- No application fees
- No origination fees
- No prepayment penalties
5. Submit your loan application
- Details about your loans and employer
- Recent pay stubs or W-2 for
- A copy of your government-issued identification, such as a driver’s license
Once you complete the application, ELFI will review your information and will contact you with a decision. Until you find out you’re approved and the loan is disbursed, keep making the payments on your existing debt to avoid late payment fees and penalties.
Refinancing student loan debt can be a great way to improve your finances, but it’s not for everyone. If you decide that student loan refinancing isn’t a good fit for you, there are a few other options for managing your medical school debt:
1. Federal income-driven repayment plans
If you have federal student loans – such as Grad PLUS Loans or Direct Unsubsidized Loans – you may be eligible for an income-driven repayment (IDR) plan. With IDR plans, your loan servicer will extend your repayment term and reduce your monthly payment. Your new payment is dependent on your loan balance, income, and family size. Depending on your situation, you can significantly lower your payment amount.
2. Public Service Loan Forgiveness
If you work for a non-profit hospital, organization, or government agency, you may qualify for Public Service Loan Forgiveness (PSLF) . With PSLF, the government will forgive your remaining loan balance after making 10 years’ worth of qualifying payments while working for an eligible employer.
3. State student loan repayment assistance programs
Depending on where you live, you may be able to get some help with your debt through state student loan repayment assistance programs. Some states offer healthcare professionals money to repay their loans in exchange for a service commitment to work in a high-need area.
For example, doctors who live and work in Kansas can receive up to $95,000 to repay student loans . In return, you must agree to work in an approved facility in a health professional shortage area.
4. Locum tenens work
Another option is to take on locum tenens work. With this approach, you fill in for another physician on a temporary basis. Some terms can be for just a few days, while others can last for months.
Why is this a good idea? It can be lucrative. Qualified professionals can earn large bonuses, which you can use to make lump sum payments on your debt.
5. Establish a budget and limit expenses
Now that you’re no longer in residency, it may be tempting to spend some of your new income on a larger apartment or a better car. However, it’s a good idea to continue living like you’re still in residency to limit your expenses. By keeping your living costs low, you can free up more money for debt repayment.
Refinancing your medical school loans with ELFI
As a healthcare provider, you likely have a substantial amount of debt. If your student loans are causing you stress, refinancing your medical school loans can be Alabama personal loans a smart way to manage your debt. Use the student loan refinance calculator to find out how much you can save by refinancing your student loans.*
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Refinancing medical school loans after your residency
ELFI specializes in refinancing medical student loans, and customers are assigned to a specific Personal Loan Advisor who can help with every step of the refinancing process. The benefits of student loan refinancing with ELFI also include: