News & Press: Practice Support

Medical/Dental Resident Loan Refinance FAQs

Monday, June 1, 2020  
Share |

As a medical/dental resident or fellow, you have a lot to do. Compounding interest on your student loans shouldn't stand in the way. With SoFi, you can refinance your federal and private student loans while in residency and reduce your payment to just $100/month for up to four years.1

And as part of SoFi's partnership with AACS, you can receive a 0.25% rate discount2 when you start your application and refinance through


As a dental resident, am I eligible for the medical resident refinance product?
Yes, dental residents are eligible to apply. To qualify, you must not be taking on additional tuition liabilities during the Residency Period and meet our eligibility criteria.

Does SoFi refinance student loans for Medical/Dental Residents and Fellows?
Yes! SoFi will refinance student debt for medical residents, dental residents and fellows before you become an attending physician or dental professional. Residents will be required to make minimum monthly payments of $100 on their debt to SoFi until the end of your residency or fellowship program, up to 54 months. After this time, your loan will re-amortize and your payment amount will increase according to a fully amortized loan schedule ("Full Repayment Term").

Am I eligible for a SoFi Medical/Dental Resident Refinance loan?

  1. You're a medical/dental resident or fellow with up to four years left in your approved program.
  2. You are a US citizen or permanent resident, 18 years or older. If you are a permanent resident, you have more than two years until your status expires, or you have filed an extension.
  3. You have over $10k in private or federal student loan debt. The minimum amount may be higher in certain states due to legal requirements.
  4. You have graduated with an MD, DO, DMD, or DDS from a selection of Title IV accredited university or graduate programs in the U.S.
  5. Dental residents only: You must provide documentation that proves you are not taking on additional tuition liabilities. Proof may be provided in the form of full scholarships or receipt of direct payment from the official bursar for all remaining terms.
  6. You meet SoFi's underwriting criteria.

See for additional information.

When can I refinance?
Residents and fellows can apply to refinance once you have been matched to your residency or fellowship program. Applicants must be within 4 years of completing all of their residency and fellowship programs becoming an attending physician or practicing dentist.

What happens if I leave my residency program?
Upon completion or departure from your residency program, your loan will re-amortize and your payment amount will increase according to a fully amortized loan schedule.

What terms do you offer?
SoFi offers 5, 7, 10, 15, and 20 year fixed and variable terms. This means that if you refinance today, have four years left in your residency, and refinance to a 20 year loan term, as long as you make every payment on time, your loan will be fully paid off in 24 years.

What happens to the accrued interest on my loan during the $100 payment per month residency period?
Interest that accrues while paying $100 monthly payments during the residency period will capitalize at the end of your residency period. This means that you will not be charged compounded interest on your SoFi loan during your residency period.

Will I still be eligible for the AutoPay discount?
Yes! The AutoPay discount is a 0.25% interest rate reduction on loans in which you authorize the loan servicer to automatically deduct monthly payments from your bank account.

If I refinance now as a resident/fellow, am I still eligible to refinance with SoFi after I complete my residency/fellow program?
Yes. Once you are employed as an attending physician or dentist you can apply to refinance at SoFi's standard rates and terms.

Can I pay more than $100 per month during my residency or fellowship period?
Yes! If your budget allows it, you are welcome to make additional payments on your loans at any time. SoFi does not charge any prepayment penalties (there are also no origination fees on SoFi student loans).

What is the minimum and maximum amount I can borrow with SoFi Medical/Dental Residency Refinance loan?
The minimum loan amount is $10,001 (and may be higher in certain states due to legal requirements). The maximum amount is the full balance of your qualified education loans.

How does SoFi calculate my payment after I finish my residency and fellowship period?
SoFi considers many factors when we assess each individual's profile; however, we will ask you for your medical specialty and estimate your post-residency income accordingly. The required monthly payment after the Residency period will be made clear to you during the application process, and will be included on the Final Disclosure that you receive prior to loan being funded. If your rate is variable, it will fluctuate with the prevailing interest rates, but will not exceed the maximum interest rate displayed on your Final Disclosure.

