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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.
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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
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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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Comparing private student loans ensures you find the option that best fits your needs while in school.
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Private student loans can help cover law school costs and some lenders also offer bar study loans.
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Commonly asked questions about medical school loans
Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
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:
You're typically not required to make student loan payments while you're still in school. Both federal and private student loans offer in-school deferment as long as you meet certain requirements, such as at least half-time enrollment. So, any medical school loans you take out likely won't come due until six months after you graduate.
But keep in mind that interest will continue to accrue on your loans (if you have Direct Subsidized Loans the federal government will pay the interest that accrues while you’re in school at least half-time). So, if you're able to make payments between your undergraduate program and medical school, it can help you save money in the long run. If your budget can handle it, making interest-only monthly payments while you're in medical school can also help reduce your overall interest costs.
This short-term sacrifice will keep your lender from capitalizing the unpaid interest when you graduate and adding it to your principal balance. It’s worth it to make payments toward your interest while you’re in school as it could decrease your monthly loan payments and total interest charges.
Making on-time payments on your undergraduate and medical school loans while you're still in school can also help you build a positive credit history.
As of 2021, between 76% to 89% of medical students took out student loans while they were attending medical school. On average, graduates leave school with a median student loan debt of $200,000, and it typically takes 13 years to pay down the debt.
Keep in mind, though, that these are just averages. Whether or not you take out loans to cover medical school costs, and how much money you borrow, will depend on your school of choice, the amount of financial aid you receive, how much you've saved for college costs, and other factors.
Additionally, you can pay down medical school loans faster after graduation in several ways, including refinancing, student loan repayment assistance programs for medical professionals, and loan forgiveness programs.
As you make plans for medical school, it’s important that you take time to consider the financial aspect of your medical education and how to limit the funds you borrow, so you can get a head start when you begin your career.
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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