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Medical Resident Refinance

Refinance today and receive $500. See complete $500 rules.

Pay only $751 a month during your residency.

Fixed rates from 3.49% to 7.57% APR1

Get Your Rate*Apply Today

* Will not impact your credit score.

Banner: Reset Refinance Loan

Reset Refinance Loan for Medical Residents

Making large student loan payments while you're completing your residency can be an added stress you don't need. Refinance today with our medical resident refinance loan and make only $75 monthly payments during your residency.


Icon: $75 monthly payment

A set $75 monthly payment during your residency/fellowship provides financial relief.

Icon: Fixed interest rates

Fixed interest rates provide you with certainty when it comes to your budget after your residency.

Icon: Multiple repayment choices

Multiple repayment choices let you maximize your financial goals.

Icon: No Fees

No origination or prepayment fees and no late charges so you have more money in your pocket.

Refinancing Is Easy

1

Pre-Qualify

Get your rate in less than a minute without impacting your credit score.

(Thinking about a cosigner? Ask them to check their rate too and see if they can help you qualify for a lower rate.)

2

Apply

Know your rate or ready to apply? Our simple application can be completed in less than 15 minutes.

3

Accept

Once you're approved, you'll receive a loan offer. After you accept the offer, we'll pay off your current loans and issue you one, single new loan.

About Iowa Student Loan

Iowa Student Loan is a nonprofit company with 40 years of experience in student lending. We help students finance their college education and graduates refinance college debt with "Iowa nice" service no matter where home is for our customers.

From the moment you begin an application until you make your final payment, you'll be dealing with one company. Customer service, once loans enter repayment, is provided by Aspire Servicing Center, a wholly owned subsidiary of Iowa Student Loan. Iowa Student Loan and Aspire Servicing Center staff work side by side and for the same management team so that we can provide consistent, outstanding service throughout the life of your loan. It's just one of the many things that we do to ensure your experience is a positive one.

Common Questions About Refinancing During Medical Residency

Refinancing your student loans with the Reset Refinance Loan for Medical Residents allows you to make set monthly payments of $75 during your residency and for six months afterward to make life easier when your budget is tight. Once you complete your residency and your income increases, your monthly payments increase to include both principal and interest to pay off your student loans at a fixed rate and within a fixed term that you choose.

In addition, you may be able to refinance to a lower rate to help reduce the amount you will repay over the life of your loan.

Note: During your residency, you must make monthly payments of at least $75. The $75 monthly payments during the Residency Period may not be enough to fully pay the interest that will accrue during the Residency Period. If the interest that accrues each month is more than $75, the amount of interest that is not paid will be added to your loan balance. Your loan balance may therefore increase during your Residency Period even though you are making the required payments, which is called negative amortization. Because of the negative amortization, your loan will have a larger principal balance at the start of the Post-Residency Repayment Period than the amount that you originally borrowed.

You may qualify for assistance based on your situation. Please contact our servicer, Aspire Servicing Center , as soon as possible if you experience issues, so we can help you avoid delinquency.

If you are experiencing financial hardship due to COVID-19 national health emergency, assistance is available. Review the COVID-19 information on the Aspire Servicing Center website for additional information and to request assistance.

To be eligible for the Reset Refinance Loan for Medical Residents, you must be in a medical residency or fellowship program or in your final term of medical school with an accepted match letter for a medical residency or fellowship program within the United States.

You and any cosigners cannot have defaulted on any private or government student loan. In addition, you and any cosigners must be citizens or permanent residents of the United States. Cosigners must reside in the United States. Military addresses are considered U.S. addresses if designated as an APO or FPO.

To qualify for the Reset Refinance Loan for Medical Residents, you or your cosigners must have:

  • Monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit) that do not exceed 45% of gross monthly projected (post-residency salary), contracted or actual gross monthly income. All student loan debt will be treated as though it is in repayment.
  • A FICO score of at least 670. (The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.)
  • No more than two accounts reporting 30-day delinquencies and no delinquencies of 60 days or more during the previous two years.
  • No charge-offs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
  • No previous bankruptcies.

Note: For loans with no cosigner or only one cosigner, either the applicant or cosigner must meet all credit underwriting criteria with the exception of the debt-to-income ratio, which the applicant and cosigner may combine debt and income to calculate the debt-to-income ratio. For joint cosigned loans, at least one cosigner must meet all credit underwriting criteria with the exception of the debt-to-income ratio, which the cosigners may combine debt and income to calculate the debt-to-income ratio.

