DRB uses a third party servicer, MOHELA, to service student loans. Their consolidated loan rates are competitive and they provide 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 to refinance options to parents with Parent PLUS Loans.
Student Loan Basics
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 lower variable rate loans or with a slightly higher fixed loan rate. Be aware that the listed rates will appear differently if you do not opt for Autopay.
Repayment terms for the loan vary from five to 20 years, however, you can also set a fixed term at 5, 7, 10, 15, or 20 years. What's unique about Darien Rowayton Bank is the rate caps it offers on its loans.
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.
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, and statements from your student loan providers indicating payoff amounts. If you're a healthcare professional, you must be licensed to practice.
DRB does not require proof of 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 loans, 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. You can also make automatic payments from any bank account. By using this option, you will receive a 0.25% rate reduction if you sign up for automatic payments from any banking account.
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.
DRB 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 is no maximum loan amount 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.
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 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 have a co-signer release program.
DRB Customer Service
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.
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.