If you're currently in a medical or dental residency, fellowship, or similar program, you may be able to refinance your student loans now through Earnest's Medical Residency Refinance program, without waiting until you complete your program.
Who Qualifies for a Medical Residency Refinance
This loan is designed specifically for graduates who:
- Hold an MD, DO, DDS, or DMD degree.
- Are currently enrolled in a residency, dental residency, or fellowship program, or have an offer letter for one.
- Have 7 years or less remaining in that program.
Why Refinance During Residency?
It might seem like an unusual time to refinance, after all, your income is likely lower now than it will be once you're fully licensed. That's exactly why a Medical Residency Refinance loan makes sense while you are in your residency or fellowship. It allows you to make small, manageable payments now while you focus on your training, instead of waiting until you're an attending to start tackling your loans.
The Key Benefits:
- Low fixed payment while you're in your residency or fellowship. You'll pay just $100 a month while you're in your residency or fellowship, no matter how large your loan balance is.
- No interest capitalization, ever. Interest still accrues during your training, but we never add it to your loan's principal balance at any point over the life of the loan. That means you won't see your balance balloon once you move into full repayment.
- No fees. We don’t charge any fees, including late fees, origination fees, application fees, or early repayment fees.
- Autopay discount(1). Enroll in autopay and get a 0.25% rate discount.
How Is This Different From a Typical Student Loan Refinance?
Medical Residency Refinance is built around your unique situation as a resident. A few things work differently than they would with a standard refinance:
- We look only at your individual income. There is no option to include a spouse's or household income in your application.
- This loan doesn't offer a cosigner option.
- Rates for Medical Residency Refinance will be specifically for medical residents, which takes your projected future income into account.
What Happens After My Residency?
Once you finish your residency or fellowship, you won't jump straight into full payments. You'll enter a 9-month grace period during which you'll still pay $100 per month before transitioning to full principal-and-interest payments.
A Few Things Worth Thinking Through Before You Apply
- If you're pursuing Public Service Loan Forgiveness (PSLF), refinancing moves your loans out of the federal system, so you'd lose PSLF eligibility. If PSLF is part of your plan, this loan may not be the right fit.
- You're trading some federal protections for a lower payment now. Refinancing means giving up things like income-driven repayment plans and federal forbearance in exchange for a predictable, low fixed payment during your residency or fellowship.
How To Apply
You can apply through our dedicated Medical Residency application. Just look for the option built specifically for residents and fellows when you start your rate check. You'll be asked for information about your degree, your residency or fellowship program, and your expected completion date.
You'll also need to provide one of the following to confirm your enrollment:
- Your residency agreement or contract.
- A residency or fellowship offer letter.
- A recent pay stub (within the last 30 days) that references your role as a resident, fellow, or trainee.
- A general pay stub plus your official match confirmation email.
- A confirmation letter from your program or department director (within the last 30 days).
Have questions about whether you qualify? Reach out to our client happiness team by clicking the “Get In Touch” button. We're happy to help you figure out if this loan is the right fit.
1 You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.