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Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 10/20/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.


Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.


Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.


Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility. See additional details at https://www.sofi.com/legal/banking-rate-sheet.


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Learn about the basics of Medical & Dental Resident Refinance Loans

4 months ago · Updated

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    • The Medical and Dental Resident Refinance Loan helps you manage student loan payments during residency or fellowship, when income is typically lower.

    If eligible, you can refinance your existing student loans and make reduced monthly payments during your training, with full repayment beginning after your program ends.

     

    What is a Medical & Dental Resident Refinance Loan?

    This is a student loan refinance option for:

    • Medical residents
    • Dental residents
    • Fellows
    • Individuals matched to or starting a residency within 12 months

    It allows you to replace existing student loans with a new loan designed for your training period.

     

    How is this different from a Student Loan Refinancing?

    With a Student Loan Refinancing:

    • Full monthly payments begin immediately

    With a Medical & Dental Resident Refinance Loan:

    • You make $100 monthly payments during your residency
    • Full payments begin after your training is complete

    This structure helps align your payments with your expected income growth.

     

    What happens during/after residency?

    While in your residency or fellowship you’ll make reduced monthly payments of $100 a month. This helps keep payments manageable while your income is lower.

    After your training ends your loan transitions into full repayment and your monthly payment will increase based on your loan terms

    For details on how payments are calculated, see Understanding Payments & Interest for Medical & Dental Resident Refinance Loans

     

    Can I refinance again after residency?

    Yes! After completing your training, you may choose to refinance again based on your updated financial profile.

     

    What types of loans can I refinance?

    Most qualified education loans, including federal and private student loans, may be eligible.

    For full eligibility details and restrictions, see Eligibility Requirements for Medical & Dental Resident Refinance Loans

     

    What repayment terms are available?

    You can choose from multiple repayment terms, which affect your monthly payment and total cost over time.

    For a full breakdown, see Terms and Limits for Medical & Dental Resident Refinance Loans

     

    Is this the right option for me?

    This program may be a good fit if you:

    • Are in (or entering) a residency or fellowship
    • Want lower payments during training
    • Expect your income to increase after completion

    Have more questions? Refer to our Troubleshooting Medical & Dental Resident Refinance Loan Help Center Article, Chat with us, or call 855-456-7634 to speak with an agent.