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7 Best Companies to Refinance Medical School Loans

Before refinancing your medical school loans, be sure to shop around and compare as many lender options as you can to find a loan that suits your needs.

Author
By Aly J. Yale

Written by

Aly J. Yale

Writer

Aly J. Yale is a personal finance journalist with over 10 years of experience. Her work has been featured by Forbes, Fox Business, The Motley Fool, Bankrate, and The Balance.

Edited by Alicia Hahn

Written by

Alicia Hahn

Writer

Alicia Hahn has more than seven years in personal finance. Her work has been featured by New York Post, NewsBreak, Fox Business, and Yahoo Finance.

Updated July 22, 2024

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

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Heading into the healthcare field can be rewarding and lucrative. However, it can also be expensive to get there — students who attend a healthcare program leave with an average medical school debt of $232,300.

While this might seem like a massive amount of debt, there are fortunately a few options that can help you manage it. For example, refinancing medical school loans might help you save money and potentially pay off your loans faster.

Here are Credible’s partner lenders that refinance medical school loans:

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Current account holders

Citizens

Citizens

4.7

Credible Rating

Check Rates

on Credible’s website

Min. Credit Score

Does not disclose

Fixed APR

5.89 -

Variable APR

6.53 -

Loan Amount

$10,000 - $750,000

Term

5, 7, 10, 15, 20

Pros and cons

More details

Pros

  • 0.25% loyalty discount
  • 0.25% autopay discount
  • Degree not required

Cons

  • Doesn’t disclose minimum income or credit score requirements
  • Long cosigner release period (36 months)
  • Cosigner release not available on the Education Refinance Loan for Parents

EdvestinU

While EdvestinU won’t refinance as much debt as some of its competitors, it does offer a wide range of loan terms and a choice of a fixed or variable interest rate. Refinancing is available to those who did not graduate.

Plus, EdvestinU offers deferment options should you fall on hard times.

High balances

EDvestinU

EdvestinU

3.8

Credible Rating

Check Rates

on Credible’s website

Min. Credit Score

700

Fixed APR

6.00 -

Variable APR

7.93 -

Loan Amount

$7,500 - $200,000

Term

5, 10, 15, 20

Pros and cons

More details

Pros

  • Variable and fixed rates available
  • Offers refinancing to borrowers who haven’t completed their degrees
  • No application, origination, or prepayment fees

Cons

  • Long cosigner release period (36 months)
  • Borrowers with poor or fair credit might not qualify

ELFI

If you have a large amount of debt, Education Loan Finance (ELFI) might be a good choice — you can refinance a minimum of $10,000 with no set maximum.

High balances

ELFI

ELFI

4.4

Credible Rating

Check Rates

on Credible’s website

Min. Credit Score

680

Fixed APR

4.84 -

Variable APR

4.86 -

Loan Amount

$10,000 up to total refinance amount

Term

5, 7, 10, 12, 15, 20

Pros and cons

More details

Pros

  • No maximum loan limit
  • Variable-rate loans capped at 9.95% APR
  • Up to 12 months of forbearance available for borrowers experiencing financial hardship

Cons

  • No discounts available
  • Cosigner release not offered
  • Might be hard to qualify if you have poor or fair credit

INvestEd

Unlike many lenders, INvestEd doesn’t require borrowers to have graduated to apply for refinancing, which could make it a good option if you didn’t complete your degree. With INvestEd, you can refinance $5,000 to $250,000.

Forbearance

INvested

INvestEd

3.9

Credible Rating

Check Rates

on Credible’s website

Min. Credit Score

670

Fixed APR

5.12 -

Variable APR

8.52 -

Loan Amount

$5,000 - $250,000

Term

5, 10, 15, 20

Pros and cons

More details

Pros

  • 0.25% autopay discount
  • Up to 24 months of forbearance available over the life of the loan (one to three months duration per forbearance)
  • Degree not required

Cons

  • Can only refinance up to $250,000, which might not fully cover your medical school debt
  • Might be hard to qualify if you have poor or fair credit
  • Long cosigner release period (48 months)

MEFA

The Massachusetts Educational Financing Authority (MEFA) offers refinancing to borrowers who attended public or nonprofit universities.

With MEFA, you can refinance $10,000 up to your total amount of qualified education debt, which could make it a good choice if you have a large balance you want to refinance.