SoFi medical professional refinancing: what it offers and how it differs

SoFi Medical Professional Refinancing is a specialized loan program that allows medical residents, fellows, and practicing physicians to refinance student debt with reduced payments—often as low as $100 per month—during their training years. Unlike standard refinancing, this program underwrites applicants based on future earning potential rather than current residency income, making it accessible to those with high debt-to-income ratios.

For residents and fellows, this program addresses the immediate cash-flow challenge of managing significant debt on a training salary. For families and partners, it offers a strategy to protect household credit and manage monthly obligations without deferring loans entirely, which can lead to ballooning balances. By acknowledging the unique career trajectory of medical professionals, SoFi provides a bridge between the financial constraints of residency and the stability of practice.

This guide covers the specific eligibility requirements for the program, details the interest rates and repayment terms available, and explains the critical differences between this specialized option and standard refinancing. You will also learn about the application process and the necessary documentation to prove future income.

By the end of this guide, you’ll be able to:

• Confirm if your specific medical degree and career stage qualify for the program.
• Understand the special benefits, including the $100/month payment period and extended forbearance.
• Evaluate the trade-offs between refinancing and maintaining federal loan protections like PSLF.
• Complete the application process with the correct documentation for income verification.

Context: why medical-specific refinancing exists

The financial journey of a medical professional is distinct from almost any other career path, creating a specific market need that standard lending products often fail to address. According to the Association of American Medical Colleges (AAMC), the median medical school debt for the class of 2024 was $200,000. For many graduates, this figure is even higher when undergraduate loans are included.

Despite these high balances, residents and fellows typically earn modest salaries during their training years. As of the 2024-2025 academic year, resident stipends generally range from $60,000 to $75,000 depending on the region and year of training. This discrepancy creates a massive debt-to-income (DTI) ratio—often exceeding 300%—that automatically disqualifies most borrowers from standard private refinancing options, which typically require lower DTI ratios and immediate full repayment capabilities.

However, lenders like SoFi recognize that this financial imbalance is temporary. Physicians, dentists, and veterinarians have highly predictable income trajectories, with salaries often jumping three to five times higher immediately upon completing training. Standard underwriting algorithms that look only at a snapshot of current income fail to capture this future stability.

This gap in the market led to the creation of medical professional refinancing. These programs are designed to solve the cash-flow constraint, allowing borrowers to secure lower interest rates based on their creditworthiness and future potential without forcing them into unmanageable monthly payments while they are still completing their residency or fellowship.

Quick decision: is SoFi medical professional refinancing right for you?

Before diving into the complex details of rates and terms, it is helpful to determine if you meet the core criteria for this program. SoFi’s medical refinancing is a niche product designed for a specific subset of borrowers.

• Degree: You hold an MD, DO, DMD, DDS, or DVM degree.
• Career Stage: You are currently in residency, a fellowship, or are a practicing doctor.
• Loan Type: You have federal or private student loans used for medical, dental, or veterinary school.
• Credit Health: You have a strong credit history or a creditworthy cosigner.
• Federal Benefits: You are willing to forgo federal protections, including Public Service Loan Forgiveness (PSLF) and Income-Driven Repayment (IDR) plans.

If you are unsure whether to apply for the medical professional program or SoFi’s standard refinancing product, consider these key differences:

• Income Evaluation: The medical program considers your future attending salary; standard refinancing looks only at your current income.
• Payments During Training: The medical program offers $100/month payments during residency; standard refinancing typically requires full principal and interest payments immediately.
• Forbearance: The medical program often includes extended forbearance options tailored to the length of medical training.

This program is ideal if: You are a resident or fellow with high-interest private loans, or federal loans if you are certain you will not pursue PSLF (for example, if you plan to join a private practice). It is also a strong option if you need to lower your monthly obligation to improve cash flow during training.

Consider alternatives if: You are pursuing a career in academic medicine or at a non-profit hospital and qualify for PSLF, or if your current income is high enough to comfortably afford standard repayment to pay down the principal faster.

Eligibility requirements for SoFi medical professional refinancing

To qualify for SoFi’s Medical Professional Refinancing, applicants must meet strict criteria regarding their education, career stage, and financial standing. Understanding these requirements upfront can save time and prevent unnecessary credit inquiries.

