Panacea Financial Student Loan Refinance Review

Our Rating: B (Compare)

Panacea Financial offers education loan refinancing exclusively for healthcare professionals and doctors-in-training. Other services include consumer banking, insurance, and personal loans, also for medical professionals and their families.

Loan Limits $15,000+
Fixed Rates 6.50% – 8.75%*
Variable Rates None
Terms 5, 7, 10, or 15 years
Min. Credit Score 700

*Lowest rates always include a 0.50% interest reduction for enrolling in auto-pay from a Panacea Financial checking account.

Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ

Loan Refinancing Options
Private student loans
Private parent loans
Federal student loans
Federal Parent PLUS loans

Panacea Financial Refinance Rates & Fees

Panacea Financial’s fixed rates are between 6.50% and 8.75%. Lowest rates always include the 0.50% interest reduction for enrolling in auto-pay from a Panacea Financial checking account.

Refinance Loan Fixed Rates
Term Practicing APRs In-Training APRs
5 Year 6.50% – 7.00% NA
7 Year 7.25% – 7.75% 7.75% – 8.25%
10 Year 7.50% – 8.00% 8.00% – 8.50%
15 Year 7.75% – 8.25% 8.25% – 8.75%

Additional information about Panacea Financial refinance rates:

  • Checking your rate with Panacea Financial will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference).
  • Panacea Financial does offer a discount for setting up auto-pay: 0.25% interest rate reduction from any bank account and 0.50% reduction from a Panacea checking account.
  • In-training borrowers may select a reduced minimum monthly payment of $100, for up to three (3) years, available at origination.

Student Loan Refinancing Calculator

Based on advertised rates, use the calculator below to determine what your new monthly payment and potential savings may be if you refinance with Panacea Financial.

Additional Fees

Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period. Below is a list of these fees that Panacea Financial does or does not charge.

Fee Type Amount Charged
Application Fee None
Loan Origination Fee None
Disbursement Fee Undisclosed
Prepayment Penalty None
Late Payment Fee “[M]ay be applicable on a state-by-state basis”
Returned Payment Fee “[M]ay be applicable on a state-by-state basis”
Collection Fee Undisclosed
  1. Application fee – fee to apply for rates & approval.
  2. Loan origination fee – fee to create the new loan.
  3. Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
  4. Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
  5. Late payment fee – fee for making a late payment.
  6. Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
  7. Collection fee – fee for collection activity on a defaulted debt.

Current Promotions & Offers

In addition to discounts for setting up automatic payments (0.50% for debit from a Panacea Financial checking account and 0.25% for debit from any account), Panacea Financial offers discounts and rate reductions to members of certain professional organizations, societies, and associations.

Partnerships may include, but are not limited to, the American Academy of Orthopaedic Surgeons, the American Academy of Periodontology, the American College of Emergency Physicians, the American Dental Association, Bloc Health, Colorado Medical Society, Dental Success Network, Florida Medical Association, Georgia Dental Association, Massachusetts Medical Society, Minnesota Veterinary Medical Association, Pacific Coast Society of Orthodontists, Uptime Health, etc.

Panacea Financial Refinance Eligibility Requirements

To qualify for refinancing with Panacea Financial, all borrowers must meet the criteria below.

  • Citizenship Requirement: U.S. citizenship or permanent residence.
  • Income Requirement: proof of income or a residency or fellowship graduation certificate.
  • Credit Score Requirement: 700 minimum.
  • Graduation Requirement: none specified; see additional restrictions below.
  • Location Requirement: unspecified.

Additional restrictions apply for specific individuals and loans.

  • Borrowers must be employed healthcare professionals either in practice or in training.
  • Loans must have been used to attend a Title IV institution.

Panacea Financial Student Loan Repayment Options

Lenders vary greatly on the benefits and options provided to borrowers during the loan servicing period. Additionally, benefits may only be available on a case-by-case basis. Panacea Financial offers some relief options.

Deferment & Forbearance

Panacea Financial does not offer any deferment or forbearance options. Doctor-in-training borrowers may be eligible for up to three (3) years of $100 reduced monthly payments from origination.

Condition Coverage
Returning to grad school None
Disability rehabilitation None
Active military duty None
Involuntary unemployment None
Economic hardship None
Natural disaster None
Temporary hardship None

Additional Options

Panacea Financial may offer other opportunities for relief or contract modification.

  • Co-signer release is unavailable because Panacea Financial does not accept co-signers or co-applicants.
  • Death / disability discharge may be available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.

