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CMA, SoFi partner to offer student loan refinancing benefit



May 17, 2018
Area(s) of Interest: Professional Development & Education 

Today, the California Medical Association (CMA) announced a new partnership with SoFi, an online personal finance company, to provide CMA members with a unique opportunity to refinance and consolidate existing student loans through the SoFi at Work program.


Sofi will offer CMA members student loan refinancing options, which include low-variable and fixed rates with terms ranging from five to 20 years, with an additional rate discount of 0.25 percent through the sofi.com/CMA link. Parent PLUS loans can also be refinanced. There are no prepayment penalties. Borrowers could save $15,7672 over the life of their loans on average when they refinance their student loans with SoFi.


“We are proud to collaborate with SoFi to offer this valuable benefit to our members,” said CMA President Theodore M. Mazer, M.D. “CMA will continue to find innovative ways to help our members manage their education costs as part of our mission to increase the physician workforce in California to meet patient needs. This SoFi program gives our members the flexibility to lower their costs and tailor their repayment schedule to meet their needs, making practicing in California a more attractive option for physicians.”


The California-based SoFi is a leader in student loan refinancing and marketplace lending in the United States, with more than $30 billion in loans to date.


“People often face a hard choice between saving for retirement or paying down student debt when the answer is they should and can do both,” said Wayne Thorsen, Senior Vice President, Marketing and Strategic Partnerships at SoFi. “Forward-thinking companies and associations like CMA are thinking about the most meaningful ways to address these stresses and their members’ overall financial wellness.”


CMA members who refinance with SoFi also become SoFi members, which unlocks other benefits including complimentary career counseling, networking events and a referral program incentive.


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The California Medical Association represents the state’s physicians with more than 43,000 members in all modes of practice and specialties. CMA is dedicated to the health of all patients in California. For more information, please visit cmadocs.org, and follow CMA on FacebookTwitter, LinkedIn and Instagram.


SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

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