collageIf you’re a medical student or a dental student, applying for and receiving a loan can be an easy process. However, if you’re not in the medical field and have taken out a loan to pay for school, it might seem like you’re stuck with that debt until it’s paid off. In this guide, we discuss about the white coat investor refinance student loans, white coat investor student loan forgiveness, medical student loan refinance, sofi student loan refinance and can you refinance student loans with the same company.
Fortunately, there are options available to help reduce your monthly payments and allow you to pay off your debt faster than expected. One of them is called white coat investor refinance student loans. Read on to know more about white coat investor refinance student loans, white coat investor student loan forgiveness, medical student loan refinance, sofi student loan refinance and can you refinance student loans with the same company.
white coat investor refinance student loans
We begin with white coat investor refinance student loans, then white coat investor student loan forgiveness, medical student loan refinance, sofi student loan refinance and can you refinance student loans with the same company.
Why Choose Lend-Grow to Refinance Your Student Loans?
Lend-Grow makes it easy to connect with harder-to-find lenders, who often have better rates. For example, right now rates are as low as 1.87% variable APR and 2.15% fixed APR. Whether your goal is to pay off debt as soon as possible or lower your monthly payment, Lend-Grow’s loan marketplace has something for everyone.
If your loan amount is $100,000 or greater, you get an instant $500 cash bonus when you refinance. Medical professionals love Lend-Grow’s simple rate-check process which matches you with a lender based on your goals. No more sifting through lists of offers!
Check your rate in 2 minutes with no impact to your credit score.
Exclusive
Lend-Grow works with local lenders that are hard to find and can often offer better deals.
Unbiased
Lend-Grow shows you the best deal, not a ranked list of lenders based on commissions.
Tailored to Your Needs
Lend-Grow helps you quickly identify the lowest rate or lowest monthly payment, or whatever is best for you.
What Lend-Grow Customers Say about Refinancing their Student Loans
“I actually refied my student loan through a lender in Lend-Grow’s marketplace, and went from 4.54% to 3.55%! You guys are doing great work. Keep it up!”
“Lend-Grow was so easy to use and after much comparison were able to get me the best rate for refinancing out there!”
“I would recommend your lender to anyone in need of a student loan and I certainly want to thank you and the lender’s customer service rep who provided incredible help and was very generous.”
Lend-Grow Student Loan Refinancing Terms and Conditions
Savings for student loan refinance borrowers is not guaranteed and the actual savings will vary based on borrower credit profile, existing loan, and refinanced loan term and type (fixed rate or variable rate). If you work in the Public sector, are in the military, or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
- Must refinance >$100K to be eligible for $500 cash bonus.
Lend-Grow™ All Rights Reserved ¤ 14321 Winter Breeze Dr., Suite 39, Midlothian, VA 23113 ¤ Email: contact@lendgrow.com
white coat investor student loan forgiveness
Next, we review white coat investor student loan forgiveness, medical student loan refinance, sofi student loan refinance and can you refinance student loans with the same company.
The Public Service Loan Forgiveness (PSLF) program is one of the best possible ways to manage federal loans. If you are eligible for this government program by virtue of your employment situation, you should almost surely take advantage. PSLF offers tax-free forgiveness of any remaining direct federal loans after 10 years of payments have been made.
Public Service Loan Forgiveness Requirements
Obtaining PSLF is not particularly complicated, but news stories continually show many people applying for it that do not meet the requirements. If your student loan management plan is obtaining PSLF, you should have these requirements down cold:
- Only direct federal loans are eligible
- Must be employed full-time (30+ hours/week) by a non-profit 501(c)(3) or governmental employer
- Must make 120 on-time (i.e. < 15 days late) monthly payments
- Payments must be made in an eligible program—usually an Income-Driven Repayment (IDR) program such as Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), or Income Contingent Repayment (ICR)
- Must fill out the annual employer certification forms and application correctly
Each of these bullet points represents a reason why people who thought they should get PSLF did not qualify to receive it. Your loans must qualify, your repayment program must qualify, and your employer must qualify. Payments do not have to be consecutive but they must be on-time.
