Splash Financial, a finance company that provides online lending options to medical students, partnered with Wisconsin-based banking firm Bank of Lake Mills to help medical students refinance their student loan debt.
Under the partnership, Bank of Lake Mills will help Splash increase its capacity to expand its online lending model.
With Splash, medical residents and fellows can opt into a refinancing program with deferred monthly payment options, providing students with more financial freedom while completing their training.
The financial terms of the agreement were not disclosed.
Data compiled by the Association of American Medical Colleges suggests under the federal Pay As You Earn program, a medical student with $180,000 in loans may pay as much as $380,000 in total repayment. Undertaking a three-year residency can cost upward of $450,000, and may continue to rise if the student elects to pursue a specialty field.