To assist residents as they transition to practicing physicians, the AMA negotiates student loan refinancing options through Credible. 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.
How to Refinance
AMA members who use Credible can receive financing offers as low as 2.37% 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 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 website to get started.