[Editor's Note: We are just a few weeks away from announcing the winner of the 2018 WCI Scholarship and are now in the process of having our 76 volunteer judges review the 740 essays submitted. Yep, you heard that right, 740 essays — a new record! (Thanks judges!) This is one of five sponsored posts we run as part of the Scholarship contest, one for each of the five platinum sponsors. Laurel Road, a long-time WCI partner, has been refinancing your student loans for 5 years now, lowering your interest rates and giving you cash bonuses (currently $300 for those refinancing through the links on this page). Thank you Laurel Road for sponsoring the 2018 WCI Scholarship Program, to our knowledge the largest scholarship program run by a blog on the planet.]

A Step-by-Step Guide to Refinancing Your Student Loans During Residency

The dilemma of making student loan payments while making a fraction of what you will make post-residency is a burden, to say the least. Laurel Road recognized the need to provide physicians with lower monthly payments, capping them at $100/month while in residency, and postponing the full payment until six months into practice.

Even post-residency, there are still four good reasons to refinance your student loans.

  1. Lower your monthly payment
  2. Lower the amount of money you owe over the life of the loan
  3. Pay the loan off quicker
  4. All of the above

Student loan refinancing will lower your interest rate and thus, your monthly payment and amount you pay over time. Nobody wants to have lingering debt, even if you can afford the payments, so before you refinance your student loans there are three steps you need to take:

Step 1: Decide what your financial goals are

You’ve got to know where you want to go, so you know what route to take. Decide what your goal is, so you get the outcome you’re looking for when refinancing your student loans.

Step 2: Get your credit score

When it comes to refinancing your student loans, your credit score matters. That’s because a higher credit score will likely result in a better rate, and a better rate means more savings for you.

Step 3: Find the best refinancing company that will help you meet your financial goals

There are several options to choose from when refinancing your student loans, but not all of them will be a fit for your specific needs. Do they specialize in helping those in the medical profession? How are their rates? Hidden fees and terms? Do your research so you are sure to land on a company that can help you make your financial goals a reality.


Laurel Road has made refinancing your student loans, quick, seamless and simple. Go through the entire process online in just three steps:

  1. Check your rate in 2-minutes, no hard credit pull required
  2. Upload your documents
  3. Get your approval and final rates

Let Laurel Road help you get where you want to go, faster. Check your rate and start saving today.

What do you think? Have you refinanced with Laurel Road (aka DRB?) Did you refinance your student loans during residency? How do you think refinancing early helped you reach financial goals? Comment below.