Curious About Your Student Loans?


Over 40 million Americans hold $1.4 trillion in student loan debt1. ACOG partner SoFi answers some commonly asked questions about student loan refinancing.

Who should refinance?
Refinancing is a great solution for working doctors who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans. Federal loans do carry some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. If you are a medical resident, refinancing could be a cost-saving option for you as well.*

What is a direct consolidation loan?

A Direct Consolidation Loan is a government program that allows you to combine multiple federal education loans into a single loan.  The resulting interest rate is a weighted average of your prior loan rates.

What is the difference between consolidation and refinancing?

When you consolidate federal loans through the federal loan consolidation program, you’re combining multiple loans together with a resulting interest rate that’s the weighted average of your original loans’ rates.  When you refinance loans with a private lender, you’re also consolidating (i.e. combining) them, but the lender will use your financial information to give you a new, hopefully lower, interest rate.

Will applying for a student loan refinancing affect my credit?

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

When is the best time to refinance?

The earlier you refinance to a lower loan rate, the more money you will save. Even if you are in your grace period, interest accrues for unsubsidized federal loans. SoFi will honor the first six months of any existing grace period of the loans you refinance with SoFi.

ACOG has partnered with SoFi to offer our members and their families a 0.125% rate discount2 upon refinancing their student or Parent PLUS loans through You must apply through that link to be eligible for the rate discount.

*SoFi has a Medical Resident and Fellow Refinancing Program. If you have less than four years left of your resident or fellowship program, you can apply to refinance and pay a minimum of $100/month3. Accrued interest does not compound while paying $100/month3. This means that you don’t accrue interest while in your fellowship program. Fellows who refinance through also receive the 0.125% rate discount2.

Terms and conditions apply. SoFi reserves the right to modify or discontinue products and benefits at any time without notice. SoFi loans are private loans and SoFi does not offer the same flexible repayment terms that are features of federal student loans. Eligible borrowers must be U.S. citizens or permanent residents and meet SoFi's underwriting requirements. SoFi loans not offered to residents of Nevada. Other state restrictions may apply. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636. 1See WSJ and 2If you apply and are approved, the interest rate shown in your loan documents will include an additional rate discount because of your organization’s SoFi partnership at the time of loan origination. Offer good for new student loan refinancing customers only. 3Though interest does not compound during residency, interest still accrues. Additionally, the minimum monthly payment of $100 while in residency may not pay all the interest due each month, which will likely result in a negative amortization.



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