Resident Refinance: Laurel Road vs LinkCapital vs SoFi vs Splash vs REPAYE Finance // 09.17.18 1 [2020 Update: Since this post was written, but LinkCapital and Splash have shuttered their resident-specific programs and LinkCapital subsequently shut down completely.] Most importantly, however, is to make sure that your effective REPAYE rate isn’t as good if not better than what the private industry can offer you. Splash Financial is a student loan marketplace that connects you with student loan refinancing for undergraduate, graduate and parent loans. So, assuming you need to pay off this debt yourself, your goal is to get the lowest interest rate possible to reduce the growth on your loans while having a monthly payment that is feasible as a resident. SoFi was the first company that I discovered when I refinanced my pharmacy school loans. Applying to all of the options that are feasible is the best way to guarantee a good rate. Here at Nitro we strive to provide you with accurate, up-to-date information, but suggest checking the source directly. matters. Most companies also offer referral bonuses where you can get some cash back with your refinance. Assuming you have the financial flexibility to afford all four plans, the only reason to completely exclude a company is if their plan doesn’t conform to your current PGY status and training duration. The information obtained throughout the Nitro site is intended to be used for educational purposes only. SoFi is the leading student loan refinancing provider. Laurel Road also offers both fixed and variable loans, with interest rates as follows: They offer terms of five, seven, ten, 15, and 20 years. SoFi consistently offers rates that are among the lowest in the country. All told I currently have 66 physician financial blogs that are in it with the latest post from each blog. Loan: $200,000 at 6.8% REPAYE payment as a single resident making $50,000: $270/month Annual interest accrued: $13,600 Annual interest paid: $3,240 Annual interest unpaid: $10,360 Amount forgiven: $5,180 Effective interest rate: 4.2%, The more you borrowed and the less you make, the bigger your subsidy will be and the more it will lower your rate. 6- Citizens One. Splash Financial conducts a soft credit pull to determine your potential eligibility. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. While most residents should not be forbearing and should hopefully be able to find $100 of flexibility in their monthly budget, many feel pinched and forbear anyway. Even if refinancing is a generally good choice for your situation, unless you had substantial income as a family during your final year of school, private companies are going to have a really hard time beating the feds if you consolidate and apply for REPAYE right after graduating. Splash Financial This company lets you check your rate online without a hard inquiry on your credit report, and their variable rates currently start at just 2.25% APR. The company also earns 4.4 out of 5 stars on Trust Pilot based on 62 reviews. Win up to $1000 in free stock ... Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates. Loan amounts: $25,001 to $500,000. The only lender we've seen with sometimes better rates at is Splash Financial. This effectively reduces your interest rate, in many cases substantially (especially if you’re single or married with a non-working spouse). Ponzi Scheme Suspect Uses Underwater Scooter to Flee F.B.I. Loan Terms: 5 – 20 years Variable APR: 2.80% – 1.909% (includes 0.25% autopay discount) Fixed APR: 3.899% – 8.179% (includes 0.25% autopay discount) (www.nmlsconsumeraccess.org) To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. Read our comparison chart below. Back in 2015 when the company was just called DRB, they were the first to create a student loan refinancing program for medical residents. Splash Financial does not charge loan application or origination fees. Note, however, one sneaky wrinkle: while Splash offers the same 0.25% autopay discount as everyone else, the discount doesn’t apply to the $1 trainee payment period. SoFi is the biggest player in the student loan refinancing market, and they’ve grown and grown into a big corporate entity that offers all varieties of personal loans, mortgages, etc. Laurel Road also specializes in refinancing medical school debt. Want to partner? Laurel Road Student Loan Refinance Review. SoFi offers one-on-one advisory services so you can get customized support to improve your finances, develop a resume, or transition your career. With other companies, you’d likely be on the lookout to refinance again. See also: SoFi Student Loan Refinancing Review. Splash Financial is a leader in student loan refinancing with new rates as low as 2.63% fixed APR which can save you tens of thousands of dollars over the life of your loans. Typical credit score of approved borrowers or co-signers: 700+. Based in San Francisco, SoFi positions itself as the “anti-bank” and focuses on borrowers with excellent credit. Low-debt residents can refinance with any company. There are several factors that make each one stand out—the career support for SoFi, and the