Panacea Financial Student Loans Review: Pros And Cons

Panacea Financial is a financial services company offering medical student loan refinancing options.

If you’ve made it through medical school, there’s a good chance you’ve relied on some amount of student loan debt. In fact, it might be a large amount of debt. 

As you progress into your career, strategically managing your student loans can help you move your finances forward. But is Panacea Financial the best option for you? In this full review, we explore what it has to offer, and compare it with a couple of alternatives. 

Panacea Financial is a financial services company specifically designed for doctors. In fact, the co-founders of the company are doctors who wanted to create a banking experience that worked for the specific financial needs of doctors.

The company offers loans, including medical student loan refinancing, banking services, insurance connections, contract review services, and more. 

Panacea Financial offers a suite of financial products. But for the purposes of this review, I focus on the medical student loan refinancing options available through the company.

Please note that if you refinance your federal student loans, you’ll lose access to federal student loan benefits, including forgiveness programs. 

Transparent Rates

If you want to refinance your medical student loans, the interest rate is a big consideration. After all, your new rate will impact your monthly payment and how much you’ll pay in interest over the course of the loan term. 

Panacea Financial makes it easy to know what your rates will be with transparent rate information. As of writing, the rates available include:

• 6.50% Fixed APR for a five-year loan term
• 7.25% Fixed APR for a seven-year loan term
• 7.50% Fixed APR for a 10-year loan term
• 7.75% Fixed APR for a 15-year loan term

The rates attached to your loan vary based on the loan term, and that’s it. Borrowers can get a rate discount by setting up automatic payments. The rate discount equals 0.50% for an autopayment from a Panacea Financial checking account and 0.25% for an autopayment from a non-Panacea Financial bank account. 

No Cosigner Requirement

You won’t need a cosigner to apply for a student loan refinance with Panacea Financial. This can help you avoid an uncomfortable conversation with potential cosigners. 

Also, the application process involves a soft credit pull that won’t impact your credit score. 

No Maximum Loan Amount

The loans available through Panacea Financial are specifically designed with medical professionals in mind. One thoughtful feature is the lack of a maximum loan amount. Since many medical professionals have large student loan balances, this lack of a limit may come in handy for you. 

Responsive Support Team

Throughout the loan application process and repayment process, access to a responsive support team can help you sort out any burning questions you might have. 

When you refinance your student loans through Panacea Financial, you won’t face application fees, origination fees, or prepayment penalties. However, you might encounter late fees if you don’t stay on top of your payments.

Additionally, you’ll pay interest on your loan balance. 

Panacea Financial isn’t the only place offering medical student loan refinancing. Here’s how it stacks up.

Laurel Road is another option for medical professionals seeking to refinance their school debt. The lender is less open about their rates. But if you are still in a residency program, Laurel Road might allow you to pay just $100 per month throughout your residency or fellowship, which is a perk worth considering.

Splash is a lender that offers medical student loan refinancing. You’ll need to apply in order to find out what rate you’ll pay. Depending on your situation, you might find higher or lower rates than Panacea Financial, which could make it a good idea to shop around for the best options.

If you want to apply, you can click the ‘get started’ option on Panacea Financial’s refinancing page to start the application. Be prepared to provide details about yourself, share a government-issued ID, and clarify some details about your existing loans.

It should only take around 10 minutes to complete the application. After that, you’ll wait to find out whether or not you are approved for the loan. 

Yes, Panacea Financial is a legitimate refinancing lender. You can work with the company to refinance your medical student loans. 

If you want to get in touch, the Concierge Desk offers three forms of contact. You can call 833-472-6223, email [email protected] or send a message via the contact form on the company’s website.