Refinancing your medical school debts can be an effortless method to save money while you pay them back. The most important thing is to look for the lowest interest rate. Best Medical School Student.
Most doctors in the U.S. graduate with more than $200,000 in student loan debt, and many will take years, even decades, to pay it off.
Refinancing can lower your interest rate and shorten your repayment time, but it also means losing federal protections like income-driven repayment and Public Service Loan Forgiveness (PSLF).
This guide will help you figure out if and when refinancing is a beneficial idea for doctors and nurses, as well as which lenders currently provide the best terms.
Best Medical School Student Loan Refinancing
- Credible
- ELFI
- Student Choice
- Splash
Here are our top choices to medical school student loan refinancing. These choices may vary slightly from our regular list of student loan refinancing companies because physicians typically have higher incomes and higher loan balances.
Our team checks the rates below every weekday, Monday through Friday. These rates are accurate as of February 14, 2026.
Credible
Credible is our favourite marketplace for comparing student loans. They have almost a dozen different lenders that you can easily shop and compare on their platform. As a marketplace, you can access excellent rates and terms by seeing the best offers from various lenders. Best Medical School Student
Right now, they offer the following rates:
- Fixed Rate: 3.99% – 10.15% APR
- Variable Rate: 3.69% – 11.11% APR
And as a College Investor reader, no matter what lender you actually choose – if you refinance on their platform, you’ll get:
- $1,000 gift card bonus if you refinance at least $100,000 in student loans.
- $300 gift card bonus if you refinance less than $100,000 in student loans.
ELFI
ELFI has a long track record of helping doctors and others in the medical field refinance their student loans. Plus, they are consistently at the top of “best rate” charts and customer service rankings.
The ELFI loan minimum is $10,000 for refinancers, with the maximum being your outstanding loan balance. This can be a huge win for borrowers with high student loan debt, especially doctors.
ELF They don’t have specific credit minimums posted, but they do require borrowers to be creditworthy (or have a creditworthy cosigner). One of the few downsides of ELFI, however, is that it’s among the minority of lenders on this list that offer no cosigner release programme.
Right now, they offer the following rates:
- Fixed Rate: 4.88% – 8.44% APR
- Variable Rate: 4.74% – 8.24% APR
ELF I am offering an awesome bonus to our readers:
- $599 bonus when you refinance at least $100,000 in student loans.
- $550 bonus when you refinance less than $100,000 but at least $50,000 in student loans.
Student Choice
Student Choice is a platform that connects students with credit union student loan opportunities. It originally opened in the late 2000s with a group of credit unions looking to provide a resource for students to find more affordable student loan options. Best Medical School Student
Their credit union backing allows them to offer some of the lowest rates, which we appreciate.
- Fixed Rate: 4.24% – 13.25% APR⁺
- Variable Rate: 5.25% – 12.74% APR⁺
Splash Financial
Splash Financial is a marketplace for refinancing student loans that works with a few major lenders, including Nelnet Bank, Laurel Road, and PenFed.
We highly recommend Splash to medical residents, as they offer $100 payments on your refinanced loans during your residency and for up to 6 months afterward. Best Medical School Student
They also consistently have some of the lowest rates. Right now, they offer the following rates:
- Fixed Rate: 4.20% – 10.24% APR¹
- Variable Rate: 4.74% – 10.24% APR¹
Splash is currently offering College Investor readers a $500 bonus if you refinance a loan over $50,000.⁴
Before You Refinance Medical School Loans
Before you consider refinancing your medical school loans, you need to figure out what type of student loans you have so that you can create a plan. If you don’t know where to start, check out this guide on where to find your student loans. You might find that you have a combination of both federal and private student loans.
Depending on your loan type and your current career (and future career goals), you can make a plan. If you’re going to be looking at student loan forgiveness for doctors, you typically don’t want to refinance your student loans. Best Medical School Student.
However, if you have private student loans, it can make sense to refinance as often as possible to lower your interest rate.
To recap, before you refinance your student loans from medical school, you should:
- Know what loan types you have – Understand the difference between federal and private student loans.
- Understand your current and future career goals – Know if you’re going to be working in public service or private practice, as this can impact your loan forgiveness options.
- Check for loan forgiveness or loan repayment assistance – Some states will offer loan repayment assistance even if you have private loans.
- Know your financial numbers – You should also make sure you have a favourable idea of your credit score, as well as proof of your income.
Should You Refinance Medical School Loans?
Remember, student loan refinancing is when you take out a new private student loan to replace your existing loans. Your existing loans could be federal or private (or likely a combination of both).
Because you’re replacing your old loans with a new loan, it might not make sense to refinance. For example, if you’re working in public service (at a non-profit hospital or health group), it’s likely a better option to go for public service loan forgiveness.
However, if you have any private student loans, it’s always a beneficial idea to refinance into a lower interest rate if you can save money.
Here’s when it could make sense to refinance medical school loans:
- You have private student loans – It always makes sense to refinance private student loans to try to get the lowest rate possible (to save you money).
- If you are certain you don’t qualify for loan forgiveness programs like PSLF or have federal loans while working in private practice, refinancing could be beneficial.
- You will pay off the loans in 5 years or less (without loan forgiveness) – The best rates on student loans are typically for 5-year or less loan terms. This could be an option to save money. However, don’t jeopardise loan forgiveness if you’re eligible.
Methodology
The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best refinancing options for student loans. We do this by providing unbiased reviews of the top banks and lenders for our readers, and then we aggregate those choices into this list.
We have picked student loan refinancing lenders based on our opinions of how easy they are to use, their interest rates, any bonuses provided, and various other factors. We believe that our list accurately reflects the top options for refinancing student loans in the marketplace for consumers. Best Medical School Student.