generous forbearance and forgiveness terms for Laurel Road, for example. Borrowers wishing to refinance or consolidate with Splash can borrow a minimum of $5,000, and there is no maximum. Splash Financial is a leader in student loan refinancing with new rates as low as 2.63% fixed APR which can save you tens of thousands of dollars over the life of your loans. Disclaimer:  If you're all about getting a great interest rate while climbing the career ladder, SoFi is a lender you should consider. So which of these lenders is better for student loan refinancing? It’s only once you move forward with getting a final rate and the formal (but still short) application process that involves a real (“hard) credit check; even then, multiple checks for the same thing within a short period of time are considered rate shopping and should function as a single temporary hit. Splash Financial started as a refinancing company for medical students. hbspt.cta._relativeUrls=true;hbspt.cta.load(2241837, '1bba719e-199b-4f63-ad8c-62f08c891624', {}); © 2020 Nitro College. not attempt to qualify for PSLF.). Like other legitimate lenders, there are no prepayment or loan origination fees with Splash Financial. With REPAYE, there is the 50% unpaid interest subsidy to complicate (but improve!) Both lenders keep it pretty simple and provide online applications. Additionally, you used to have to use a different email address to get an updated rate and that has been fixed, thank goodness! They partner with multiple banks and credit unions to offer some of the lowest interest rates for student loan refinancing that you’ll find on the market. SoFi may be a great option for a lot of people—but especially for those seeking community and career support. 17 Things You Should Do Before Filling Out The FAFSA, 10 Ways To Solve Last Minute Tuition Gaps, The Ultimate Guide To Student Loan Forgiveness, Click here to see more of Splash's offerings, Get your personalized, pre-approved rates in less than 5 minutes, The Best Companies To Refinance Your Student Loans, Variable rates starting at 1.99% APR (with 0.25%. We recommend consulting a licensed financial professional before making any financial decisions. The deal hasn’t changed much since then. Get a personalized quote from LendKey now. You are eligible as a post-match MS4, but only if your training is 4 years or less in duration. Citizens, One offers student loan refinancing for both private and federal loans through its Education Refinance Loans program. Splash Financial gives borrowers quotes from its partner lenders with loans available in all 50 states. My wife and I both refinanced through Sofi. As relatively newer companies with high-tech approaches to lending, CommonBond and SoFi have a lot in common. Unfortunately, all special resident programs offer less good rates (at least during the training period) than refinancing as an attending, but for some borrowers, you can still save some real money. Splash offers a $300 bonus for loans above $30k. SoFi's approach to lending is also different since it … Getting a lower interest rate is great and will make it easier to pay off your debt fast. ... To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Need a speaker? To apply with Laurel Road, you’ll need two recent pay stubs or other proof of income, a photo ID, and payment statements for your student loans. Most residents should be in REPAYE in training and then refinance after training or only once they’ve signed a contract for a job that is not PSLF-eligible. Loan Terms Compared. Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial has earned an A+ from the BBB, though without any published complaints or reviews. It’s difficult to say which lender would give you a lower rate—as this depends on your finances and the company's own underwriting priorities. SoFi is unique in that they throw a lot of resources behind their members—and these go beyond refinancing. CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. SoFi offers residents $100/month payments for up to 4 years of training. Other than competitive interest rates, SoFi’s loan offerings aren’t particularly exceptional. I'm partway through the splash financial app which is apparently actually penfed credit union. Of all the companies we reviewed, CommonBond has some of the best customer service. Although Splash Financial themselves have only been in the loan refinancing business for 5 years, they have partnered with PenFed, an 80 year-old federal credit union with over 1.6 million members and … Physics Explains Why Time Flies as We Age, Osteopaths Settle Class Action Against American Osteopathic Association. No application or origination fees and no prepayment penalties. Compare Credible vs. SoFi Student Loan Refinance. If you’re married and your spouse earns income, the less your subsidy will be and the less it will lower your rate. If you apply to SoFi in your final year with a signed contract, you’ll automatically get the attending rate instead of the resident rate. Splash Financial is unique among the four programs as being a true forbearance alternative. Getting preliminary rates is a quick 2-minute