Our process

How Credible works

  • 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.

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Our partner lenders

Compare the best medical school loan rates

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.

LenderVariable APRFixed APRLoan AmountView Details

1.46%-11.31%

4.24%-14.08%

View Details

Loan terms

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

Graduation Reward

Yes

1% cash back after graduation

Discounts

Yes

0.25% autopay discount

Fees

No application fee

No origination fee

No prepayment penalty

Cosigner release

Yes

Available after a minimum of 24 on-time principal and interest payments

n/a

3.48%-11.64%

View Details

Disclosures

Loan terms

5, 10, 15 years

Graduation Reward

No

Discounts

Yes

0.25% autopay discount

0.25% loyalty discount

Fees

No application fee

No origination fee

No prepayment penalty

Cosigner release

Yes

Available after a minimum of 36 consecutive on-time payments

1.09%-9.73%

3.20%-10.77%

View Details

Disclosures

Loan terms

7, 10, 15 years

Graduation Reward

Yes

2% principal reduction with proof of graduation

Discounts

Yes

0.25% autopay discount

Fees

No application fee

No origination fee

No prepayment penalty

Cosigner release

Yes

Available after a minimum of 36 consecutive on-time payments

0.94%-11.98%

2.99%-12.99%

View Details

Disclosures

Loan terms

5, 8, 10, and 15 years

Graduation Reward

Yes

$150 cash back for completing course of study

Discounts

Yes

0.25% autopay discount

Fees

No application fee

No origination fee

No prepayment penalty

Cosigner release

Yes

Available after more than half of the scheduled repayment period has elapsed

2.63%-6.47%

3.02%-7.72%

View Details

Disclosures

Loan terms

7, 10, 15 years

Graduation Reward

No

Discounts

Yes

0.5% autopay discount

Fees

No application fee

No origination fee

No prepayment penalty

Cosigner release

Yes

Available after 36 consecutive on-time payments, with borrower meeting minimum credit and income requirements

1.70%-5.65%

3.33%-7.69%

View Details

Disclosures

Loan terms

5, 10, 15 years

Graduation Reward

Yes

2% principal reduction for graduating within 6 years

Discounts

Yes

0.25% autopay discount

Fees

No application fee

No origination fee

No prepayment penalty

Cosigner release

Yes

Available after 48 consecutive on-time payments, with borrower meeting minimum credit and income requirements

n/a

3.75%-5.75%

View Details

Loan terms

10, 15 years

Graduation Reward

No

Discounts

No

Fees

No application fee

No origination fee

No prepayment penalty

Cosigner release

Available after 48 on-time payments

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Credible is 100% free to use and our customer support is always here to help.

No origination fees

We make sure our partners do not charge origination fees on their loans.

No prepayment penalties

There's no prepayment penalty if you'd like to pay off your loans faster.

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WHAT CUSTOMERS SAY

We’re Credible. It’s in our name, literally.

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I got my loan & I’m happy with the rate

I got my loan & I’m happy with the rate for my grad school loan.

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Helped me find the right student loan

Thanks! You really helped me find the right student loan. After visiting all my local branches and being discouraged you were a big help without the hassle.

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Fast, easy approval

Fast, easy approval. Easy to understand terms. Disbursement was super fast.

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Individual experiences may vary.

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COMMONLY ASKED QUESTIONS

Commonly asked questions about medical school loans

Can you take out medical school student loans during the COVID-19 pandemic?

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.

How can you compare the best private student loan lenders for medical school?

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:

  • Interest rate: Your interest rate is a major factor when it comes to how much you’ll actually pay over the life of your loan. Generally, the better your interest rate, the lower your overall loan cost will be.
  • Repayment terms: You’ll typically have five to 20 years to repay a private student loan, depending on the lender. It’s usually best to choose the shortest term you can afford to keep your interest costs as low as possible. Several lenders also offer lower interest rates to borrowers that opt for shorter terms.
  • Loan amounts: With a private loan, you might be able to borrow up to your school’s cost of attendance. However, other lenders have lower loan maximums that you’ll need to keep in mind. 
  • Fees: Some lenders charge fees on private student loans — for example, origination fees or prepayment penalties. These can increase your overall loan cost. Note that if you take out a loan with one of Credible’s partner lenders, you won’t have to worry about application, origination, or disbursement fees.
  • Discounts: Depending on the lender you choose, you might be able to take advantage of rate discounts. For example, some lenders offer a discount to borrowers who sign up for automatic payments. And others provide a rate discount to borrowers who already have an account with them.

