Consolidating student loans for medical students

Laurel Road will give anyone who joins through this page 0 for signing up (the equivalent of three months free, nice).Link Capital also gives 0 to residents (0 for attendings).For residents with average loan burdens, options are limited.Another player that is potentially viable is Lend Key (0 bonus). Additionally, on an average resident salary of k, the maximum loan amount without a cosigner would be approximately k.It was a great time to buy a house too, and it made the 6.8% federal student loan interest rate for graduate students particularly galling.Since then, federal rates dropped a bit and the IDR program added an unpaid interest subsidy to many borrowers through the REPAYE program that many residents can benefit from.If you have a smaller loan burden or a short residency, the amount you can theoretically have forgiven may be low (assuming the program continues; it’s new enough that no one has actually had their loans forgiven yet).PSLF is the best deal for those with long residencies/fellowships (low monthly payments for longer under IDR), with a lot of loans (private school = more forgiven), and low attending salaries (lower IDR payments = more forgiven).

For further reading, here is my rundown of all of the medical student loan refinance options. Keep in mind, PSLF can only take place after 10 years of monthly payments.Now that giving “rich” doctors and lawyers big wads of cash is a legislative issue with bipartisan support, PSLF may end up being a short-lived panacea for physician debt.If you’ve heard about getting your loans discharged after 20-25 years (IBR or PAYE), you should probably forget about it.So for lower loan amounts, Laurel Road, Link Capital, So Fi, and Splash Financial are potentially joined by Lend Key and Earnest.But for an average resident with average debt, Lend Key and Earnest’s current offerings probably won’t cut it.

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If you’re a resident with a big load of student loans from the feds at a 6.8% interest rate (or worse), your choice has generally been IBR or forbearance.

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