useless company! They approved my loan and within a couple of days they came back to me to say they apologise but there was a mistake and they cannot offer my the loan.

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9 out of 10 rating 9 Customer service None

Darien Rowayton have been amazing at helping me to refinance my loans and all of the customer service reps I have spoken to have been professional and friendly.

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8 out of 10 rating 8 Helpful customer service Need to have a specific degree

I have had no problems with Darien Rowayton, however you can only qualify if you are a graduate student with a specific degree. But if you are suitable I would recommend giving them a try, as they have helped me consolodate my high interest student loan, as Sallie Mae would not help at all.Darien Rowayton has been a great help and they really work to your needs. The only issue I had was that the process was a bit slow, but once you have the load they are a fantastic company and such a weight off your shoulders.

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In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.