According to a recent SoFi/PRWeb press release, doctors who have graduated from med school (one of 85 approved programs) and completed residency will now be eligible to refinance their educational debt through SoFi. According to an AAMC report, 86% of 2012 med school graduates have student loans – the median debt is $170,000.
SoFi’s refinance fixed interest rate for doctors will be 5.74% APR (on a 5-year term) or 5.49% APR if doctors agree to an automatic monthly payment on the principal and interest. (Just to compare to other refinancing companies, Stafford loans have interest rates of 6.8^ and Grad PLUS loans at 7.9% interest.)
On the new doctor refinancing option, Mike Cagney, CEO of SoFi, says: “SoFi cannot succeed in transforming student loans without addressing the critical debt burdens experienced by those who ensure the health of our community. We are excited to offer loan products that provide more flexible options and meaningful savings.”
Another benefit of refinancing with SoFi is subsequent involvement in the SoFi community. Cagney explains: “We help our borrowers realize their goals beyond paying off student debt. Whether seeking employment opportunities, career advice, access to industry luminaries, or simply a like-minded network, our borrowers have many reasons for choosing SoFi.”
See the PRWeb press release, SoFi Tackles Medical School Debt with Refinancing Options for Doctors, for more details, or head to the SoFi site.
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