Fill out a simple form
Answer a few quick questions. We’ll crunch the numbers to check for personalized rates from multiple lenders.
Will I need a cosigner?
Many students will need a cosigner if they don’t have a credit history. Students who add a cosigner are 3x more likely to qualify for a loan.
Select the loan that works best for you
We’ll help you pick the loan that fits your needs. Choose from multiple rates and repayment plans. Start paying during school, or wait until you graduate.
Finalize your loan
Finish with your chosen lender. Upload documents, sign your loan agreement, and your funds will disburse to your school.
Illustrative purposes, actual results may vary.
Prequalified rates are not a firm offer of credit.¹
Our partner lenders
Before taking out a private medical school loan, it’s important to shop around and consider as many lenders as possible so you can find the right loan for you. This is easy with Credible — you can compare your prequalified rates from our partner lenders below in just two minutes.
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Commonly asked questions about medical school loans
Yes, both federal and private student loans for medical school are still available during the COVID-19 pandemic. Keep in mind that it’s generally best to take out federal student loans first. This is mainly because these loans come with federal benefits and protections, such as access to income-driven repayment (IDR) plans and student loan forgiveness programs.
If you decide to get a private student loan, be sure to consider as many lenders as you can. This way, you can find a loan that best suits your needs.
Before you take out a private student loan, it’s important to take the time to shop around and consider as many lenders as possible so you can find the right loan for you.
Here are several important points to compare as you research your options:
If you’re ready to apply for a private medical school loan, follow these four steps:
Yes, you can. Medical school students could be eligible for two types of federal student loans, which include:
If you’re considering federal student loans for medical school, here are a few potential benefits to keep in mind:
There are also some possible drawbacks to keep in mind before taking out a federal loan, such as:
Private student loans for medical school come with their own pros and cons to consider, too. Here are some potential advantages to think about:
There are some possible disadvantages to keep in mind, too, such as:
If you decide to take out a private student loan for medical school, remember to shop around and consider as many lenders as possible to find the right loan for your needs.
Credible makes this easy: You can compare your prequalified rates from multiple lenders in two minutes, without affecting your credit score.
While eligibility criteria can vary by lender, there are a few common requirements that you’ll likely come across, including:
The credit score you’ll need to take out a student loan without a cosigner will depend on the type of student loan you get. Here’s what you can expect when it comes to graduate student loan credit information for medical school loans:
Learn More: Taking Out Student Loans Without a Cosigner
How much you can borrow in student loans will depend on the kind of loan you choose. Here are the student loan limits you can generally expect for medical school:
Federal student loan rates are set by Congress each year, and the exact rate you get will depend on the type of loan you choose. Here are the rates you can expect for the 2021-2022 academic year:
Private student loan rates, on the other hand, are determined by individual lenders according to market conditions. Other factors — such as your credit score and the repayment term you pick — will also impact the rate you’re offered.
Here are the rates you can expect on private student loans with Credible’s partner lenders:
If you’re looking to get the most optimal rate possible on a private loan, there are a few strategies that could help, such as:
Medical school can be extremely expensive, which is why medical school graduates leave school with an average of $215,900 in student loan debt. It typically takes about 13 years to pay off medical school debt — though the exact time it will take can vary depending on the type of loans you have as well as your repayment strategy.
For example, if you make federal student loans and make payments on the standard repayment plan, it will take 10 years to pay them off. However, if you sign up for an IDR plan or opt to consolidate your loans into a Direct Consolidation Loan, you could extend your repayment term up to 25 or 30 years.
Or if you have private student loans, you could have a repayment term ranging from five to 20 years, depending on the lender.
There are several medical school loan forgiveness programs available to healthcare professionals, such as:
Unfortunately, private student loan forgiveness doesn’t exist. However, there are other options that could help you more easily manage and repay private loans, such as refinancing.
The best medical student loan lenders are ones that provide competitive interest rates, a wide selection of loan terms, inclusive eligibility requirements, and responsive customer service.
To find the best loan for your needs, it’s important to shop around and compare as many lenders as you can. Here are some of the most important details about the loans offered by Credible’s top medical school student loan lenders:
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