How to apply for a private medical school student loan

If you’re ready to apply for a private medical school loan, follow these four steps: 

  1. Fill out the FAFSA. Your first step when it comes to paying for school should be completing the Free Application for Federal Student Aid (FAFSA). Your school will use your FAFSA results to determine which federal student loans and other federal financial aid you’re eligible for. Keep in mind that some federal aid is given on a first-come, first-serve basis — so it’s wise to apply as early as possible, especially if you have high financial need.
  2. Apply for scholarships and grants. Unlike student loans, college scholarships and grants don’t have to be repaid — essentially making them free money for school. There’s no limit to how many scholarships and grants you can get, so it’s a good idea to apply for as many as you can. Medical students might also be eligible for school-based scholarships or fellowship opportunities.
  3. Take out federal student loans. If you need to borrow for school, it’s generally best to rely on federal student loans first since they come with major federal benefits and protections. After you submit the FAFSA, your school will send you a financial aid award letter detailing what federal student loans and other federal financial aid you qualify for. You can then decide which aid you’d like to accept.
  4. Use private loans to fill the gaps. After you’ve exhausted your scholarship, grant, and federal student loan options, private student loans could help fill any financial gaps left over. These loans are provided by private lenders, including online lenders as well as traditional banks and credit unions. Before you take out a private loan, remember to consider as many lenders as you can — this way, you can find the right loan for your situation.

Can I get a federal student loan for medical school?

Yes, you can. Medical school students could be eligible for two types of federal student loans, which include:

  • Direct Unsubsidized Loans: These loans are available to graduate and professional students regardless of financial need. Keep in mind that unlike with undergraduate Direct Subsidized Loans, you’re responsible for all of the interest that accrues on unsubsidized loans.
  • Grad PLUS Loans: These are a kind of Direct PLUS Loan available to students who want to pay for grad school or a professional program like medical school. Unlike Direct Unsubsidized Loans, Grad PLUS Loans require a credit check. They also generally have higher interest rates.

What are the benefits of federal student loans for medical school students?

If you’re considering federal student loans for medical school, here are a few potential benefits to keep in mind:

  • Fixed interest rates: All federal student loans come with fixed interest rates, meaning your payments will stay the same throughout the life of your loan.
  • Federal protections: As a federal loan borrower, you’ll have access to federal benefits and protections, such as IDR plans as well as deferment and forbearance options.
  • Potential loan forgiveness: There are several federal student loan forgiveness programs available to healthcare professionals. For example, if you work for a nonprofit or government agency and make qualifying payments for 10 years, you might be eligible for Public Service Loan Forgiveness (PSLF).

What are the drawbacks of federal student loans for medical school students?

There are also some possible drawbacks to keep in mind before taking out a federal loan, such as:

  • Student loan limits: Medical school students can borrow only up to $20,500 in Direct Unsubsidized Loans each year. However, you might be able to borrow up to your school’s cost of attendance with Grad PLUS Loans or private student loans.
  • Higher interest rates: If you have excellent credit, you might qualify for a lower interest rate on a private loan compared to what you’d get with a federal loan.
  • Can only get a lower interest rate through refinancing: The only way to potentially reduce your federal student loan interest rate is through refinancing. But if you refinance your federal loans, you’ll lose access to your federal benefits. 

Learn More: Hidden Costs of Federal Direct Unsubsidized Student Loans

What are the advantages of private medical school student loans?

Private student loans for medical school come with their own pros and cons to consider, too. Here are some potential advantages to think about:

  • No application deadline: Unlike federal student loans, private student loans can be applied for at any time.
  • Higher loan amounts: Depending on the lender you choose, you might be able to borrow up to your school’s cost of attendance with a private student loan.
  • Lower interest rates: If you have excellent credit, you might qualify for a lower interest rate on a private loan compared to a federal loan.

What are the disadvantages of private medical school student loans?

There are some possible disadvantages to keep in mind, too, such as:

  • Fewer options for poor or no credit: You’ll typically need good to excellent credit to qualify for a private student loan — which means you could have a hard time qualifying if you have poor or no credit.
  • No federal benefits: Private student loans don’t come with federal benefits and protections.
  • Lack of repayment options: Private loans generally don’t provide the same repayment options as federal loans. For example, you likely won’t be able to sign up for an IDR plan or a graduated repayment plan. 

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.

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What are the eligibility requirements for medical school loans?

While eligibility criteria can vary by lender, there are a few common requirements that you’ll likely come across, including:

  • Good credit: Private lenders typically prefer borrowers to have good to excellent credit — a good credit score is usually considered to be 700 or higher. There are also some lenders that offer student loans for bad credit, but these loans generally come with higher interest rates compared to good credit loans.
  • Verifiable income: Some lenders have a minimum income requirement while others don’t — but in either case, you’ll likely need to show proof of income.
  • Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the amount you owe in monthly debt payments compared to your income. You’ll generally need a DTI ratio no higher than 40% for a private student loan — though some lenders might require a lower ratio than this.

