Refinance Medical School Loans: 10 Best Lenders
You can refinance medical school loans and save money on interest, but make sure you’re not missing out on forgiveness opportunities.
Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”
Becoming a doctor can lead to a rewarding and well-paying career. The median pay for physicians in 2023 clocked in at $239,200 per year, according to the U.S. Bureau of Labor Statistics. Some specialties stand to earn much more, but the journey to get there can cost just as much. The median medical school debt for the class of 2024 is $205,000, based on data from the Association of American Medical Colleges. To save money, physicians can refinance medical school loans and potentially get a lower interest rate.
Earnest stands out for its flexible repayment terms, competitive rates, and lower credit score requirements. However, SoFi and ELFI are also strong options, offering perks for members and refinancing for high loan balances.
Why you can trust our Credible experts
The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.
Methodology
To determine the best student loan refinance lenders for medical school loans, Credible collected more than 1,000 points of data on two dozen companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies — which comprise individual criteria that are also weighted.
- Repayment options: 30%
- Eligibility: 25%
- Interest rates: 20%
- Loan terms: 15%
- Customer support: 10%
While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.
Learn more about our methodology.
How much can you save by refinancing medical school debt?
Refinancing can be most beneficial if you have a high loan balance and interest rate. Doctors can easily have six figures of student loan debt. Interest on a high amount of debt can mean paying thousands more than you borrowed over the life of the loan.
Let's say your loan balance is $100,000 at an 8% interest rate. You have nine years left on your repayment term. But then you refinance and qualify for a 6% interest rate with a 10-year term. In this scenario, your monthly savings would be $192. Your lifetime savings would be $7,378.
Meet
Brent Boden
Hi there I’m Brent, I provide holistic financial guidance, covering budgeting, debt management, saving, investing, tax-saving strategies, and estate planning. I focus on empowering my clients. I help medical professionals manage their finances effectively while navigating debt, and savings, and achieving financial goals. I can’t wait to help you achieve your financial goals.
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Refinance Medical School Loans: 10 Best Lenders
You can refinance medical school loans and save money on interest, but make sure you’re not missing out on forgiveness opportunities.
Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”
Becoming a doctor can lead to a rewarding and well-paying career. The median pay for physicians in 2023 clocked in at $239,200 per year, according to the U.S. Bureau of Labor Statistics. Some specialties stand to earn much more, but the journey to get there can cost just as much. The median medical school debt for the class of 2024 is $205,000, based on data from the Association of American Medical Colleges. To save money, physicians can refinance medical school loans and potentially get a lower interest rate.
Earnest stands out for its flexible repayment terms, competitive rates, and lower credit score requirements. However, SoFi and ELFI are also strong options, offering perks for members and refinancing for high loan balances.
Why you can trust our Credible experts
The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.
Methodology
To determine the best student loan refinance lenders for medical school loans, Credible collected more than 1,000 points of data on two dozen companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies — which comprise individual criteria that are also weighted.
- Repayment options: 30%
- Eligibility: 25%
- Interest rates: 20%
- Loan terms: 15%
- Customer support: 10%
While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.
Learn more about our methodology.
How much can you save by refinancing medical school debt?
Refinancing can be most beneficial if you have a high loan balance and interest rate. Doctors can easily have six figures of student loan debt. Interest on a high amount of debt can mean paying thousands more than you borrowed over the life of the loan.
Let's say your loan balance is $100,000 at an 8% interest rate. You have nine years left on your repayment term. But then you refinance and qualify for a 6% interest rate with a 10-year term. In this scenario, your monthly savings would be $192. Your lifetime savings would be $7,378.
Meet
Brent Boden
Hi there I’m Brent, I provide holistic financial guidance, covering budgeting, debt management, saving, investing, tax-saving strategies, and estate planning. I focus on empowering my clients. I help medical professionals manage their finances effectively while navigating debt, and savings, and achieving financial goals. I can’t wait to help you achieve your financial goals.
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