AAMC and ELFI Announce New Collaboration to Support Medical Student Borrowers

Today the AAMC and ELFI have announced a collaboration, the MedLoans™ borrower benefit program, to support medical students facing urgent education funding gaps. This initiative comes in response to recent federal legislation that significantly reduced the amount of federal loans available to medical students, creating new challenges for many aspiring physicians pursuing careers in medicine. The goal of the collaboration is to help ensure that medical education remains financially accessible for accepted MD applicants and, if needed, students currently enrolled in Liaison Committee on Medical Education (LCME) accredited U.S. MD programs despite changes in the federal student loan environment.

The collaboration between the AAMC and ELFI, a division of SouthEast Bank that specializes in private student loans and refinancing, features an accessible, nationally consistent loan option tailored to the unique needs of medical student borrowers. ELFI was established over a decade ago to provide lower-cost student loans to borrowers nationwide. ELFI will serve as the lending institution responsible for originating loans through its EdMed loan product. This trusted private loan option will provide a pathway for medical students when federal aid, grants and scholarships, and other options are insufficient.

"Recent changes in federal loan programs have made it more difficult for many talented individuals to access the financial resources they need to pursue a career in medicine," said David J. Skorton, MD, AAMC president and CEO. "The AAMC is deeply committed to ensuring access to medical education for the next generation of physicians who will meet the health care needs of all communities. Our collaboration with ELFI is a critical step to providing access, fairness, and transparency for students who will need to rely on private financing."

The AAMC has selected the EdMed loan product by ELFI for the 2026-27 academic year, with students receiving an exclusive borrower benefit through an interest rate discount with this collaboration. By providing more consistent and accessible financing options, this effort supports the AAMC's mission of educating the future physician workforce.

"For more than a decade, ELFI has focused on expanding access to education through competitive, thoughtfully designed student loan solutions," said Barbara Thomas, chief operating officer of SouthEast Bank and head of the ELFI division. "As rising education costs and recent changes in federal loan availability create new funding gaps, we developed EdMed to help address the realities of medical education and training. EdMed is available to students enrolled in a number of graduate level health care professional programs, in addition to medical school, reflecting the shared financial and training demands across these professions. Through our collaboration with the AAMC, we are proud to support medical students enrolled in LCME accredited U.S. medical programs with an exclusive private loan option designed to complement federal aid and help ensure that financing does not stand in the way of pursuing a career in medicine."

About the AAMC ELFI Collaboration

This collaboration reflects a shared commitment to fair, transparent, and borrower-centered options for future physicians that need private financing to complete their medical education. The purpose of the collaboration is to feature a private loan product that addresses the unique financial realities of physician education with features such as:
• Exclusive discounted rates for students enrolled in LCME accredited U.S. MD programs
• No Income Requirement (for MD students who select ELFI's Fixed Repayment option)
• Multi-Year Eligibility
• Automatic Residency Deferment
• 9-Month Grace Period
• Competitive interest rates
• Flexible repayment options
• Dedicated customer support

Subject to credit approval and continued program eligibility and school certification. Terms & Conditions apply. Visit elfi.com/aamc for details.

This coordinated national approach will help medical students and schools navigate an evolving and fragmented private student loan lending market.

The collaboration combines the AAMC's long-established history of addressing the financial needs of medical students with ELFI's longstanding expertise in student lending. This initiative is designed to build upon the AAMC's existing financial education, support, and advocacy efforts.

The AAMC will convene a future advisory committee to inform this work and ensure it continues to meet the needs of medical school borrowers with respect to product features, terms and conditions, and customer service. This approach helps ensure the program remains responsive and accountable to the evolving needs of medical school borrowers and the financial aid offices that support them.

For more information and additional resources, visit the AAMC ELFI collaboration webpage.

About ELFI
ELFI is a nationwide student loan provider and refinance program offered by Tennessee-based SouthEast Bank. Since its launch in 2015, ELFI has assisted borrowers with student loan refinancing as well as with undergraduate, graduate and parent private student loans. ELFI makes financing your future simple by offering easy payment options, affordable rates, and flexible terms in an application process that is transparent and secure. Learn more at elfi.com.