Student Loan Refinancing: 3 Awesome Deals for Doctors in Residency

By Jen Williamson Updated on January 24, 2020

Graduating from medical school is an incredible achievement. But if you're more in the mood to worry about your student loans than celebrate your graduation, that's understandable. If you're like many medical students, you have six figures in student debt — and several years of low-paying residency or fellowship ahead of you.

But you can be proactive about that debt — and one of the best ways to do it is by refinancing. We've scouted out some great under-the-radar deals for residents from SoFi, Laurel Road, and Splash Financial below.

See also: Should You Defer Student Loan Payments During Your Medical Residency?


SoFi has a special refinancing program for medical students, where you can reduce your payments to as little as $100 per month for up to 54 months during your residency. Keep in mind that unpaid interest will capitalize at the end of your residency (as it does in deferment), so make sure you're paying enough to cover the monthly interest if you're able to.

You'll still pay interest on your SoFi loan, but it could be considerably less than you'd pay even with a federal loan. 

On the lower end, the interest rates SoFi offers are as low as 2.560% for a variable rate loan, or 3.71% for a fixed rate. Those rates include a 0.25% interest rate discount for enrolling in AutoPay. As a comparison, the going rate for federal Direct Unsubsidized Loans is currently 6.08% for grad students. 

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There are no prepayment penalties or origination fees, and their terms are five, seven, ten, 15, or 20 years.

In addition, SoFi offers some serious perks for borrowers, including networking sessions, wine tastings, yoga classes, and career counseling help for its borrowers.

Check out what SoFi could do for you here. (Scroll to the bottom of the page and select Medical/Dental Resident under Products.)

Laurel Road

Laurel Road also offers a special deal for med students. Like SoFi, they’ll let you reduce your payments to a manageable $100 per month while you’re in residency. Plus, they’ll extend that period for six months after you’re finished with your residency, too. (Your interest does capitalize, however — so make sure you're paying enough to cover it).

If you’re already deferring your loan or in a grace period, Laurel Road honors that period — and won’t start your payments until it’s over.

Their terms are five, seven, 10, 15, or 20 years. The interest rates on fixed-rate loans range from 3.76% to 7.44% APR on fixed rate loans, and 2.41% to 7.10% APR on variable-rate loans. Those rates include the 0.25% discount for enrolling in AutoPay.

Another perk Laurel Road offers is a very generous referral program. If you refer someone else who refinances with them, you could earn up to $400 per referral. 

Learn more about Laurel Roads here. Click on the Residents and Fellows tab to get a rate quote. 

Splash Financial 

Splash Financial specializes in refinancing for med students, although they also provide refinancing for other student borrowers as well. They even have a practicing physician — a nephrologist — on the board.

Splash Financial offers a program for medical residents that allows you to pay $100 per month on your student loans during residency, for a period of up to 84 months. Your interest will not capitalize until 90 days after your grace period ends.

(Again, we'll repeat what we said in the previous sections: make payments high enough to cover the interest if you possibly can, even if you're not required to, to keep your debt from getting larger.)

Splash offers a very broad choice of loan terms, including three, five, seven, 10, 15, and 20 years. Their interest rates start at 2.80% APR on variable rate loans and 3.76% APR on fixed-rate loans.

Get a rate quote from Splash here. Click on Products at the top of the page and then select Medical School Student Loan Refinancing.

Should you refinance your medical school loans?

If you’re starting your residency or a fellowship and are weighing your options, these lenders are worth a look. Try out their rate calculators and see how much you could save. It’s possible one of them could be the one that sees you through your residency.

See how much you could save by refinancing. 

Published in: Refinance, Student Loan Debt

About the Author
Jen Williamson

Jen Williamson is a freelance writer living in Brooklyn. She has written for a variety of industries, including software, education, business, and personal finance. Prior to that, she worked at an adult literacy nonprofit in Philadelphia, where she coached nontraditional students in passing the GED test and applying for college. When she isn’t writing or reading—which is rare—she can usually be found planning her next travel adventure, training for a marathon, or sneaking in somewhere she’s not supposed to be. Read more by Jen Williamson