LinkCapital Medical School Refinancing Review

If you’re a med school graduate looking to refinance your loans, LinkCaptial is a good option to consider. The company provides refinance loan options specifically tailored for medical professionals, who often have above-average levels of debt and who want to pay it back efficiently.

This LinkCapital review will cover the pros and cons of the lender, so you can decide if a medical school refinance loan from the company is the right for you.

In this review:

• What Types of Loans Does LinkCapital Offer to Medical School Grads?
• How to Refinance Medical Student Loans with LinkCapital
• Basic Information: Rates, Terms, Fees & Limits
• The Benefits of LinkCapital
• The Downsides of LinkCapital

What Types of Loans Does LinkCapital Offer to Medical School Grads?

LinkCaptial offers two different loan refinancing programs: one for medical professionals who are already practicing medicine, and one for medical school graduates who are currently completing their residency or who are in a fellowship program.

We’ll break down what you can get with each program and their eligibility criteria below.

LinkCapital’s Medical Resident Refinance Program

This program offers two distinct loans: a Standard Resident Loan and a Contracted Resident Loan.

Standard Resident Loan

The Standard Resident Loan provides affordable refinancing, flexible payment options during residency, and an automatic interest rate reduction when your residency is complete, so you don’t need to refinance a second time. You should be eligible for this loan if:

• You have completed at least one year of post-graduate training
• You pass credit underwriting

Contracted Resident Loan

The Contracted Resident Loan is intended for medical professionals who are finishing up their residency and who already have an employment contract. You should be eligible for this loan if:

• You are in the last year of your residency program
• You have an employment contract with a start date within 12 months of the time of refinancing
• You pass credit underwriting

LinkCapital’s Medical Professional Refinance Program

LinkCapital also provides a refinance program for people who are already practicing medicine. This provides some significant advantages, including the option to refinance at any time; complete loan forgiveness in the event the borrower becomes totally disabled or passes away; and no up-front costs, fees, or prepayment penalties. Here’s what you need to qualify:

• You must be a physician or medical professional
• You must pass credit underwriting approval

>> Read More: How to Pay Off Medical School Debt

How to Refinance Medical Student Loans with LinkCapital

Applying for a refinance loan with LinkCapital is quick and easy. Just follow these steps:

• Visit LinkCapital.com. You can learn about the different programs on this website and pick the one that is right for you.
• Follow the prompts to create an account.
• Enter your information. You’ll need to include details about the existing loans you want to refinance.
• Enter your employment information. If you are a resident, enter your projected future salary. Otherwise, enter your current salary.
• Receive an initial approval or denial. This will let you know whether to move forward in the application process. You can call a Link loan specialist if you’re denied.
• Upload your documentation. You’ll need to upload a payoff statement for every loan you’re consolidating, as well as verification of your graduation from a Title IV federal financial aid approved school. You’ll also need verification of your residency if you are getting a residency loan. You may also need to upload an employment contract or recent pay stubs depending on your loan type.
• Finalize your application. In this last step, you’ll select a repayment option and repayment terms.

Basic Information: Rates, Terms, Fees & Limits

Standard Resident Loan

• APR: Fixed rates between 4.436% to 7.129% depending on term
• Loan Amounts: $40,000 to $450,000
• Loan term: 7, 10, 15, or 20-year
• Fees: None
• Payment options: You are able to make minimum monthly payments of just $75 and defer the rest of your payment costs during your training period. Interest does not compound during the training period.

Contracted Resident Loan

• APR: Fixed rates between 3.912% to 6.755% depending on term
• Loan Amounts: $40,000 to $450,000
• Loan terms: 7, 10, 15 or 20-year
• Fees: None
• Payment options: You can make only a minimum monthly payment of $75 until the start date of your employment. Interest won’t compound during your training period

Medical Professional Loan

• APR: Fixed rates between 3.350% and 6.750% or variable rates between 4.260% and 7.060% depending on term length
• Loan Amounts: $40,000 to $450,000
• Loan terms: 5, 7, 10, 15, or 20 years
• Fees: None
• Payment options: No deferment available, but you can choose to prepay without penalty

The Benefits of LinkCapital

There are some significant benefits to refinancing with LinkCapital, including:

• Loans tailored to medical professionals: These loans allow you to make minimal payments during your residency or get a lower rate if you’re already a medical professional.
• Flexibility in payment options: You have a choice of loan terms and can choose either a fixed or variable rate refinance loan.
• No fees: There are no up-front fees and no prepayment penalties.

The Downsides of LinkCapital

There are also some downsides to LinkCapital, including the following:

• There’s a minimum refinance amount. You must have at least $40,000 in loans to be eligible to refinance.
• You have to pass credit underwriting. If you have a poor credit score, you may be unable to qualify and will require a cosigner or risk denial.
• You will give up federal borrower protections. Refinancing with this private lender means you forfeit federal protections, including flexible federal repayment plans and the possibility of loan forgiveness.

Bottom Line: Is LinkCapital Medical Student Loan Refinancing Right for You?

Refinancing with LinkCapital can be a great option if you are in your residency and want a loan that allows you to defer payments until you have graduated. You only need to refinance once and your rate will automatically go down once you are employed.

But if you’re not convinced, compare the rates LinkCapital offers with quotes from a few of the best student loan refinancing companies to make sure you’re getting the best deal.

>> Read More: List of student loan companies