SAN FRANCISCO, Oct. 11, 2017 /PRNewswire/ --SoFi announced today the launch of its Medical Resident Student Loan Refinancing product, an extension of its market-leading Student Loan Refinancing offering, specifically targeted for medical residents and fellows.
With this product, eligible medical residents and fellows can keep their student loan interest from compounding over the course of residency (up to 54 months), and only make $100 monthly payments during residency or fellowship1. After that, their regular payment schedule will commence. SoFi offers five different full repayment terms, ranging from five to twenty years at low fixed and variable rates.
Medical residents as a group are one of the most debt-burdened populations of students in America. Seventy-six percent of 2016 medical school graduates have student loans, with a median student debt load of $190,000 at graduation.2 At the same time, medical residents and fellows typically earn only $60,000 a year.
"Medical residents and fellows so often defer dealing with their student loans until later in the careers when they've piled up interest," said SoFi's Senior Vice President of Product Management, Meron Colbeci. "We're providing an easy, affordable way to help residents take control of their debt early on in their career."
SoFi has helped its members save an estimated $2 billion on student loans to date through refinancing.3 In addition to financial benefits, residents and fellows who refinance with SoFi will have access to SoFi's suite of member benefits such as wealth advisors, career coaching, and networking events.
About SoFi SoFi is a new kind of finance company taking a radical approach to lending and wealth management. From unprecedented products and tools to faster service and open conversations, we're all about helping our members get ahead and find success. Whether they're looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.
Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS #1121636. Terms and Conditions apply; see SoFi.com/legal for details. Advisory services are offered through SoFi Wealth, LLC.
While the interest will not compound during the residency period, interest is still charged. The minimum monthly payment of $100 may not pay all of the interest due each month, which will likely result in negative amortization during the residency period.
American Association of Medical Colleges. Medical Student Education: Debt, Costs and Loan Repayment Fact Card 2016. (http://bit.ly/2gamNLU). Last accessed 10 October 2017.
See SoFi.com/legal#2b for important information on SoFi's average savings calculation.