Back to top

Refinancing Medical Student Loans

Back to top

To assist residents as they transition to practicing physicians, the AMA negotiates student loan refinancing options through Credible Labs. More than 80% of physicians under the age of 40 are still paying off their medical student loans, according to the AMA Insurance’s National Work/Life Profiles 2014 survey. Nearly half of these young physicians carry a debt of $150,000–$200,000.

The Value of Refinancing

Student loan lenders buy out loans—public and private—from existing servicers, allowing physicians to have one new medical education loan at a potentially lower interest rate. The average physician can save more than $50,000 by refinancing, according to Credible Labs.

How to Refinance

AMA members who use Credible Labs can receive financing offers as low as 2.13% APR and get a $420 bonus once financing is complete. (Additional terms and conditions may apply.) Follow these 3 easy steps to get a personalized offer:

  • Answer a few quick questions to request refinancing rates from multiple lenders. This will not impact your credit score.
  • Complete the free, simple offer request form and import current loans with the Credible Labs secure tool.
  • Receive personalized offers from multiple lenders and choose the best offer.

The Best Refinancing Offer

For the best offer:

  • Be in good credit standing.
  • Have a low debt-to-income ratio.
  • Have a work history.
  • Be aware of current market rates.
  • Apply with a cosigner if the credit score is 680 or lower.
  • Compare multiple offers.

Visit the Credible Labs website to get started.

Visit AMA Wire® for the latest tips on managing present and future finances.

Email this page