New York City (July 24, 2018) – Laurel Road, an online lender and FDIC-insured bank, today announced that it is providing American Medical Association (AMA) members savings opportunities when they refinance their student loan debt. Over 250,000 AMA members, including physicians of all specialties, will have access to an exclusive interest rate discount in addition to Laurel Road’s refinancing program that saves physicians an average of more than $29,000 over the life of their loan.
Medical students are faced with high education costs during training, residency, and post-graduation. According to the Association of American Medical Colleges, 75 percent of medical students who graduated in 2017 borrowed student loans to pay for school, with this debt averaging $170,000 for those graduating from public institutions and $180,000 from private institutions, according to a survey by U.S. News & World Report.
“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 AMA is concerned that more and more medical students and young physicians are facing a significant student debt burden with long-term ramifications,” said AMA Chief Experience Officer and Senior Vice President of Physician Engagement Todd Unger. “This burden is limiting opportunity and creating professional and personal challenges for young physicians who already face unique and challenging hurdles at the beginning of their careers. As part of the AMA’s ongoing commitment to providing members with innovative, meaningful, and timely products, we are pleased to offer them this new opportunity to tackle student loan debt head-on.”
As a pioneer of student loan solutions for medical professionals, Laurel Road also offers an innovative resident program that allows residents to refinance their loans and make payments of just $100/per month throughout their residency or fellowship program and up to six months after.
About Laurel Road:
Laurel Road is a national online lending company and FDIC-insured bank, offering online student loan refinancing, personal lending and mortgage products as well as consumer and commercial banking services. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with graduate and undergraduate degrees to refinance and consolidate more than $3 billion in federal and private school loans. With our low rates, borrowers have reduced their monthly payments and on average saved tens of thousands of dollars. For more information on potential savings, see laurelroad.com/student.
Laurel Road Bank is a Connecticut chartered bank offering lending products in all 50 U.S. states, Washington, D.C. and Puerto Rico. The mortgage product is not offered in Puerto Rico. Laurel Road Bank is an Equal Housing Lender, Member FDIC. NMLS ID # 402942.
About American Medical Association:
The American Medical Association is the powerful ally and unifying voice for America’s physicians, the patients they serve, and the promise of a healthier nation. The AMA attacks the dysfunction in health care by removing obstacles and burdens that interfere with patient care. It reimagines medical education, training, and lifelong learning for the digital age to help physicians grow at every stage of their careers, and it improves the health of the nation by confronting the increasing chronic disease burden. For more information, visit ama-assn.org.