Refinance Medical Student Loans
Best Lenders to Refinance Medical Student Loans in 2020
 |  View Disclosures To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest fixed rate loan rates range from 1.99% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.89% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of November 21, 2019, and are subject to change based on market conditions and borrower eligibility. You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay. Lender Identification Footnote: Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit earnest.com/licenses for a full list of licensed states. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries are not sponsored by or agencies of the United States of America. © 2021 Earnest LLC. All rights reserved. |  View Disclosures Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution. Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810. As of 12/07/2019 student loan refinancing rates range from 1.90% to 8.59% Variable APR with AutoPay and 3.49% to 7.75% Fixed APR with AutoPay. |  View Disclosures Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.76% effective November 10, 2019. |  View Disclosures Lifetime interest savings of $20,657 is a hypothetical calculation and may not be representative of your actual situation. The savings calculation assumes an original loan amount of $65,000 with a 10-year term and a rate of 7.15%, refinanced to a shorter, 5-year term with a fixed rate of 3.25% APR, which is PenFed’s lowest available 5-year fixed rate as of 7/1/2018. The calculation also assumes no pre-payment amounts and on-time payments for the duration of the refinanced term. Not all applicants will qualify for the lowest rate as they are reserved for the most creditworthy applicants. Your actual savings may vary based on interest rates, balances, remaining repayment term and other factors. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.48% APR to 6.03% APR and Variable Rates range from 2.32% to 7.06% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. |  View Disclosures UNDERGRADUATE LOANS: Fixed rates from 2.99% to 10.66% annual percentage rate (“APR”) (with autopay), variable rates from 0.95% to 11.18% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.08% to 10.90% APR (with autopay), variable rates from 1.00% to 11.29% APR (with autopay). PARENT LOANS: Fixed rates from 4.23% to 10.66% APR (with autopay), variable rates from 1.15% to 11.18% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 11/01/2021. Enrolling in autopay is not required to receive a loan from SoFi. Loans originated by SoFi Lending Corp. or an affiliate (dba SoFi), licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org). |  View Disclosures Education Loan Finance Program from SouthEast Bank – Loan Interest Rates & Fees Your Starting Interest Rate (upon approval) The interest rate you pay will be determined after you apply. It will be based upon your credit history, the loan term you select, and other factors. If approved, we will notify you of the rate you qualify for. Your Interest Rate during the life of a loan: Fixed-Rate Loans Your rate is fixed and will depend on the loan term that you select. This means that your interest rate will never change during the life of your loan. Your Interest Rate during the life of the loan: Variable-Rate Loans Your rate is variable. This means that your rate could move lower or higher than the rates on your disclosure. This loan has a variable interest rate that is based on a publicly available index, the 3-month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 0.29% and 3.91% to the 3-month LIBOR. Your rate will not increase more than once quarterly. Although the interest rate will vary after you are approved, the interest rate will never exceed 9.95% for the 5-year, 7-year, 10-year, 15-year, or 20-year term. Loan Fees & Example Application Fee: $0 Origination Fee: 0% Loan Guarantee Fee: 0% Prepayment Fee: 0% Late Charge: the lesser of 5% of the past due amount or $50 Returned Check or Insufficient Funds Charge: $30 For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. Federal Loan Alternatives and Disclosure Regarding Benefits You may be able to consolidate your outstanding federal loans into a Federal Direct Consolidation Loan. The current interest rate for a Federal Direct Consolidation Loan is the weighted average of the interest rates being consolidated rounded up to the nearest one-eighth of one percent. Think carefully before taking out a loan with Education Loan Finance, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through Education Loan Finance, you will not be able to select income contingent repayment or other flexible payment plans that are available to federal student loan borrowers. In addition, federal student loans offer deferment and forbearance options that may not be available to you if you take out a loan with Education Loan Finance. Private education loans are not eligible to be included in a Federal Direct Consolidation Loan. See http://studentaid.ed.gov/types/loans/federal-vs-private for a description of the benefits and repayment options available to federal student loan borrowers. Next Steps 1. Find out about other options. The Federal Direct Consolidation Loan may have student loan benefits and terms not detailed on this form. Visit the Department of Education’s website at www.StudentLoans.gov for more information about other consolidation loans. 