May 2019 Volume LIV Number 3


Member Benefit Spotlight

AAPD Members Refinance Over $5.0 Million of Student Loans with SoFi

May 2016 Volume LI Number 3

Taking good care of finances is extremely important to most dentists. According to the American Dental Education Association, the average dental student graduated with $247,2271 of debt. In order to achieve financial goals, most dentists need to efficiently pay off their debt and make the most of the income they are bringing in.

That’s why the AAPD has partnered with SoFi to provide dentists with a student loan refinancing benefit to help them tackle these issues. Through this partnership with SoFi, AAPD members and their friends and families receive a $400 welcome bonus* upon refinancing through To date, AAPD members have already refinanced over $5 million of student loans with SoFi.

Just like refinancing a mortgage, student loans can also be refinanced at a lower interest rate. Interest rates for graduate and professional school have been higher than prevailing rates for a number of years, which means it can be possible for dental school grads to get a lower rate through refinancing. 

Refinancing can have big benefits like lower monthly payments or a reduced payment term, and can save you a significant amount of interest over the remaining life of the loan.  You can also consolidate more than one student loan through refinancing, which saves you the time and hassle of multiple monthly payments.  

Need the hard numbers? Let’s say you have $250,000 in student loans at a 6.8 percent weighted average interest rate and 10-year term (6.8 percent was the going rate for federal unsubsidized loans from 2006 to 2013). Your monthly loan payment would be about $2,875 per month, and you’d pay about $95,000 in interest over the life of the loan. If you can reduce that rate by even 1 percentage point to 5.8 percent, your monthly payment goes down by about $125/month, and you save around $15,000 in total interest.  

Cut your rates further, and you save even more. Dental borrowers who refinance with SoFI save closer to $39,0002 on average over the lifetime of their loans.

Who refinances?

To qualify for a lower rate through refinancing, lenders will often look at just your financial data, such as credit score. SoFi, on the other hand, uses a non-traditional underwriting approach. SoFi considers a number of holistic factors such as your track record of paying bills, employment history and income relative to your outstanding debt. Typically, the stronger your financial picture, the lower the rate you can qualify for. 

Once you qualify to refinance, you can choose from a number of options such as payment term and variable vs. fixed interest rate. Each of these options can affect your monthly payment and total interest amount. It’s also important to note that federal student loan benefits like income-based repayment and loan forgiveness don’t transfer to private lenders, so before refinancing federal loans you should check to see if any of these programs apply to you.

A growing number of AAPD members are choosing student loan refinancing solutions with SoFi. The AAPD is committed to providing education that will help you make the best decision for your situation. You can find out more by visiting In addition, SoFi will be holding webinars specifically for AAPD members. Please register at to attend one of the below webinars: 

June 1 – 5 pm est

June 7 – 1 pm est

June 9 – 11 am est


SoFi is a modern finance company that’s fueling the shift to a bankless world. Our radical approach delivers unprecedented services for lending and wealth management. We evaluate applicants based on a holistic view of their financial well-being rather than a three-digit score. Whether our members are looking to refinance their student loans, buy their dream home, or simply seek advice as they ascend in their careers, SoFi provides the best products and tools to match their ambitions and propel them to new levels of financial greatness. To date, SoFi has originated over $7 billion of loans for over 120,000 borrowers.

*$400 payment will be issued electronically once you become a SoFi borrower, you have submitted a completed application with documents through, and your loan has been disbursed. Offer good for new SoFi customers only.

1 American Dental Education Association, 2013 ADEA Deans’ Briefing Book & 2014 Annual Session Student Debt Presentation, Link:

2 See

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