SoFi limits this program to specific medical degrees. You must hold one of the following degrees to qualify:

• Medical Doctors: Doctor of Medicine (MD) or Doctor of Osteopathic Medicine (DO).
• Dentists: Doctor of Dental Surgery (DDS) or Doctor of Dental Medicine (DMD).
• Veterinarians: Doctor of Veterinary Medicine (DVM).

It is important to note that other healthcare professionals, such as pharmacists (PharmD), physician assistants (PA), nurses (RN/NP), and chiropractors, do not typically qualify for the Medical Professional program, though they may be eligible for SoFi’s standard student loan refinancing.

The program is designed to support doctors throughout the early and middle stages of their careers:

• Residents and Fellows: Applicants currently matched to or enrolled in an accredited residency or fellowship program are the primary audience for the low-payment benefits.
• Practicing Doctors: Fully licensed professionals currently in practice can also apply, though they may be subject to different payment terms than residents.
• Final-Year Students: In some cases, medical students in their final year who have a signed contract for residency may be able to apply prior to graduation.

You can refinance both federal and private student loans, including Direct Unsubsidized Loans, Grad PLUS Loans, and private loans taken out for medical, dental, or veterinary school. Undergraduate loans can often be consolidated alongside graduate loans.

Financially, SoFi requires applicants to be U.S. citizens or permanent residents. While the program is more lenient regarding debt-to-income ratios for residents, credit requirements remain stringent. Applicants generally need a good to excellent credit score. For residents with limited credit history (“thin files”), SoFi evaluates the history you do have, but a creditworthy cosigner may be required to secure approval or the lowest advertised rates.

Special benefits and features for medical professionals

The core value of the SoFi Medical Professional Refinancing program lies in features specifically engineered to accommodate the financial reality of medical training. These benefits address the gap between a resident’s current ability to pay and their future financial capacity.

The most significant feature is the ability to make reduced payments during residency and fellowship. According to SoFi, borrowers can pay just $100 per month for the duration of their training program, up to a maximum period (typically roughly 4-5 years, depending on the specific terms at the time of signing). This allows residents to keep the loan in good standing without consuming a large percentage of their monthly stipend.

Unlike deferment, where no payments are made, the $100 payment helps offset a small portion of the accruing interest, though it usually does not cover all interest or touch the principal. This prevents the balance from growing as aggressively as it would in full forbearance.

Medical training is long and often involves transitions between programs. SoFi offers extended forbearance options specifically for medical professionals. As of May 2025, residents may be eligible for additional deferment or forbearance periods to cover gaps between residency and fellowship or before starting a full-time attending position.

Standard lenders view a resident with $200,000 in debt and a $60,000 income as a high-risk borrower. SoFi uses “future-earnings underwriting,” which factors in the projected income you will earn as an attending physician. This innovative approach allows residents to qualify for loans that would otherwise be rejected based on standard DTI calculations.

According to Jason Delisle, higher education policy analyst, “The private market can and does innovate — offering options federal loans don’t, such as variable rates or targeted underwriting.” This targeted underwriting is exactly what allows residents to access refinancing years earlier than they could with traditional banks.

Borrowers also gain access to the broader SoFi member ecosystem. This includes complimentary financial planning with credentialed advisors—a valuable perk for young doctors navigating complex financial decisions. Members also receive unemployment protection, which can pause payments if a borrower loses their job through no fault of their own, as well as career services for resume reviews and negotiation coaching.

If you are interested in seeing what rates you might qualify for, you can check your eligibility without affecting your credit score.

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Interest rates and terms for SoFi medical professional refinancing

Understanding the cost of borrowing is critical. SoFi offers competitive rates that are often lower than the prevailing rates on federal Grad PLUS loans, though exact rates depend on your credit profile and the market environment.

As of May 2025, SoFi offers both fixed and variable interest rates for medical professionals.

• Fixed Rates: These rates remain the same for the life of the loan, providing stability and predictable monthly payments once the full repayment period begins.
• Variable Rates: These rates may start lower than fixed options but can fluctuate monthly or quarterly based on market benchmarks (such as SOFR). While potentially cheaper initially, they carry the risk of rising costs over time.

According to SoFi, rates typically include a 0.25% discount for borrowers who set up autopay.