2. To apply for this loan, complete the application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law). Reference Notes Disclosure Regarding Federal Loans See your loan agreement for important disclosures about the consequences of refinancing federal student loans with Education Loan Finance. Interest Rate Your interest rate will depend on the loan term that you select. Interest rates are valid within the preceding 30 days. Repayment Options Education Loan Finance does not have a grace period. Monthly payments of principal and interest begin the month after the loan proceeds are disbursed unless we grant you a deferment and align your repayment begin date to the expiration of the grace period on the federal student loans that you are refinancing with us. You understand that interest will continue to accrue during this deferment period and that accrued interest will be capitalized at the end of this deferment period. Electronic Payment Requirement This loan requires an electronic payment. Borrower Eligibility Criteria All loans are subject to credit approval. Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility. Must be at the age of majority or older at the time of loan application. Must have earned a bachelor’s degree or higher from an Education Loan Finance approved post-secondary institution and program of study. Must reside in a state in which Education Loan Finance is authorized to lend. Participating Schools Neither Education Loan Finance nor SouthEast Bank is affiliated with the schools included on the Education Loan Finance Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party. Co-Signers Must be at the age of majority or older at the time of loan application. Bankruptcy Limitations If you file for bankruptcy you may still be required to pay back this loan. SOUTHEAST BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. This website and all content is the exclusive property of SouthEast Bank and may not be reproduced without permission. All information contained on this website is subject to change without notice. SouthEast Bank is not responsible for typographical errors. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement. |  View Disclosures Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. |  View Disclosures BRAZOS RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Brazos loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Program restrictions, other terms, and conditions apply. All loans are subject to individual approval and adherence to eligibility requirements and underwriting guidelines. Not all borrowers receive the lowest rate. If approved, your actual rate will be within the range of rates listed in this website and will depend on a variety of factors, including whether your loan has a fixed or variable interest rate, the term of the loan and your credit score. Rates and Terms are subject to change at any time without notice. Brazos loans are originated by Brazos Education Lending Corporation. None of the information contained in this website constitutes a recommendation, solicitation or offer by Brazos or Brazos Higher Education to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service. |  View Disclosures Product name, logo, brands, and other trademarks featured or referred to within Juno are the property of their respective trademark holders. Please consult a licensed financial professional before making any financial decisions. This site is not endorsed or affiliated with the U.S. Department of Education. 1 – APR Rates shown are effective as of 7/1/2020 to the best of our knowledge. For the most up to date rates, we recommend contacting our partners. APRs include discounts such as autopay discounts and/or relationship discounts. If approved for a loan, the rates and terms offered will depend on things like creditworthiness, the loan term, and other factors. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Each lender reserves the right to change interest rates at any time without notice. |
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Fixed Rates A fixed-rate student loan guarantees a single interest rate that does not change over the lifetime of the loan. Fixed-rate loans often have higher rates than the introductory rates on variable loans. However, borrowers have peace of mind knowing their monthly payments will always be the same amount. | 2.44% – 5.79% | 2.49% – 7.75% | 2.83% – 6.74% | 3.23% – 5.53% | 2.49% – 6.94% | 2.47% – 5.99% | 2.44% – 6.62% | 2.25% – 3.97% | 2.15% – 6.23% |
