How to Think About Med School Debt

With hundreds of thousands in debt, medical professionals often feel a financial burden unparalleled in the student loan space. As a result, many opt to look into ways to reduce their debt, such as refinancing. 

Refinancing is simply taking out a new loan to pay off your current debt, usually resulting in lower monthly payments and overall cost. 

For those with private loans from companies like Sallie Mae, medical school debt can usually be refinanced with little downside, and potentially hefty savings. 

However, federal student loan debt is not as straightforward to refinance as these loans come with protections that you may sacrifice when refinancing. 

If you’re thinking about refinancing federal student loans, consider whether you may want perks in the future such as income-based repayment plans or forgiveness (only applicable for non-profit/public hospitals). If you’re not interested in or eligible for said protections, refinancing your federal loans for a lower interest rate can make sense.

You can also opt to only refinance your private loans if you have both private and federal loans, preserving your protected loans and reaping the benefits of refinancing. 

When approaching refinancing, you’ll want to shop around different lenders to see who can provide you with the best interest rates. While the difference between 3.3% and 3.0% APR may sound insignificant, that could mean thousands of dollars in savings. 

At Juno we do all the research and comparisons to ensure borrowers have access to the best options for free. We also work with our partners to get additional discounts and cash rewards for those who refinance.


Juno uses group buying power to negotiate better student loan rates. Their negotiated rates have helped 30,000+ members save more than $26M. To-date, their members have accessed over $100M in loans at rates and terms that are better than what anyone could get on their own. Juno negotiates exclusive loan offers with respected lending partners for both student loans and refinancing. Check out their website for the most up to date deals available.

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