Anyone who pursues the medical field knows that the path to becoming a doctor is laden with student debt. In fact, 76% of 2016 medical school graduates have student loans, with a median student debt load of $190,000 at graduation. And future doctors aren’t just sitting on a pile of debt throughout medical school; even upon starting residency, they’re still accruing interest on that debt while only earning, typically, about $60,000 a year.
For residents that are looking to ease that debt burden while awaiting full credentials, SoFi launched a brand new Medical Resident Student Loan Refinancing product. By refinancing, eligible medical residents and fellows can keep their student loan interest from compounding over the course of residency (up to 54 months). At the same time, they can make just $100 monthly payments during residency or fellowship.
The product also offers five different full repayment terms, ranging from five to twenty years at low fixed and variable rates. This can enable medical residents to repay on their own terms, and allows them to continue their education while tackling their debt as soon as possible. As SoFi’s Senior Vice President of Product Management, Meron Colbeci, notes, “We’re providing an easy, affordable way to help residents take control of their debt early on in their career.”
Considering student loan refinancing has helped save SoFi members an estimated $2 billion on student loans, refinancing for medical residents could be just as impactful for their student debt loads. In addition to a smooth application process, SoFi has a dedicated customer service team for medical residents and fellows specifically looking for more information on medical student loan refinancing, reachable via phone at 866-336-DOCS or via email at firstname.lastname@example.org.
Those who know the landscape well have already weighed in on the product. “If you’re House staff in a for-profit environment or plan to work in one when you transition, if you have a high household income, or have less than $100k in student loans, or have ANY high rate private loans, this is worth exploring further,” says Jason DiLorenzo, the founder and executive director of Doctors Without Quarters, a national student debt advisory firm dedicated to the financial wellness of early-career graduate health professionals. “For residents and fellows who have determined that refinancing is suitable, now is the time to act.”
In the SoFi mission to serve the driven, medical student loan refinancing provides one more option for members to pay down their debt and reach their goals sooner.
Best of all, to keep providing the best member benefits possible, Arizona Medical Association is teaming up with SoFi to keep providing you with the best member benefits possible. As part of SoFi’s partnership with ArMA, you can receive a special 0.125% rate discount1 when you start your application and refinance through SoFi.com/ArMA.
Note: The minimum monthly payment of $100 while in residency period may not pay all of the interest due each month, which will likely result in negative amortization during the residency period.
1Additional terms and conditions apply. Offer good for new student loan refinancing customers only. To receive the offer, you must: (1) register and/or apply through the landing page sofi.com/aapd; (2) complete a loan application with SoFi within 90 days of your application submit date; (2) and meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.125% rate discount because of your involvement with a SoFi partner company at the time of loan origination. Offer good for new customers only. Cannot be combined with other rate discounts, with the exception of the 0.25% AutoPay rate discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice.