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Student Loan Refinancing Options for Physicians
Resources for doctors to refinance medical school debt and save money on interest
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Navigating student loan repayment as a doctor can be overwhelming, particularly with the variety of federal refinancing programs and all of their nuances. It is worth considering all the options though, as high monthly payments and paying a larger amount towards interest than necessary has short term effects on your budget and long term implications for your financial success. Especially if you have private student loans, it is important to regularly assess whether you can find a lower interest rate. We have partnered with the student loan refinancing companies below, who have helped thousands of doctors on our communities reduce their student loan burden and who offer special discounts or perks for our members such as rate discounts or money back for using our student loan refinancing affiliate links.
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If you aren't sure whether refinancing your student loans is the best option for you right now, visit our student loans and refinancing for physicians primer to learn more. If you have federal loans, it's especially important to be aware of the pros and cons, as refinancing your student loans will make you ineligible for federal student loan forgiveness options.
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If you are interested in partnering with Physician Side Gigs to provide student loan refinancing options to our physicians, please visit our partner with us page to learn more.
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Disclosure: This page contains information about our sponsors and/or affiliate links, which support us monetarily at no cost to you, and often provide you with perks, so we hope it's win-win. These should be viewed as introductions rather than formal recommendations. We are not formal financial, legal, or tax professionals and do not provide individualized advice specific to your situation. You should consult these as appropriate and/or do your own due diligence before making decisions based on this page. To learn more, visit our disclaimers and disclosures.
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STUDENT LOAN REFINANCING FOR PHYSICIANS
SoFi
SoFi has partnered with Physician Side Gigs to offer a 0.25% rate discount when you refinance student loans. SoFi is a leader in student debt refinancing that’s going beyond their already competitive rates for members like you. You could save thousands with this exclusive member discount rate. Flexible terms let you lower monthly payments or pay off your debt sooner. You could even get a discount for autopay—or just for having a medical school loan. And SoFi charges no fees.
See terms and view your rate in two minutes at SoFi.com/PhysicianSideGigs
Credible
Credible has partnered with Physician Side Gigs to offer bonuses to members who refinance. Members receive a $1000 bonus paid by gift card for refinancing amounts at or above $100,000 and $500 bonus paid by gift card for refinancing amounts below $100,000.
Do so here (affiliate link) at www.credible.com/physiciansidegigs. Terms and conditions apply. See additional disclosures at the bottom of the page.
SHOULD I REFINANCE MY PHYSICIAN STUDENT LOANS?
The compounding interest on large student loan balances common for medical school can add up quickly, and it's very important to be intentional about optimizing your strategy for tackling your medical school and undergraduate debt. The goal of student loan refinancing is to save money on interest payments.
By lowering the amount of interest you pay over the life of your student loans, you can pay off your debt quicker, which also helps accelerate financial freedom if you then invest what you were paying toward your loans, or if you use the reduced interest and resulting lower monthly payment to invest more earlier.
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For those with private loans, you simply want the lowest interest rate possible. There is no upfront fee for refinancing your student loans, so you should consider refinancing your student loans whenever a lower interest rate is available.
As alluded to above, the management of federal student loans can be complicated. Refinancing your loans will preclude you from taking advantage of any of the federal programs or protections and initiatives offered by the government, including federal student loan forgiveness options and plans. For those with federal student loans, it's very important to get appropriate financial advice from licensed professionals or the resources at studentloans.gov before making any permanent decisions that can't be undone. It's important to weigh the benefits and potential cons depending on your situation such as your current interest rate(s), your employment situation for potential forgiveness, etc.
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Learn more on our student loans and refinancing for physicians primer.
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​​Credible Disclosure: This page contains an advertisement from a third-party advertiser, Credible Operations, Inc., which is licensed as a mortgage broker in some, but not all, states (see https://www.credible.com/a/mortgage/licenses). Information contained herein is provided for illustrative purposes only, without any representations or warranty as to its accuracy or applicability to you. All credit requests are subject to review and approval, and your actual loan terms will depend on your financial situation. Credible Operations, Inc. is solely responsible for the content of its advertisement and the services it provides.
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