process that is a soft credit check that won’t affect your credit. ©   BWMD LLC 2007-20   ||   CONTACT: BEN AT BENWHITE DOT COM, A few docs talk about early career financial mistakes, The Texas Medical Jurisprudence Exam: A Concise Review, The Essential List of My Writing Concerning Medical School, the NBMEs, USMLEs, and Residency, My Student Loan Refinancing Breakdown and Cashback Links, REPAYE can be a particularly good deal for your intern year, Some Practical Thoughts on the Virtual Interview Season, Highlighted advice for medical school, the boards, & residency, Unisex Disability Insurance Rates Are Basically Gone at the End of 2020, For-Profit Medical Schools, Once Banished, Are Sneaking Back. Refinancing with Splash was quick and easy, and their rates were better than Earnest and SoFi. Link’s program is only available to PGY2’s and above, so graduating students and interns are not eligible. For every loan they fund, they contribute to the education of a child in need. Splash Financial is in all 50 states and is … SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, there's no maximum on the amount you can finance. The company prides itself on being easy to reach by email, phone, or live chat. Splash Financial has made a "splash" in the student loan refinancing market over the last year by offering some of the best rates and best student loan bonuses available.. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. I've refinanced a few times In the past between my spouse and my loans. But before we assume that, let’s remember that PSLF makes the most sense for people destined for academic or government (city/county/state/federal) or with long residencies and big loans. Unlike the other companies, Link also tells you your training and attending rates, and when you finish training, your rate automatically goes down. Our SoFi Review explains how SoFi has grown so quickly. This site may be compensated through our partner relationships. That is, your loan could be forgiven if you pass away or become disabled before you've finished paying. Like Sofi, Laurel Road also claims big savings from its members—more than $20,000 on average. SoFi offers a variety of solutions when it comes to undergraduate and graduate private student loans and student loan refinancing. Also, note that REPAYE can be a particularly good deal for your intern year if you play your cards right. See also: Laurel Road Student Loan Refinance Review. There is no maximum number of training years, and you can continue the reduced payment up to 6 months after finishing training to help get you through the fresh start. Updated on September 14, 2020By Jen Williamson. Splash Financial currently does not offer variable rates or accept co-signers through NerdWallet. Oddly, you will be placed in a mandatory forbearance during that year so that you won’t be able to get an autopay discount during that time. Get a personalized review of your refinancing options with CommonBond today. Picking a shorter term will result in lower rates (note: the term doesn’t kick in until you become an attending and start true repayment). All Rights Reserved. Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. Be aware that advertised rates almost universally contain a 0.25% autopay discount, so make sure to account for that when comparing your federal rate. You can check your rate with Splash in just minutes. SoFi is a major player in the student loan refinancing marketplace. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. These events take place coast to coast, in cities including New York, Oakland, Boston, and San Diego. Earnest : This lender offers refinancing options for fair credit and approves loans with debt-to-income ratios as high as 65%. Finding the right lender often means finding the one that works best for you—not for everyone else. Lowest rates are reserved for the highest qualified borrowers. Customer service is also a delight. That's with good reason. On the plus side, via the referral links on this page, most offer welcome bonuses. Earnest empowers people with the financial capital they need to live better lives. A couple things to keep in mind: if you pay the minimum every month, you will definitely be in a negative amortization situation, likely even more than you would be using a federal plan (with their higher monthly payments). Laurel Road gets it. No application or origination fees and no prepayment penalties. Both offer very competitive interest rates. Trying to decide if it's worth finishing. Unlike Laurel Road (but like SoFi), Link offers trainees in their final year to qualify for the attending rate with a signed employment contract. In short, the government forgives half of the interest that accrues each month that remains unpaid after applying your scheduled calculated payment. This means that while you can never go back to a federal repayment plan after refinancing, there is literally nothing stopping you from refinancing multiple times, rate hunting, and even collecting multiple referral bonuses. CommonBond will refinance up to $500,000, while SoFi has no maximum amount. Operates in all 50 states; 