Borrowers can select repayment terms that fit their budget and payoff goals. Common terms include 5, 7, 10, 15, and 20 years.

• Shorter Terms (5-7 years): Generally offer the lowest interest rates but require higher monthly payments once the full repayment period starts.
• Longer Terms (15-20 years): Result in lower monthly payments but increase the total amount of interest paid over the life of the loan.

Many medical professionals choose longer terms initially to keep required payments low, with the intention of paying aggressively once their attending salary begins.

Source: SoFi.com (rates are illustrative examples as of May 2025, subject to change based on creditworthiness and market conditions)

According to SoFi, the program does not charge origination fees, application fees, or prepayment penalties. This means you can pay off the loan faster than your term requires without incurring any extra costs, a strategy many physicians employ after their income increases.

How SoFi evaluates medical professional applications

The approval process for medical professionals differs significantly from standard personal loan or mortgage underwriting. SoFi utilizes a specialized credit model that looks beyond the present moment to assess the borrower’s true ability to repay.

The primary differentiator is the weight given to future income. While a standard application might reject a borrower with $200,000 in debt and a $65,000 salary, the medical program factors in the median salary for the applicant’s specialty. For example, an anesthesiology resident may be underwritten based on a projected future salary of $300,000+ rather than their current stipend.

To verify this, SoFi typically requires proof of a matched residency program or a signed employment contract. This documentation serves as the assurance that the high income is impending.

Because of the future-income model, the strict DTI caps that limit standard borrowers are relaxed for medical residents. SoFi understands that the debt load is high relative to current income but low relative to career income. This flexibility allows residents to refinance the bulk of their education debt in one transaction.

Despite the lenient income criteria, credit history remains important. SoFi looks for a history of on-time payments. For residents with “thin” credit files (little history of borrowing other than student loans), the lender may look at other factors or require a cosigner. They also perform a cash flow analysis to ensure that even with the reduced $100 payments, the borrower has sufficient reserves or income to cover basic living expenses without financial distress.

SoFi medical professional program vs. standard refinancing: key differences

It is important to understand that SoFi offers two distinct paths for refinancing: the standard product available to all graduates, and the specialized medical professional program. Choosing the wrong one could result in a rejection or less favorable terms.

Source: SoFi.com (program terms as of May 2025)

When Standard Refinancing is Better: If you are already an attending physician with a high income and a manageable DTI ratio, standard refinancing might offer a simpler application process. Additionally, if you want to attack the principal balance immediately and can afford full payments, the standard plan avoids the negative amortization risk that can occur with $100 payments.

When the Medical Program is Better: This is the clear choice for residents and fellows. The $100 payments provide essential breathing room, and the underwriting criteria are specifically designed to approve applicants who would otherwise be denied due to their debt-to-income ratio.

Trade-offs: refinancing vs. keeping federal loans

Refinancing federal loans into a private loan with SoFi is irreversible. Before making this decision, you must carefully weigh the benefits of a lower interest rate against the loss of federal protections.

By refinancing, you forfeit access to:

• Public Service Loan Forgiveness (PSLF): This is the most critical consideration. If you plan to work for a non-profit hospital, academic medical center, or the VA, you could have your remaining federal balance forgiven tax-free after 10 years of qualifying payments. Private loans are never eligible for PSLF.
• Income-Driven Repayment (IDR) Plans: Plans like SAVE or IBR cap payments based on your discretionary income and offer potential interest subsidies. Learn more about IDR options.
• Federal Forbearance and Discharge: Federal loans offer specific discharge options for death and disability that may be more comprehensive than private alternatives.

Despite these trade-offs, refinancing is often the right mathematical choice for physicians entering private practice or for-profit groups where PSLF is not an option. According to StudentAid.gov, federal Grad PLUS loans often carry interest rates of 7-9%, and if you can refinance to a significantly lower rate, the savings over the life of the loan can be substantial.

According to Betsy Mayotte, student loan expert and founder of The Institute of Student Loan Advisors, “In general, federal loans should be your first stop, but private loans can be appropriate when you’ve maxed out your federal eligibility.” For medical professionals, this often applies when they have determined that the federal forgiveness pathways do not align with their career goals.

