- No application fees
- No origination fees
- No prepayment penalties
5. Submit your loan application
- Details about your loans and employer
- Recent pay stubs or W-2 for
- A copy of your government-issued identification, such as a driver's license
Once you complete the application, ELFI will review your information and will contact you with a decision. Until you find out you're approved and the loan is disbursed, keep making the payments on your existing debt to avoid late payment fees and penalties.
Refinancing student loan debt can be a great way to improve your finances, but it's not for everyone. If you decide that student loan refinancing isn't a good fit for you, there are a few other options for managing your medical school debt:
1. Federal income-driven repayment plans
If you have federal student loans – such as Grad PLUS Loans or Direct Unsubsidized Loans – you may be eligible for an income-driven repayment (IDR) plan. With IDR plans, your loan servicer will extend your repayment term and reduce your monthly payment. Your new payment is dependent on your loan balance, income, and family size. Depending on your situation, you can significantly lower your payment amount. Continue reading "5 other options to pay off your medical school debt"