2nd largest student loan refinancing lender. Splash … Just was offered 4.05% from laurel road. Splash is a great option for borrowers who want to compare rates from banks and credit unions and refinance their federal student loans, private student loans or both. The required monthly payment is a bit lower at $75/month. Splash Financial is a student loan refinance lender marketplace based in Cleveland, Ohio, with its own lender network of banks and credit unions. Connecting student borrowers to a network of over 300 community lenders with low interest rates. Post-match MS4s and all residents are eligible for Laurel Road refinancing. They're backed by both banks and credit unions, letting them give you the very best rates possible. You’ll know right away if you pre-qualify. If you’re looking into refinancing your student loan, then you know every lender is different—and choosing the right one is crucial. Splash Financial is the newest student loan refinancing agency on the market today. Without that personal touch and scrappiness of the new companies, it took SoFi a long time to make a resident product, and they didn’t do anything creative. Earnest Student Loans vs SoFi Student Loans. Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. Hope you can spread it around your social network so it can gain popularity but for me it is an amazingly easy way to keep up with the latest post from pretty much every physician blogger I know. SoFi is the established giant in the student loan refinance marketplace. Splash offers both fixed-rate and variable-rate student loan refinancing and consolidation. Earnest offers both fixed and variable interest rates as low as 2.37% APR and 3.47% APR, respectively, with a 0.25% discount for enrolling in autopay. Overview. If you owe less than you’ll make as a resident, you won’t need a special program. I’ve discussed REPAYE and even compared REPAYE/PAYE more at length previously. CommonBond vs. SoFi: The basics. In addition, they create opportunities for community by running a members-only Facebook group and offering events for members—including happy hour meet ups, financial planning sessions, and celebratory pay-off dinners. Both lenders charge zero origination or pre-payment fees. Splash Financial is a leader in student loan refinancing with new rates as low as 2.63% fixed APR which can save you tens of thousands of dollars over the life of your loans. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. How does it compare to SoFi? But other factors matter as well. They started out focusing on medical school loan refinancing, but they now have expanded and offer an general student loan refinancing product open to anyone with a bachelors degree. ], Let’s assume that you are a graduating medical student or resident and plan to actually pay off your loans (i.e. Splash Financial Basics. The best way to decide is to carefully consider each lender’s strengths and drawbacks—and apply to find out how your finances might change.Learn more about refinancing with SoFi, Learn more about refinancing with Laurel Road. SoFi, also known as Social Finance, is a market leader that helped pioneer the technology-driven private student lending market. Open an invest account today. I wanted to let you know I put this feed on my daily curator I call The Hospital on my blog. Splash Financial is an online student loan aggregator that pairs applicants with financial institutions who provide student loan refinancing. [2020 Update: Since this post was written, but LinkCapital and Splash have shuttered their resident-specific programs and LinkCapital subsequently shut down completely. Which one is better for you? As of August 2017, LinkCapital is no longer offering welcome bonuses. A surprising number of people don't refinance their federal direct student loans because they are worried they will lose the death and disability protections available in that system. Click here to apply with Earnest and to see how much you can save. ... 9 - Splash Financial. 6054612. NitroCollege.com is not endorsed or affiliated with the U.S. Department of Education. Splash Financial loans are funded by banks and credit unions to ensure market leading rates. Refinancing student loans with Splash Financial to as low as 2.63% fixed APR can save borrowers $350 per month or $29,340 over the life of the loan. All product names, logos, and other trademarks displayed within the Nitro site are the property of their respective owners. Special offers for medical resident and fellow refinance products. Just looking for recent experiences. Say hello? No application or origination fees and no prepayment penalties. Laurel Road provides up to one year of forbearance for those under economic hardship, including involuntary job loss and unpaid maternity leave—which is an extremely rare benefit from a private lender.They also offer death and disability loan forgiveness. SoFi offers fixed and variable rate loans. Refinance your student loans with Splash Financial, the industry leading platform that connects you with lower interest rates. With SoFi Invest you can start investing in your favorite companies for as little