Panacea Financial Reviews, Complaints & Lawsuits

Beyond our own findings, our team also collected the most genuinely insightful customer experiences we could find, including any instances of legal action against the company in which the details became public.

Panacea Financial Online Reviews

Because Panacea Financial was founded in 2020, there are few unsolicited online customer reviews available.

Below are 3 samples of Panacea Financial customer reviews we found on public forums, included here for their value as unedited, uncensored, and unsolicited user experiences. Note that these reviews are unverified, may include inaccuracies, and may provide outdated information (about rates, bonus offers, etc.).


“I used Panacea Financial for a personal loan to pay off credit cards from residency interviews (back in the day when we travelled for them) and also to cover moving expenses since I was moving with my family across the country. Being a naive medical student, I was putting everything on credit cards but it didn’t take me too long to realize how massive those mostly interest payments racked up. I ended up taking out $25,000 total for a 5-year loan and have been able to make regular full monthly payments without absolutely drowning in credit card debt. It was such a huge relief, and even though I’m paying interest it’s saving me thousands compared to the crazy interest rates on credit cards. My credit score also shot through the roof once I paid off some credit cards. The whole process was easy, and they’re super responsive to emails which I find way easier to use given a hectic clinical schedule. I would use them again in the future if needed.”essadee on reddit, 5/30/2023


“I used Panacea in residency to help refinance some credit card debt I had accrued due to medical expenses. Got 30k for 7% interest rate, had low monthly payments while in training, had great customer service, and no prepayment penalty. Super happy with them.”vbmedon reddit, 1/30/2023


“I’m leaving this comment even though it’s been a year since originally posted because I recently used panacea for a personal loan. I’m not one who usually thinks about customer service but, I got to tell you, the dude who took care of my loan was pretty impressive. Polite, helpful, and I honestly don’t think I waited longer than an hour to receive a reply to any of my emails, sometimes sent at night. Had the funds deposited into my account the same day the application was sent, with an email telling me it had just been deposited.

I haven’t tried their checking or savings account (yet) but even if it’s no better than any other online account, I’d do business with them simply because of the customer service people. They just flat out get shit done.”rustedspoon on reddit, 6/29/2022


More (unfiltered) customer reviews of Panacea Financial are available at TrustPilot.com (4.9 out of 5).

Panacea Financial CFPB Complaints

As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB), a federal agency. As part of their mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.

Since Panacea Financial launched on November 1, 2020, consumers have submitted zero (0) complaints to the CFPB.

To search CFPB’s Consumer Complaint Database for Panacea Financial, click here.

Panacea Financial Lawsuits

Panacea Financial has not been subject to any legal action.

Parent company Primis Bank is a defendant in a class action lawsuit. The original complaint, which alleges that the bank is complicit in a software security breach that left customers’ personal information vulnerable to cyberattack, was filed in September 2023 and assigned to Virginia’s Eastern District Court (case number 3:23-cv-00574-DJN Kline v. Primis Bank). The case later changed venues to Massachusetts, where it was assigned a civil action number (1:24-cv-10929) and consolidated as part of the class action MOVEit Customer Data Security Breach Litigation, lead case number 1:23-md-03083; this case is ongoing.[1][2][3][4][5]

Though filed around the same time, the Kline case is unrelated to Primis Bank’s public announcement that one of its former long-term employees used his position as a loan officer to defraud Primis and its customers for over a decade. In case 3:24-CR-00010 USA v. Stevens, the former Primis Bank employee pleaded guilty to fraud and was sentenced in May 2024.[6]

Note that while this information is updated regularly, ongoing legal action is subject to change.


Frequently Asked Questions

These are the most common questions consumers have about student loan refinancing with Panacea Financial.

