The Best Medical School Student Loans
Updated On September 13, 2022
Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.
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
- 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
- Offer college, graduate school, law school, MBA and Parent student loans
- Flexible repayment options
- No late fees
- Autopay rate discount
- Free perks such as career planning and job search assistance
- 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
- 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.
- 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
- 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
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.
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