SoFi has introduced an addition to its market-leading student loan refinancing offering, especially designed for medical residents and fellows. The Medical Resident Student Loan Refinancing product will allow eligible medical students and fellows to keep their student loan interest from compounding (although it will still accrue) for the duration of their residency – up to 54 months. They will need to make $100 monthly payments during residency or fellowship, after which their regular payment schedule will start. SoFi offers five repayment terms, ranging from five to 20 years at low fixed and variable rates.
To date, SoFi has assisted its members to save approximately $2 billion on student loans through refinancing. Besides financial help, residents and fellows who refinance with SoFi will be able to take advantage of such member benefits as wealth advisors, career coaching, and networking events.
Medical residents are one of the mot debt-encumbered student populations in the U.S. Seventy-six percent of 2016 med school grads have student loans, with a median student loan debt at graduation of $190,000. Medical school residents and fellows usually earn just $60,000/year.
“Medical residents and fellows so often defer dealing with their student loans until later in their careers when they’ve piled up interest,” said Meron Colbeci, SoFi’s Senior Vice President of Product Manager. “We’re providing an easy, affordable way to help residents take control of their debt early on in their career.”
SoFi has a special customer service team for medical residents and fellows to answer questions about this product. You can find more information here.