The Best Medical School Student Loans

Want to save money on your medical school student loans?

Medical school is a considerable investment – both in time and money. Today, attending medical school can cost more than $300,000, according to the American Medical Association. Therefore, it's important to evaluate and find the best medical school student loans to maximize cost savings.

Top Picks For Private Student Loans

October 2024

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Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.

APR

3.74% - 17.99%

5.59% - 17.99%

3.74% - 17.99%

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on College Ave's website

Overview

Variable APR:

5.59% - 17.99%

Fixed APR:

3.74% - 17.99%

Loan Type:

Graduate, Undergraduate

Minimum Loan Amount:

$1,000

Loan Terms:

5, 8, 10, 15 years

Origination Fees:

No

Prepayment Fees:

No

Co-signer Option:

No

Details

• Student loans available to graduate, bachelors and associates degrees
• Deferment and forbearance options may be available
• Grace period for undergraduates: 6 months
• Grace period for graduate students: 9 months
• Flexible student loan repayment options

Review:

College Ave Student Loan Review

3.99% - 14.83%

5.74% - 15.86%

3.99% - 15.86%

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on SoFi's website

Overview

Variable APR:

5.74% - 15.86%

Fixed APR:

3.99% - 14.83%

Loan Type:

Graduate, Undergraduate

Minimum Loan Amount:

$1,000

Loan Terms:

5, 10 and 15 years

Origination Fees:

None

Prepayment Fees:

None

Co-signer Option:

Yes

Details

• Offers college, graduate school, law school, MBA and Parent student loans
• Flexible repayment options
• No late fees
• Autopay rate discount

Review:

SoFi Student Loan Review

4.39% - 10.39%

6.08% - 11.32%

4.39% - 11.32%

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on LendKey's website

Overview

Variable APR:

6.08% - 11.32%

Fixed APR:

4.39% - 10.39%

Loan Type:

Graduate, Undergraduate

Minimum Loan Amount:

$5,000

Loan Terms:

10

Origination Fees:

No

Prepayment Fees:

No

Co-signer Option:

Yes

Details

• Low rates from community lenders like credit unions and community banks
• Get lower rates with a co-signer
• Ability to pause payments for up to 18 months if you become unemployed
• May consider your academic credentials to help you get a lower rate
• If you repay 10% of your loan before your loan enters full repayment period, 1.0% APR is dropped from your current interest rate

Review:

LendKey Student Loan Review

3.59% - 15.49%

5.54% - 15.70%

3.59% - 15.70%

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on Sallie Mae's website

Overview

Variable APR:

5.54% - 15.70%

Fixed APR:

3.59% - 15.49%

Loan Type:

Graduate, Undergraduate

Minimum Loan Amount:

$1,000

Loan Terms:

10 - 20 years

Origination Fees:

None

Prepayment Fees:

None

Co-signer Option:

Yes

Details

• Offer student loans for undergraduates, career training, and graduate students.
• Provide private student loans to full-time, half-time and less the half-time students.
• Non-U.S. citizens are eligible for student loans with a qualified U.S. citizen co-signer.
• Multiple repayment options.
• Borrow from $1,000 up to 100% of the school-certified expenses.

4.48% - 13.29%

6.38% - 14.28%

4.48% - 14.28%

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on Citizens' website

Overview

Variable APR:

6.38% - 14.28%

Fixed APR:

4.48% - 13.29%

Loan Type:

Graduate, Undergraduate

Minimum Loan Amount:

$1,000

Loan Terms:

5, 10, 15 years

Origination Fees:

None

Prepayment Fees:

None

Co-signer Option:

Yes

Details

• Student loans for college, graduate, medical/dental, law, MBA and Parent Loans
• Flexible repayment options
• Multi-year approval: no need to apply annually
• Cosigner option
• Forbearance and deferment options

3.59% - 14.59%

6.00% - 16.26%

3.59% - 16.26%

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View Details

on Ascent's website

Overview

Variable APR:

6.00% - 16.26%

Fixed APR:

3.59% - 14.59%

Loan Type:

Graduate, Undergraduate

Minimum Loan Amount:

$2,001

Loan Terms:

5, 7, 10, 12, 15, 20 years

Origination Fees:

No

Prepayment Fees:

No

Co-signer Option:

Yes

Details

• Student loan repayment while in school
• 1% cash back on student loan principal at graduation
• Co-signer release after 12 consecutive payments
• Financial hardship forbearance available
• No minimum income or credit score
• Apply with or without a co-signer

Review:

Ascent Student Loan Review

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Disclosures: College Ave | SoFi | LendKey | Sallie Mae | Citizens | Ascent

Here is a helpful framework to think about paying for medical school:

• Step 1: Identify grants
• Step 2: Find scholarships
• Step 3: Borrow federal student loans
• Step 4: Borrow private student loans

Grants. Grants are a type of financial aid that you don't have to repay. Access grants from your medical school or non-profit organizations. Typically, grants are based on demonstrated financial need.

Scholarships. According to the American Medical Association, the average medical school student graduates medical school with over $180,000 in student loans. Scholarships are one tool that can reduce the need for student loans. Like grants, scholarships often don't need to be repaid. There are both merit-based scholarships and need-based scholarships. Check with your college, medical schools, local and state governments, and non-profit organizations.

Federal Student Loans. You can borrow federal student loans directly from the U.S. Department of Education. As a medical student, you can borrow up to the full cost of attendance. Typically, you should borrow federal student loans before borrowing private student loans. Why? Federal student loans offer multiple borrower protections, including income-driven repayment plans and student loan forgiveness, that aren't available with private student loans.

Private Student Loans. Private student loans are available from private lenders. Unlike federal student loans, private student loans offer either a variable interest rate or a fixed interest rate. If you have a good credit score, a private student loan could offer you a lower interest rate. However, a private student loan is ineligible for student loan forgiveness programs such as public service loan forgiveness, for example.

If you are applying to medical school or already have been admitted, congratulations! If not, it is never too early to start planning for your medical school student loans.

These lenders represent our top medical school student loan picks and may be able to help you save thousands of dollars on your medical school student loans by offering lower interest rates and lower monthly payments. That’s real money back in your pocket.

Learn your new student loan interest rate in a matter of minutes.

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