What credit score do you need to get a student loan without a cosigner?

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:

  • Direct Unsubsidized Loans don’t require a credit check.
  • Grad PLUS Loans do require a credit check. To be eligible, you must not have an adverse credit history. This doesn’t mean you’ll need a minimum credit score, though. Instead, you can’t have negative credit information — such as a default, foreclosure, or bankruptcy — within the past five years.
  • Private student loans generally require good to excellent credit, which usually means a credit score of at least 700. Remember that while some lenders accept lower credit scores than this, these loans tend to have higher interest rates.

Learn More: Taking Out Student Loans Without a Cosigner

What's the maximum amount you can borrow for medical school?

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:

  • Direct Unsubsidized Loans: Up to $20,500 per year ($138,500 aggregate limit)
  • Grad PLUS Loans: Up to your school’s cost of attendance (minus any other financial aid you’ve received)
  • Private student loans: Up to your school’s cost of attendance (depending on the lender)

Learn More: Graduate Student Loan Limits: How Much Can You Get?

How do you get the best medical school student loan rate?

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: 

  • Direct Unsubsidized Loans (for graduate and professional students): 5.28%
  • Direct PLUS Loans: 6.28%

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:

  • Fixed rates starting at: 2.99% APR
  • Variable rates starting at: 0.94% APR

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:

  • Have good credit. Your credit is one of the largest factors when it comes to the interest rates you qualify for. In general, the higher your credit score, the better the rates you’ll get. If you have poor or no credit, it could be a good idea to focus on building your credit to qualify for lower rates in the future. There are several potential ways to do this, such as paying all of your bills on time or becoming an authorized user on the credit card account of someone you trust.
  • Apply with a cosigner. If you’re struggling to get approved for a private student loan, having a creditworthy cosigner could improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
  • Compare lenders. Taking the time to shop around and compare your options from as many lenders as you can is a good way to find a cost-effective loan that suits your needs. 

How long does it take to pay off medical school debt?

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.

Is there medical school loan forgiveness?

There are several medical school loan forgiveness programs available to healthcare professionals, such as:

  • Public Service Loan Forgiveness: If you work for a government or nonprofit organization and make qualifying payments for 10 years, you could be eligible to have your federal loans discharged through the PSLF program.
  • National Health Service Corps (NHSC) Loan Repayment Program: If you agree to work for at least two years at an approved site, you could have up to $50,000 of your loans repaid.
  • National Institutes of Health (NIH) Repayment Programs: There are eight Loan Repayment Programs offered through the NIH to doctors and scientists who perform biomedical or biobehavioral research. In return, you could receive up to $50,000 per year in loan repayment.
  • State-based physician loan forgiveness: Many states also provide their own loan repayment programs to attract and retain doctors in their area.

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.

Who are the best medical school student loan lenders?

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:

  • Ascent: If you have poor or fair credit, Ascent could be a good option for a medical school loan. You can borrow $2,001 to $200,000 (depending on if your credit is tested) with repayment terms from seven to 20 years (depending on whether you choose a fixed or variable rate). Ascent medical school loans also provide a 36-month grace period after you leave school.
  • Citizens: With Citizens, you can borrow $1,000 up to $180,000 or $350,000 (depending on your degree) with a student loan specifically designed for medical students. Terms range from five to 15 years. 
  • College Ave: With College Ave, you can borrow $1,000 up to 100% of your school-certified cost of attendance (minus any other financial aid you’ve received) with terms from five to 20 years (depending on degree type). College Ave provides a 36-month grace period on medical student loans and allows payments to be deferred during residency.
  • Custom Choice: The Custom Choice Loan ranges from $1,000 to $99,999 annually ($180,000 aggregate limit) with three- or five-year terms. Additionally, if you graduate with at least a bachelor’s degree, you could be eligible for a 2% principal reduction. 
  • EDvestinU: If you have excellent credit, EDvestinU might be a good option for a medical school loan. You can borrow $1,000 up to 100% of your school’s cost of attendance ($200,000 aggregate limit) with terms from seven to 15 years. 
  • INvestED: If you plan to live or attend school in Indiana, INvestEd might be a good choice. You can borrow $1,001 up to 100% of your school’s cost of attendance (minus any other financial aid you’ve received) with terms from five to 15 years. 
  • MEFA: With MEFA, you can borrow $1,500 up to your certified cost of attendance with a 15-year term. Keep in mind that you must attend a nonprofit or public university to qualify for a MEFA loan — for-profit schools aren’t eligible.

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