Updated: August 21, 2022

Commerce Bank Medical Refinance Loan Review

Medical Refinance Loan

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Student Loan Rating
4 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.62% - 7.50%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.12% - 6.00%
Repayment Terms
10, 20 years
Important Information

Rewards: 0.25% interest rate reduction with autopay

Eligibility: Limited to loans for pursuing a medical degree

Overall Limits: $500,000

The bottom line:

If you’re a college graduate and medical professional employed by a hospital, practice or clinic, you might qualify for student loan refinancing with Commerce Bank. This institution only offers refinancing on loans for medical school, but if you racked up a considerable amount of debt while pursuing your medical degree, Commerce Bank might not be a bad option for you. However, its repayment options are less than flexible and its borrowing requirements steep, so steer clear if you have a problem with either of those things.


  • 0.25% interest rate reduction with autopay
  • Dedicated personal loan advising
  • High borrowing limit
  • No origination, application or prepayment fees


  • Only offers refinance on medical school loans
  • High minimum borrowing requirement
  • No option for having a cosigner
Commerce Bank LendKey Earnest
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.62% - 7.50%
2.12% - 6.00%
6.61% - 10.68%
4.38% - 7.98%
4.96% - 8.99%
4.99% - 8.94%
Loan repayment terms (Years) 10, 20 years 5, 7, 10, 15, 20 years 5, 10, 15, 20 years
Cosigner release? Not specified Yes, after 12 months on-time principal and interest payments None

Commerce Bank's Medical Refinance Loan definitely has its high borrowing limit going for it, with qualified individuals being allowed to borrow up to $500,000 when refinancing (which is well above the average student loan debt of a med student). However, there is also a high borrowing minimum of $30,000, making this a poor option for anyone that managed to graduate with much less debt.

Choose from 10 and 20-year repayment terms with fixed or variable interest rates. If you enroll in automatic payments through Sallie Mae, 0.25% is automatically knocked off of your interest rate. Only fixed monthly repayment is available. A dedicated private banker with Commerce Bank will help you along the way should you have any questions about your repayment. However, there is no evening and weekend customer support with this lender. Hardship forbearance is granted on a case-by-case basis, but other deferment options are not advertised as available.

The fact that Commerce Bank does not allow you to apply to refinance with a cosigner will make qualifying difficult for some borrowers. If you are not creditworthy or your debt-to-income ratio is too high, you will not be able to refinance through Commerce Bank, period. And if you are not yet employed with a medical practice of some sort or don’t have a pending contract, you’ll need to hold off on applying for loan refinancing with Commerce Bank or research other lenders.

Commerce Bank - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 10, 20 years
  • Minimum Borrowing Limit: $30,000
  • Aggregate Borrowing Limit: $500,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Not specified by lender
Requirements to Qualify
  • Minimum Credit Score: Not specified by lender
  • Minimum Annual Income: Not specified by lender
  • Citizenship Restriction: Citizens or Residents
  • List of States where Loan is Not Available: None
  • Approved Schools Include: Not specified by lender
Repayment Details
  • Length of Grace Period: Not specified by lender
  • Maximum Deferment Period: Not specified by lender
  • Maximum Forbearance Period: Not specified by lender
  • Cosigner Release Option: Not specified by lender
  • Disability Discharge: Not specified by lender
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): 7am-8pm Central, Monday through Friday
  • Application Timeline: Apply in 15 minutes, Certification takes 7 to 10 business days
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Yes

Other Loans that Commerce Bank Offers:

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