| Variable RatesVariable-rate student loans have interest rates that can change during the repayment period. Interest rates may increase or decrease at any time and typically do so based on changes to LIBOR. Often, the introductory rate on a variable-rate loan is lower than that of a fixed rate loan, though it has the potential to increase later. | 1.88% – 5.64% | 1.90% – 5.25% | 1.99% – 6.84% | 2.18% – 5.54% | 1.74% – 6.59% | 1.86% – 6.01% | 1.88% – 6.15% | 1.88% – 4.80% | 1.87% – 6.67% |
| Terms“Term” refers to the length of the loan, typically in years. In general, the shorter the term, the lower the interest rate and the higher the monthly payments. Longer terms will typically result in lower monthly payments but at a higher interest rate. Borrowers may select any term offered by a lender regardless of the current loan term. | 5 to 20 | 5 to 20 | 5 to 20 | 5 to 15 | 5 to 20 | 5 to 20 | 5 to 15 | 5 to 20 | 5 to 20 |
| Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | |
| Minimum Lending AmountThe minimum student loan balance a borrower must currently have to refinance with the lender. | $5,000 | $5,000 | $5,000 | $7,500 | $10,000 | $15,000 | $7,500 | $10,000 | $5,000 |
| Maximum Lending AmountThe maximum student loan balance a borrower must currently have to refinance with the lender. | No Max | $125k undergrad $250k graduate $300k medical | $500,000 | No Max | No Max | No Max | $350,000 | $400,000 | No Max |
| Auto Pay DiscountLenders may offer an interest rate reduction for setting up automated monthly loan payments. This reduction is typically already factored into the fixed and variable rates quoted above. |  | | | | | | | | |
| Job Loss ProtectionIf a borrower loses their job through no fault of their own, they may be eligible to receive unemployment benefits with some lenders. If approved for this benefit, the lender will put the borrower’s loans into forbearance, suspending their monthly loan payments. Unpaid interest will continue to accrue and will be capitalized (added) onto the borrower’s principal balance. Borrowers typically have the option to make interest-only payments during this period in order to prevent accruing interest from increasing their balance. | Up to 1 Year | Up to 18 Months | Up to 24 Months | Contact Lender | Up to 1 Year | Up to 1 Year | Contact Lender | Contact Lender | Varies |
| Average SavingsAverage savings per lender based on applicants who have applied. | Varies | Varies | Varies | Varies | Varies | Varies | Varies | Varies | Varies |
| Interest Only PaymentsSome lenders may allow you to make interest-only payments for a period of time during your repayment period. |  | | | | | | | | |
| Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | |
| Eligible DegreesOur partners refinance student loans from both undergraduate and graduate degrees. | Undergrad & Graduate | Undergrad & Graduate | Undergrad & Graduate | Undergrad & Graduate | Undergrad & Graduate | Undergrad & Graduate | Undergrad & Graduate | Private & Federal | Private & Federal |
| Eligible LoansOur partners refinance both private and federal student loans. Both types of loans can be consolidated to create a single payment. | Private & Federal | Private & Federal | Private & Federal | Private & Federal | Private & Federal | Private & Federal | Private & Federal | Private & Federal | Private & Federal |
| Credit Score MinimumThis is the lowest credit score a lender will consider when determining borrower eligibility. While some lenders do not indicate a specific minimum score, they typically still evaluate a borrower’s credit profile to determine eligibility. | 650 | 680 | 660 | 670 | Good or Excellent score needed | 680 | 650 | 690 | 650 |
| Minimum Income RequirementsThe minimum annual income a lender is will consider for borrower eligibility. | none | $24k Annual, $12k with Cosigner | $24k Per Year | None | None | $35k Annual | $42k Annual | $60k Annual | None |
| Apply with CosignerApplicants have the option to add a cosigner to meet eligibility requirements and/or get better rates and terms on their loan. | |  | | | | | | | |
| Cosigner ReleaseIf the applicant’s initial student loans had a cosigner, the applicant may have the option to refinance their loans solely in the borrowers name and “release” the original cosigner(s). | | | | | | | | | |
| Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | |
| Transferable Parent PLUS Loan from Parent to GraduateMany parents take out “Parent PLUS” loans to pay for their children to attend college. Some lenders will permit the refinancing of those Parent PLUS loans from the parent’s name into the name of the child/graduate. | | | | | | | | | |
| No Origination FeesOrigination fees are added expenses that lenders may charge for granting a new loan. | | | | | | | | | |
| No Prepayment PenaltyPrepayment penalties are fees charged by lenders for paying off the balance of the loan before its scheduled pay-off date. | | | | | | | | | |
| Refinance Parent PLUS LoansIndicates whether or not the lender allows parents who took out Parent PLUS loans on behalf of their children to refinance their loans. | | | | | | | | | |