After 120 eligible payments, you can qualify for 100% loan forgiveness. With the PSLF Program, it’s frequently possible, especially if you have dependents, large debts, a long training period, and/or a low-paying job, to have the program pay more money than you borrowed!
medical student loan refinance
More details coming up on medical student loan refinance, sofi student loan refinance and can you refinance student loans with the same company.
Should you refinance medical school loans?
Refinancing is one of several strategies for paying off medical school debt. The best option for you will depend on factors like the type of loans you have — federal or private — and your career goals.
If you have federal loans, consider refinancing if you won’t need an income-driven repayment plan and don’t plan to pursue medical school loan forgiveness. While there are several forgiveness programs, only federal loans qualify for the widest available one: Public Service Loan Forgiveness.
If you borrowed private medical school loans, there’s little downside to refinancing if you can qualify for a lower interest rate. That may be during your residency, when you become an attending physician or both.
Refinancing medical school loans during residency
Student loans can be a financial burden while you’re making less money as a resident. You have two primary options to help manage those payments:
- Use a federal income-driven repayment plan. This could shrink your federal loan payments to as little as $0 during residency, depending on your income. Opting for income-driven repayment can make sense if you want to keep your options open post-graduation — to pursue nonprofit work or a lower-paying career, for example — or you can’t meet a refinance lender’s financial criteria.
- Refinance during your residency. A few lenders have specific refinancing programs for medical residents. These let you pay as little as $100 a month before full payments start once your residency ends. Consider this option if refinancing medical school loans fits your long-term career goals and you can qualify for a lower interest rate while you’re a resident — you may need a co-signer to do that.
No matter which strategy you choose, interest will likely accrue faster than you can pay it — so you may end up with a balance at the end of your residency that’s bigger than what you started with. Making larger-than-minimum payments can help keep the interest at bay.
Refinancing medical school loans after residency
If you choose not to refinance during your residency, use that time to work on building your credit so you can get the best possible rate in the future. Refinance as soon as you can qualify to save the most money.
For example, refinancing $201,490 — the average medical school debt in 2019 — from a 7% APR to a 5% APR would save about $200 a month and more than $24,200 total. But that assumes you have 10 years left on your loan term. If you waited a couple years, your potential savings will shrink.
As your income continues to grow, you’ll likely have more refinancing options and be eligible for lower interest rates. It can make sense to refinance medical school loans multiple times because lenders typically don’t charge fees to do so, meaning you start saving right away.
How to refinance medical school loans
- Confirm that refinancing is right for you. Before refinancing federal student loans, triple-check that you are comfortable giving up federal loan benefits including access to Public Service Loan Forgiveness and income-driven repayment plans. If you have a mix of federal and private student loans and want to maintain access to those programs, refinance just the private loans.
- Check if you qualify. You generally need a credit score that’s at least in the high 600s to qualify for student loan refinancing. The higher your score, the lower the rate you’ll likely get. Some lenders have pre-qualification processes that allow you to see a personalized rate before you officially apply — they’ll do a soft credit pull, which won’t hurt your credit score, to determine your rate.
- Shop around and apply. Get rate estimates from multiple lenders and choose the one that offers you the lowest rate.
Consolidating medical school loans
Refinancing at a lower interest rate is only possible with private lenders. Some may refer to their products as med school consolidation loans, but private consolidation loans and refinancing are the same thing.
Federal consolidation, like refinancing, can combine your loans into a single loan. But you can only consolidate your med school debt with the government if you have federal student loans.
Medical student debt consolidation won’t save you money; your interest rate will be the weighted average of your original loans. But consolidation can make sense as a loan management strategy. For example, you may want to take this step before pursuing Public Service Loan Forgiveness — that way you’ll only have to track a single loan payment.
sofi student loan refinance
If you’re thinking about refinancing your student loan, SoFi is one of the options you should consider.
It’s important to remember that refinancing a private loan does not have the same repayment options/benefits offered by federal programs. SoFi’s student refinance loan is a private loan and does not have the same repayment options/benefits offered by federal programs. You should explore and compare federal and private loan options, terms, and features to determine what is best for you and your situation.
can you refinance student loans with the same company
You can refinance your student loans as many times as you want to get the best rate and terms. The only thing that matters is that you qualify for refinancing, which means having good credit and a steady source of income.
If you want to explore options with other lenders, we recommend looking at our partner lenders.
collage