Is my school and/or program eligible?
Today we're able to refinance graduates with an Associate's degree or higher from a selection of Title IV accredited universities and graduate programs. If you believe you are a good candidate for refinancing, we encourage you to apply. Loan eligibility also depends on a number of additional factors, such as your financial history, your income sources and your employment. Please review our Eligibility Criteria or call us at 855.456.7634 for further details.

Is my spouse required to co-sign my application?
No. We will only be evaluating the loan on your individual circumstances.

Is it possible to refinance both federal and private student loans?
Yes, SoFi will consolidate all qualified private and federal education loans.

Does the SoFi Medical/Dental Residency Refinance loan include a grace period?
No, it does not. SoFi will require minimum monthly payments of $100, for up to 54 months, during your residency/fellowship program. While the $100 per month repayment period is likely to be less than making payments on your full loan payment, it is not considered a grace period.

Are SoFi Loans considered "student loans" for tax purposes?
SoFi loans are considered student loans for federal and state tax consideration. Note that you may or may not be eligible for interest deduction depending on your individual tax situation. You should consult your tax advisor for more information.

Who is MOHELA?
MOHELA is SoFi's third-party loan servicer for student loans. Once your loan is funded, servicing will be provided by our partner MOHELA, who will contact you to set up an account and collect your monthly payments. While your loan will be serviced by MOHELA after it has been funded, you will still be a SoFi member and be able to take advantage of our unique member benefits.

Does SoFi have a Referral Program?
Yes and we would love your help in spreading the word to help your friends save money. Check out our Referral Program, which rewards you with cash for new applicants you refer.

Are SoFi loans eligible for PSLF (Public Service Loan Forgiveness) or other federal repayment benefits?
No. SoFi student loan refinances, like all private education loans, are ineligible for PSLF or other federal repayment benefits. Understand that when you refinance federal loans, you forfeit certain flexible repayment options. If you expect to incur financial hardship that would affect your ability to repay, or you intend to practice in a PSLF-eligible setting, you should carefully consider your refinancing options. Check out SoFi's blog post on refinancing and consolidation for more information.

Would SoFi approve someone with more than a four year residency/fellowship?
SoFi offers a maximum of four years in residency / fellowship as an option in our application. If the program will extend beyond that, the standard repayment term will kick in after a maximum of 54 months (four years and a six month extension intended for the time period between completing residency and becoming an attending).

What if I switch from residency to fellowship at the end of my term? Is it automatically extended or do I have to send SoFi a letter and apply again?
Any fellowship or extended residency training period must be agreed to at the time of refinancing, and residents and fellows will not be able to extend the $100 minimum monthly payment term. Residents and fellows should call SoFi for assistance if there are any questions about this.

What if I switch specialties during residency?
If you switch specialties during training, your stated interest rate will not change. The beginning of your full payments to SoFi and your expected residency completion date will not be changed.

Are loans forgiven in cases of death or disability?
There are several factors that affect your debt obligations should these unfortunate events occur. To see if you are eligible for a discharge, please contact our customer service team at 877.292.7470.

Could this be a negatively amortizing loan?
Yes, depending on your loan amount. During the up-to 54 month $100 monthly payment period, the minimum payment may not pay all of the interest due each month during the resident period, likely resulting in your principal balance becoming larger than your original loan amount at the end of your resident period. Note that you are able to make additional monthly payments as you see fit.

How do I apply?
As part of SoFi's partnership with AACS, you will receive a 0.25% rate discount1 but only when you start your application through This benefit is also available to your family and friends that are residents when they apply on

1 COVID 19 Considerations - NOTE: Due to recent events, including changes to federally held loans that temporarily waive interest and suspend obligation to make payments during the COVID-19 crisis, SoFi recommends that anyone with federal student loan debt carefully review current and potential future benefits on their federal loans before refinancing. When refinancing loans with SoFi, any current and potential future benefits of your federal loans are waived, including temporary waiver of payments that the federal government will provide to federal student loan borrowers, and are replaced with the benefits of a SoFi Student Loan Refinance.

2 Terms and conditions apply. If you apply and are approved, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount because of your involvement with a SoFi partner association at the time of loan origination. Offer good for new customers only. Get your .25 % rate discount at