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Student loan refi help needed!

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  • Student loan refi help needed!

    Hi Braintrust...I am a practicing physician about 6 years out of residency. Last year I left my employed position to open my own practice. Though my practice is still small I also work in two additional 1099 positions. Though my annual income this year will likely be around 250k (it has been over 300 k each of the past 4 years prior to this when I was employed), every student loan company that I've tried to refinance with is denying my application because I don't have two years of income through any of these engagements. Any ideas on how to get around this? I would love to take advantage of the lower interest rates but keep running into this and I don't want to do any more hard credit pulls unless I know that there's a chance that an application would be approved.

  • #2
    Credit pulls within a certain time frame (like 3 months or something) basically count as one pull. Student loan lenders have their requirements so it'll be tough to change that but maybe somebody here has some experience with some lenders with more lax requirements.

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    • #3
      Two years worth of income documented. You left the employed position. It will be difficult. Did you submit your prior tax returns?
      I would call the refi companies and ask the question rather than applying.

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      • #4
        Thanks for the responses. Tim, I submitted my income returns for 2019 and 2018, so maybe having the additional 2020 return that reflects some of the income earned in my practice and 1099 positions would help? Yes, I definitely plan to call the companies before applying again, but if there are any more flexible companies with this it would be good to know. I'd really like to get the FYFA course for free as well, so I'm hoping something will work out. Currently my loans are at 4.35 %, about 140 K worth overall.

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        • #5
          Originally posted by axs028400 View Post
          Thanks for the responses. Tim, I submitted my income returns for 2019 and 2018, so maybe having the additional 2020 return that reflects some of the income earned in my practice and 1099 positions would help? Yes, I definitely plan to call the companies before applying again, but if there are any more flexible companies with this it would be good to know. I'd really like to get the FYFA course for free as well, so I'm hoping something will work out. Currently my loans are at 4.35 %, about 140 K worth overall.
          I’m less than two years out of training in a independent contractor position as an S-Corp. I make refinanced as resident several years ago down to 4.85%. In January 2020 (5 months into my career as an attending), I attempted to refinance with SoFi but was denied due to not having two years of tax records. I experienced a similar denial 5 months later when trying to obtain a physician loan through Fairway Independent Mortgage (who supposedly does physician mortgages for independent contractors…).

          Anyway, I recommend checking out Earnest. I refinanced $235,000 in loans in February 2020 (6 months into my independent contractor position). It was very straightforward. I can share my referral link if you like (you get $200 bonus and I get $200 bonus if you’re approved, I think).

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          • #6
            You may want to call on the private refinancers who work with residents first. They may be able to work with you now given your current situation.

            Here's a few from WCI
            Reset Refinance Loan
            Splash
            Laurel Road
            SoFi
            Helping student loan borrowers manage their student loans. StudentLoanAdvice.com. [email protected]

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            • #7
              Thanks again for the comments! endo4jc yes that would be much appreciated if you are willing to share your Earnest referral link!

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