(Federal interest rates are hovering at 4.45 percent, and private loans average around eight percent, according to LendEDU.) 5. Car Financing: Most people can’t afford to simply walk into a car dealership, drop a heavy bag full of cash, and walk out with a brand new car. First Republic Bank makes this list of the best places to refinance your student loans because they offer one of the lowest fixed rate student loan options on the market - as low as 1.95% APR. They do have stricter requirements - higher loan amounts, higher income requirements, and you need good credit. June 10, 2013 in Student Loans. Once you’re in student loan debt, it’s hard to avoid drowning in it. According to the Project on Student Debt, the average undergrad borrowed nearly $27,000 to make it through four years of college in 2011.