Iowa Student Loan launches refinance loan program for doctors, dentists
BPC Staff Apr 22, 2020 | 4:05 pm
1 min read time148 wordsAll Latest News, Banking & Finance, HR & Education
Iowa Student Loan has rolled out a new refinance loan option for doctors and dentists while they’re working in required residencies or fellowships early in their careers. The Reset Refinance Loan for Medical Residents allows these professionals to make reduced monthly payments of $75 during their residency instead of requiring full principal and interest monthly payments. Based on the average debt for a medical school graduate of $251,600, regular payments on student loan bills can exceed $1,500 monthly. “Medical residents face high student loan payments when their salaries can least support those payments,” said Steve McCullough, president and CEO of Iowa Student Loan. “Our refinancing loan lets them make lower payments, at a reduced interest rate.” Information about the loan, including underwriting and credit criteria, as well as a pre-qualification option that does not affect interested applicants’ credit, is available online on the Iowa Student Loan website.