LinkCapital has announced that they are expanding their student loan refinancing options to offer more options for medical professionals that are looking to cut down on their student loan debt. Going to medical school (or school for any sort of healthcare profession for that matter) is not cheap. Most students rely on some sort of student loans to help them get through it financially. In fact, the American Medical Student Association reports that around 85% of students that graduate from a medical school program have at least some debt associated with it. If you find yourself in this group, there may be some things that can be done to help.
How to Get Rid of Your Medical School Debt
Thanks to the Health Care and Education Reconciliation Act that was passed back in 2010, there are new and improved ways to manage student loan debt. This act not only made it possible to get better income based repayment plans, but also opened up the door to more student loan forgiveness programs. Medical students are eligible for a variety of different income based repayment plans, among others.
Many medical students prefer to make payments on their loans during their residency. Residency offers some sort of salary, making it ideal for the income based repayment programs. Some students, however, don’t take advantage of this and end up just keeping their loans in forbearance status until they are done with school. Just know that if you make small payments over the course of time, it can make a pretty drastic difference in overcoming your student loan debt.
Upon graduation, other medical students find that they are able to take on a job with a company that will help them pay their student loans off. This is an option, but will require you to research and negotiate when you apply for your first job once you graduate.
An overwhelming majority of medical professionals don’t start making payments on their student loans until they graduate, and many don’t know that there are ways to work towards student loan forgiveness. With that being said, refinancing is another viable option that will not only help you to lower your interest rates, but also help you get those loans paid off quicker. This is what LinkCapital is offering for medical professionals.
What is LinkCapital?
LinkCapital is based out of Chicago, IL. They offer financial solutions for student debtors who work in the medical professional field, as a way to thank them for their service in helping others. Their consolidation and refinancing is what we would refer to as untraditional. They custom tailor their loans, including the terms of repayment along with the interest rate, to be ideal for creditworthy medical professionals, including but not limited to residents, physicians and dentists.
The Benefits of Refinancing Your Student Loans Through LinkCapital
Many student debtors first ask about the benefits that come along with refinancing student loans. There are some definitive benefits, but it seems that the most popular reason that people choose to refinance is because it will help them to get a lower interest rate, or help them to lock into a fixed rate. It is also a great way to reduce the terms of repaying your loan, meaning that you won’t have to pay as much in interest over time.
Aside from these clear benefits, there are other benefits that come along with refinancing with LinkCapital, especially if you are a medical professional. Unlike many of the other student loan refinancing lenders that are often seen in the spotlight, LinkCapital focuses on the true needs of medical school grads. They know that it is a high earning field, with typically more cash flow than some other careers. With that in mind, they tailor their refinancing program specifically to the needs of the medical professionals.
To qualify for their Medical Professional Refinance Program, you must be completely finished with post graduate training. LinkCapital does, however, offer their Standard Resident/Fellow Program and their Contracted Resident/Fellow Program as well, which are ideal for those that have not fully completed their degree in their field of choice.
To get started with LinkCapital, there are a few things that you will need to do. First, begin by getting all of the information together about your existing loans. The best way to do this is to request a payoff document. This will have a majority of your identifying information and details about your loan, but you will also need to have your driver’s license and proof of income. Once you have everything together, you can visit linkcapital.com to create your account, apply for refinancing, and even upload any necessary documents. They make it really easy on you, since they know that most medical professionals keep a very busy schedule.