| Can Be a Resident of Any StateSome lenders may not refinance student loans for residents of certain states. | Any except AL, KY, MS, NV, RI | Any except ME, ND, NV, RI, WV | Any except MS or NV | Yes | Yes | Yes | Yes | Texas Residents only | Yes |
| Previously Defaulted Loans AllowedIndicates whether or not the lender allows loans that were previously in default, but have now been rehabilitated, to be refinanced. Loans currently in default are generally not eligible for refinancing. | | | | | | | | | |
| Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | |
| Avg. Time to Check RateAn estimate of how long (on average) it will take for a borrower to simply check their refinancing interest rate. For lenders that offer a soft credit check, this will not hurt a borrower’s credit score. | 3 minutes or less | 3 minutes or less | 3 minutes or less | 3 minutes or less | 3 minutes or less | 3 minutes or less | 3 minutes or less | 3 minutes or less | 3 minutes or less |
| Avg. Time to ApplyAn estimate of how long (on average) it will take for a borrower to fully complete a student loan refinancing application. | 10 minutes or less | 10 minutes or less | 10 minutes or less | 10 minutes or less | 10 minutes or less | 10 minutes or less | 10 minutes or less | 10 minutes or less | 10 minutes or less |
| Application Mobile FriendlyIndicates whether or not a lender accepts applications from a mobile device. | | | | | | | | | |
| No Personal References NeededSome lenders may require a personal reference in order to apply for student loan refinancing. | | | | | | | | | |
| Interest is Tax DeductibleIndicates whether or not the interest paid on the refinanced student loan may be eligible for the student loan interest tax deduction (assuming all other eligibility requirements are met). | | | | | | | | | |
| Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate | Request Rate |
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Do Lenders Charge an Upfront Fee to Refinance Medical Student Loans?
‣ In some cases, lenders will charge an origination or “obligation fee”. Most of if not all of the lenders we have partnered with on this site do not a have any type of fees associated with their loans. This means that you will not see any surprises when you see your next bill after choosing to refinance your medical student loans or any initial sneaky fees that you may not have known about prior to refinancing.
Will I be Required to Make Payments During Residency or a Fellowship?
‣ Almost all lenders will require for you to make some type of payment during your time in residency or fellowship. Back in 2009, there was a bill that allowed for you to put off paying back your student loans until you finished your residency or fellowship. This bill has since been eliminated. The best way to know for sure is to reach out to the lender who you are looking to go with and see what their terms are. Many of the lenders we showcase offer a great list of tools and even discounts for things like auto-payment from your bank account.
Will The Lender Help You Through Financial Hardship?
‣ One of the most common questions you will want to ask your lender is how they will help you in the case of financial hardship. Each of the lenders featured on this site have varying financial hardship programs and you will want to consult your lender to determine which program will work best for you and your situation prior to selecting the lender. These programs can be a huge help if you have an unfortunate situation such as job loss or other financial mishaps.
When Do You Have To Start Making Payments?
‣ One of the most important things you need to get clear with your lender off the bat is when you are expected to make your first payment. In most cases, there is no grace period and once the loan has been funded the lender will expect you to pay. Be sure when you are working with your lender to ask how long it will take for your previous loans to be paid and when you should expect your first loan payment. If setting up automatic payments is import to you, your lender will generally be able to provide you with guidelines as to when you can expect to make your first payment as well as setting up auto-pay.
Can You Release Your Cosigner?
‣ One of the biggest questions you should consider when looking for a lender is if they offer co-signer release. If you may not qualify initially for refinancing based on your own income or credit, you may have the opportunity to use a co-signer. All of our lending partners allow for users to use a co-signer, not only will this help you get approved but it may also lead to you getting a lower monthly payment due to your co-signers credit score and work history among other factors considered. Getting approved is great, but your co-signer will also want to know the terms of their agreement and at what point they can be removed from the loan. Before using a co-signer be sure to ask the lender about their practices with co-signers. Some allow for them to be released after just 12 months while others may not release until 24 months has been completed.