Online lending platform SoFi announced on Wednesday the launch of its student loan refinancing program that is dedicated to medical residents. The program enables the residents to tackle their college debt faster. It was revealed:
“Anyone who pursues the medical field knows that the path to becoming a doctor is laden with student debt. In fact, 76% of 2016 medical school graduates have student loans, with a median student debt load of $190,000 at graduation. And future doctors aren’t just sitting on a pile of debt throughout medical school; even upon starting residency, they’re still accruing interest on that debt while only earning, typically, about $60,000 a year. For residents that are looking to ease that debt burden while awaiting full credentials, SoFi has launched a brand new Medical Resident Student Loan Refinancing product.”
SoFi also explained that the new program offers five different full repayment terms, which range from five to twenty years at low fixed and variable rates. The online lender noted that the options will enable medical residents to repay on their own terms, and allows them to continue their education while tackling their debt as soon as possible. Senior Vice President of Product Management at SoFi, Meron Colbeci, then commented:
“We’re providing an easy, affordable way to help residents take control of their debt early on in their career.”
SoFi added that by refinancing, eligible medical residents, and fellows may keep their student loan interest from compounding over the course of residency (up to 54 months). At the same time, they can make just $100 monthly payments during residency or fellowship.