![]() ![]() Take a look at your various loans’ interest rates and features. You may also qualify for a medical residency forbearance on your federal loans, but interest will accrue during that time, increasing your total balance. But if you have federal loans, you may be able to pay even less if you choose an income-driven repayment program, so explore options with your student loan servicer. If you choose to refinance during residency, some lenders will limit your payments to $100 per month in recognition of your lower starting salary. Medical students have the choice to refinance their loans either during residency or after. If you’re interested in refinancing student loans from medical school, here are the steps to take: 1. You can also make federal loan payments based on your income and family size, which could be useful at the start of your career. That’s because federal student loans come with many important features and protections which disappear if you refinance.įor example, if you work for a government agency or nonprofit hospital and meet other requirements, you could get your federal loans forgiven after 120 monthly payments under the Public Service Loan Forgiveness (PSLF) program. However, there are risks to refinancing federal student debt. Private institutions including banks, credit unions and online lenders allow you to refinance private student loans, federal student loans or both. Since the goal of refinancing is to access a lower interest rate or lower your monthly payments, it usually makes the most sense to refinance your highest-rate loans. Medical students can choose to refinance any combination of their student loans from undergrad, medical school or postgraduate studies. To determine your interest rate, lenders look at your complete financial picture, including your credit score, current and likely future income, total debt and history of on-time debt payments. Student loan refinancing is when a lender pays off your previous student loans and issues you a new loan, ideally at a lower interest rate or with better repayment terms. What Is Medical School Student Loan Refinancing? Autopay is not required to receive a loan from SoFi. ![]() This benefit is suspended during periods of deferment and forbearance. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. APRs for variable-rate loans may increase after origination if the SOFR index increases. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. SoFi rate ranges are current as of 1/16/24 and are subject to change at any time. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 13.95% APR 15- and 20-year terms are capped at 13.95% APR. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay discount. *Fixed rates range from 3.99% APR to 9.99% APR with 0.25% autopay discount. ![]()
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