The list of criteria above may not be exhaustive. Iowa Student Loan may require you or your cosigners to meet additional criteria in order to qualify for a loan. Iowa Student Loan reserves the right to change the list of criteria in any way from time to time.

Yes; you can apply to release any cosigners from payment obligations:

  1. After the first 24 consecutive monthly Post-Residency Repayment Period payments are received on time.
  2. If you meet the underwriting and credit criteria at the time the cosigner release is requested.

You may choose between five different repayment terms, which begin after your Residency Period is completed. View the repayment terms and APR Examples (PDF).

You may refinance up to $300,000 in eligible education loans. The loan must be at least $5,000.

The following loan types are eligible for medical resident refinancing:

  • Federal loans (William D. Ford Federal Direct Loan, Federal Family Education Loan and Federal Perkins Loan programs) including:
    • Undergraduate and graduate subsidized and unsubsidized student loans
    • PLUS Loans taken out by parents or graduate/professional students
  • Private education loans
  • Previously refinanced or consolidated education loans

Consumer loans, such as those used to attend coding bootcamps or other specialized training, are not eligible to be refinanced in a Reset Loan.

Interest that is not paid during the Residency Period or any qualifying deferment period is capitalized (or added to the principal balance of the loan) at the end of the residency or deferment period.

During the Post-Residency Repayment Period, you can earn a 0.25% interest rate reduction by signing up to have principal and interest payments automatically withdrawn. The 0.25% interest rate reduction will apply once payments begin to be automatically deducted. The reduction will remain in effect as long as automatic payments continue without interruption during the repayment period. The 0.25% interest rate reduction will not lower the monthly payment amount but will instead reduce the interest amount that accrues. The interest rate reduction will be suspended during approved assistance or if automatic payments are rejected due to insufficient funds.

You may begin having the $75 set monthly payments automatically withdrawn during the Residency Period, but you will not be eligible for the 0.25% interest rate reduction benefit until you begin making principal and interest payments during the Post-Residency Repayment Period.

During the Post-Residency Repayment Period, you may request to change your repayment plan, if you have at least 61 months of repayment remaining, to a graduated repayment plan. Under this type of plan, you make lower payments that increase gradually during the life of the loan. By using a graduated repayment plan, you will pay more in interest over the life of the loan because the principal balance will decrease at a slower rate.

We offer reduced interest rates on current loans for qualifying active duty service members. If you are called to active duty, be sure to reach out to us as soon as possible so we can provide you with the information you need.

In the unfortunate event of a borrower's death or qualifying total and permanent disability, Iowa Student Loan will forgive the loan and not require cosigners or the borrower's estate to satisfy the loan obligation. A tax professional or the IRS can provide additional information about possible tax consequences of loan forgiveness.

No; in the event of a cosigner's death or qualifying total and permanent disability, you will not be required to find a new cosigner for an existing loan. In addition, if a cosigner suffers a qualifying total and permanent disability, Iowa Student Loan will release the cosigner from his or her obligation.

Customer service for all loans offered by Iowa Student Loan will be provided by Aspire Servicing Center, a wholly owned subsidiary of Iowa Student Loan.


1 Annual percentage rates (APRs) assume a principal and interest repayment term as short as five years and as long as 20 years, borrowing $100,000, a 0% origination fee, deferring principal and interest for 66 months while requiring $75.00 monthly payments, and assumes you are enrolled in and maintain auto-debit payments during the Post-Residency Repayment Period. Enrolling in auto-debit during the Post-Residency Repayment Period results in a 0.25% interest rate reduction during the Post-Residency Repayment Period. Without enrolling in auto-debit, the APR range would be from 3.57% APR to 7.72% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile and the term you select. During your residency, you must make monthly payments of at least $75.00. The $75.00 monthly payments during the Residency Period may not be enough to fully pay the interest that will accrue during the Residency Period. If the interest that accrues each month is more than $75.00, the amount of interest that is not paid will be added to your loan balance. Your loan balance may therefore increase during your Residency Period even though you are making the required payments, which is called negative amortization. Because of the negative amortization, your loan will have a larger principal balance at the start of the Post-Residency Repayment Period than the amount that you originally borrowed.