Does SoFi refinance student loans for Medical Residents and Fellows?

Yes! SoFi will refinance student debt for medical residents and fellows before you become an attending physician. Residents will be required to make minimum monthly payments of $100 on their debt to SoFi until the end of your residency or fellowship program, up to 54 months. After this time, your loan will re-amortize and your payment amount will increase according to a fully amortized loan schedule.

Am I eligible for a SoFi Medical Resident Refinance loan?

1.) You’re a medical resident or fellow with up to four years left in your approved program. 2.) You have over $10k in private or federal student loan debt. 3.) You have graduated from a selection of Title IV accredited university or graduate programs in the U.S. 4.) You meet SoFi’s underwriting criteria.

When can I refinance?

Residents and fellows can apply to refinance once you have been matched to your residency or fellowship program. Applicants must be within 4 years of becoming an attending physician. Any fellowship or extended residency training period must be agreed to at the time of refinancing.

What happens if I leave my residency program?

Upon completion or departure from your residency program, your loan will re-amortize and your payment amount will increase according to a fully amortized loan schedule.

What terms do you offer?

SoFi offers 5, 7, 10, 15, and 20 year fixed and variable terms. This means that if you refinance today, have four years left in your residency, and refinance to a 20 year loan term, as long as you make every payment on time, your loan will be fully paid off in 24 years.

What happens to the accrued interest on my loan during the $100 payment per month residency period?

Interest that accrues while paying $100 monthly payments during the residency period will capitalize at the end of your residency period.

Medical Resident Refinance | Low Interest Rates With SoFi

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*NOTICE: The White House has announced a $10,000 forgiveness for qualifying federal student loan borrowers/$20,000 forgiveness for qualifying Pell Grant recipients/suspended all federal student loan payments and waived interest charges on federally held loans until 12/31/22. Please carefully consider these changes before refinancing federally held loans with SoFi, as in doing so you will no longer qualify for these changes or other future benefits applicable to federally held loans. If you qualify for federal student loan forgiveness and still wish to refinance, leave up to $10,000 and $20,000 for Pell Grant recipients unrefinanced to receive your federal benefit. For more information, please go to https://studentaid.gov/debt-relief-announcement/

This is not an offer, or solicitation of any offer to buy or sell any security, investment or other product.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and a medical resident or fellow with up to four years left in an approved program and meet SoFi’s underwriting requirements; see SoFi.com/eligibility. 1 Notice: 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. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. In addition, federal student loans offer deferment and forbearance options that are not available to you if you take out a SoFi Bank N.A. Medical Resident Loan Refi. Read more at SoFi.com/legal#medical-resident-slr-100. Information current as of 5/18/22 and subject to change. SoFi student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details.

† To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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