  • Is Panacea Financial good for refinancing student loans?
    Panacea Financial is good for healthcare professionals who have related education loans outstanding and who are interested in an all-in-one banker for their personal and practice needs.
  • Does Panacea Financial require a minimum credit score to qualify for student loan refinancing?
    Panacea Financial education refinance applicants should have a FICO credit score of 700 or higher.
  • Are Panacea Financial loans federal?
    Panacea Financial loans are not federal. Panacea Financial has no affiliation with the federal government or the U.S. Department of Education.
  • Does Panacea Financial charge a prepayment penalty?
    There are no penalties for early payments or repaying a loan in full before its term is over.
  • Does checking your rates with Panacea Financial hurt your credit score?
    For its prequalification process, Panacea Financial performs a soft credit check, which will not hurt your credit score. If you proceed with an application, however, Panacea Financial will perform a hard credit check that may affect your credit score.
  • Is Panacea Financial a bank?
    Panacea Financial is a financial technology or “fintech” partnership between Panacea Financial Holdings, Inc. and Primis Bank, Member FDIC. Functionally, it is a division of Primis Bank, and popular media often refers to Panacea Financial as a digital bank or neobank.
  • Can I refinance a Panacea Financial loan?
    You can refinance Panacea Financial student loans, student loans from another private lender, and federal loans. There is no specified limit to the number of times a borrower may refinance with Panacea Financial. Note, however, that every new line of credit requires a hard credit check that may affect your FICO score.
  • Can I refinance just some of my loans with Panacea Financial?
    Yes, you can refinance some, all, or just one of your qualifying student loans with Panacea Financial. You may choose to refinance your private loans only or refinance private and federal loans together.
  • Can I refinance loans that have already been refinanced?
    Panacea Financial does not appear to limit the number of times borrowers may refinance. Lenders generally require a new application in order to refinance again; every application requires a hard credit check that may affect your credit score.
  • Can my spouse and I refinance our loans together with Panacea Financial?
    Panacea Financial does not allow co-applicants for its education refinance loans.
  • How long does it take to refinance with Panacea Financial?
    While applying to refinance takes less than 10 minutes, Panacea Financial does not disclose a timeline between the completed application and first payment.
  • Who services Panacea Financial refinance loans?
    Panacea Financial education refinance loans are all serviced in-house and insured by Primis Bank, Member FDIC.
  • Does Panacea Financial offer a grace period?
    Panacea Financial does not offer a grace period but does allow borrowers to apply for reduced monthly payments while they are in training for up to three (3) years.
  • How often do variable rates change?
    Panacea Financial does not offer variable rates.
  • Does Panacea Financial have an app?
    Yes, Panacea Financial has a mobile application where borrowers can manage their loans and make in-app payments; available for iOS and Android.
  • Does Panacea Financial have any association with Panacea Venture or Panacea Capital Bank?
    No, Panacea Financial only provides financial services to medical and healthcare professionals and is not involved in venture capitalism, commodities, cryptocurrency, nor any additional consumer financial services at this time.
  • Can I get any special rates or discounts with Panacea Financial?
    Borrowers who set up automatic payments earn a 0.25% interset rate reduction (plus a 0.25% reduction for autopay from a Panacea checking account for a 0.50% total possible rate reduction). Panacea also partners with a number of healthcare and medical professional organizations to offer rate reductions and other discounts; these offers usually require a promo code from the participating organization.
  • What happens if I file for bankruptcy?
    Panacea Financial loans, including any refinance loans, may not be eligible for discharge in the event of bankruptcy. In other words, borrowers declaring bankruptcy may still be required to repay their Panacea Financial refinance loans.

Compare Student Loan Refinance Reviews

Lender Rating
RISLA A
Brazos A-
ELFI A-
Credible A-
Advantage B+
Laurel Road B+
Splash Financial B
LendKey B
Panacea Financial B
UW Credit Union B
Purefy B
SoFi B-
INvestEd B-
Mpower Financing B-
Earnest C+
PenFed C+
Yrefy C+
EDvestinU C+
SC Student Loan C+
Sparrow C+
Citizens Bank C
College Ave C
ISL C
MEFA C
SuperMoney C
Lend-Grow C
SELF Refi C
CU Student Choice C
iHelp C
Navy Federal C
BECU C
First Tech Federal C
PA Forward C-
PNC Bank C-
Nelnet Bank C-
NaviRefi D-

Sources

  1. Panacea Financial, Private Education Loan (PEL) Application and Solicitation Disclosure
  2. Justia, Fourth Circuit Virginia Eastern District: Kline v. Primis Bank
  3. Justia, First Circuit Massachusetts District Court: Kline v. Primis Bank
  4. Pacer Monitor, Massachusetts District Court: Kline v. Primis Bank
  5. Hagens Berman, Multiple Class-Action Lawsuits Filed After 2023 MOVEit Data Breach Affecting More Than 40 Million People
  6. U.S. District Attorney’s Office for the Eastern District of Virginia, Former Primis Bank Manager Pleads Guilty to $2.4 Million Embezzlement Scheme
  7. Panacea Financial, Healthcare School Refinance