as $1. The required monthly payment is exactly $1 for up to 84 months (7 years) of training. One thing that makes them stand out is their contingency plan for borrowers who hit hard financial times. Not only are interest rates offered by Splash Financial industry-leading, but the company has a 95% customer satisfaction rate so far. The better question is: which one is better for you? SoFi has an online pre-approval process that lets you find out if you qualify. To Build Resilience in Isolation, Master the Art of Time Travel. Save thousands on your student loans and pay off your loans sooner. For starters, the money that's used to fund refinance loans comes from alumni, individuals, and institutions that have invested in the company. If you want to refinance to a better rate but you're worried about losing some of the benefits of federal loans, Laurel Road may be a good choice for you. Some state restrictions may apply. It recently announced a $350 million annual loan financing deal and have excellent rates. With PAYE, your rate is your rate unless you have subsidized loans from college, and so comparing what you currently have to what the refinancing industry can offer is easy. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. A lower interest rate is the most obvious criteria you should look for when refinancing your student loan. That's why we've taken the time to provide clear and easy-to-read rankings, reviews, and breakdowns of companies in over 100 different industries See also: Should I Refinance My Student Loans? Works with 300+ community lenders for higher approval chances. Earnest is a merit-based lender with custom terms. So you’ll need to add that back on to compare apples to apples during residency. You’ll need to get payoff statements from each current student loan servicer — Obtaining these can be a bit of a complicated process if you’ve never done it before. Know the difference between SoFi vs Laurel Road. For one, they provide student loan refinancing for the most debt-burdened borrowers. Checking your rates takes just a few minutes to complete on Splash’s website. Even though the company was founded less than ten years ago, SoFi now refinances more student debt than any other lender. $30 billion+ in refinanced student loans. While a lifestyle that requires forbearance is far from ideal, Splash is the only company that makes forbearance completely unnecessary in your quest to get a better rate. Splash Financial operates in every state to refinance student loans, including federal, ... SoFi is an online lender that has provided more than 375,000 borrowers with over $30 billion in refinanced student loans, including undergraduate, graduate and parent loans. Second, unpaid interest will also capitalize at the end of the training period, so it would behoove you to try and reduce some of this accrued interest prior to graduation. Click here to see more of Splash's offerings and to see how you can save money. Splash Financial is not a direct lender — Your application will be processed and approved by a partnering lender, usually a bank or credit union, who will also service your loan going forward. They match you with a few lenders, and you can choose the terms that best meet your needs. Get your personalized, pre-approved rates in less than 5 minutes. They've helped borrowers refinance over $14 billion in student loans. What Happens to Your Student Loans If You Die or are Disabled? We are committed to help you find the best company for you. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. "Since the early days, SoFi has been operating across every state in the U.S. but Nevada for our student loan refinancing product, and we’re now lending in … A Historian’s Breakdown of the Siege of Gondor, How Purdue University’s President Froze Tuition, It's Spring Already? Here’s a closer look at two lenders—Laurel Road and SoFi—that are offering extremely competitive rates and novel refinancing packages right now. Does It Cost More to Train Residents or to Replace Them? Their range is as follows: SoFi offers loans durations of five, seven, ten, and 15 years. Check out our Student Loan Refi Calculator to see how much you could save by refinancing your student loan. Splash Financial is a company that refinances student loans. All of these companies offer no-cost refinancing with zero fees. If you’re a resident who owes somewhere near $200k while making $55k/year, then your options are likely limited to the federal government options and the four private companies who offer medical resident programs with reduced monthly payments during training: Laurel Road, Splash Financial, SoFi, and LinkCapital. Refinancing lender school loans minimum income, many borrowers who hit hard Financial times are. Like a traditional bank, so you need to be used for educational purposes only which one is for. Student loans and student loan refinance marketplace give you the very best rates possible loans! That remains unpaid after applying your scheduled calculated payment partner lenders with loans available in all 50 states and intensely! 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