To decide, calculate the total cost of your loan under an IDR plan pursuing PSLF versus the total cost of a refinanced SoFi loan. If the refinanced cost is lower and your career path in the private sector is certain, refinancing is likely the superior financial move. Read our full guide on PSLF for more details.

Application process for medical professionals

Applying for SoFi Medical Professional Refinancing is a streamlined, digital-first process. However, because of the specialized underwriting, you will need to provide specific documentation that standard applicants do not.

1. Check Your Rate: Start by pre-qualifying online. This involves a soft credit inquiry, which allows you to see estimated rates and terms without impacting your credit score.
2. Select Your Loan: Review the offers provided. Compare fixed vs. variable rates and choose a loan term (e.g., 5, 10, 15 years) that aligns with your payoff strategy.
3. Complete the Full Application: Enter your detailed personal, educational, and financial information.
4. Upload Documentation: Submit the required proofs of education and income (detailed below).
5. Sign and Fund: Once approved, you will electronically sign the promissory note. SoFi will then pay off your existing lenders directly. This process typically takes a few weeks to complete.

To verify eligibility for the medical program, have these documents ready:

• Proof of Degree: A copy of your medical, dental, or veterinary school diploma or official transcripts.
• Proof of Residency/Fellowship: A match letter, residency contract, or a letter from your program director confirming your enrollment and anticipated graduation date.
• Proof of Income: Recent pay stubs if you are currently earning a salary. If you are a final-year student, your residency agreement stating your stipend will suffice.
• Loan Statements: Current billing statements for all loans you intend to refinance, showing the account numbers and 10-day payoff amounts.
• ID: A government-issued photo ID (driver’s license or passport).

Tip: Ensure your residency program dates are accurate on your application. SoFi uses these dates to determine the length of your $100/month payment period.

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Frequently asked questions

Yes. This is the primary purpose of the Medical Professional Refinancing program. It allows residents to refinance immediately and make reduced payments of $100 per month for the duration of their residency and fellowship, rather than waiting until they become attending physicians.

Yes. The program is open to residents and practicing professionals holding DMD, DDS, or DVM degrees. They are eligible for the same benefits, including reduced payments during training and future-income underwriting.

While SoFi does not publish a strict minimum credit score, applicants generally need a score in the “good” to “excellent” range (typically 670+). Because the program relies on future income, the credit score requirement ensures that the borrower has a history of financial responsibility.

SoFi does allow children to refinance Parent PLUS loans into their own name, but this is typically done through the standard refinancing application, not necessarily the medical professional track. You should check with a loan officer to see if Parent PLUS loans can be included in a medical professional refinance application.

If your training timeline changes, you should contact SoFi immediately. The program offers flexibility, and you may be eligible to extend your $100/month payment period to accommodate a longer fellowship or a change in specialty, subject to the program’s maximum limits.

SoFi does not currently offer a cosigner release program. If you apply with a cosigner to secure a lower rate, that cosigner will remain on the loan until it is paid off or until you refinance again in your own name.

SoFi Medical Professional Refinancing offers a tailored solution for doctors who are navigating the financial gap between residency and practice. By recognizing the high future earning potential of medical professionals, the program removes the barriers that often prevent residents from managing their debt effectively.

Key takeaways:

• Cash Flow Management: The $100/month payment option allows residents to keep loans in good standing without overwhelming their monthly budget.
• Accessible Underwriting: Future-earnings underwriting allows approval for borrowers with high debt-to-income ratios who would otherwise be rejected.
• Flexibility: Extended forbearance and member benefits provide a safety net during the volatile years of medical training.
• Strategic Choice: This program is best suited for those who are certain they will not pursue Public Service Loan Forgiveness (PSLF).

Taking control of your student debt is a major step toward financial freedom. If the benefits of private refinancing align with your career goals, the next step is to see what rates are available to you.

Compare your personalized rates from SoFi and other medical professional lenders

References and resources

• SoFi Medical Professional Refinancing Official Page
• AAMC Medical Student Education: Debt, Costs, and Loan Repayment Fact Card
• College Finance: Complete Guide to Student Loan Refinancing
• College Finance: Guide to Public Service Loan Forgiveness
• College Finance: Federal vs. Private Student Loans
• Federal Student Aid (StudentAid.gov)