Laurel Road has launched a new program to assist physicians with American Medical Association (AMA) membership in the refinancing of their student loan debt.
According to the Darien-based lender, more than 250,000 AMA members will be able to access an exclusive interest rate discount as part of a refinancing program designed to save an average of more than $29,000 over the course of the student loan. In announcing the program, Laurel Road cited a U.S. News & World Report study that found student loan debt for medical students averages $170,000 for those graduating from public institutions and $180,000 from private institutions.
“With this staggering amount of debt at the onset of their careers, young physicians need to manage their financial challenges while developing their professional experience – a complicated situation for any person beginning their career,” said Alyssa Schaefer, chief marketing officer for Laurel Road. “We recognize the important role that refinancing can play in reducing the financial burden for young physicians.”
The new program is the second offered by Laurel Road that is aimed at the medical profession. The company also provides a program for medical residents to refinance their student loans and make payments of $100 per month throughout their residency or fellowship program and up to six months after.