Medical School Loans
What are private medical student loans?
Private medical student loans are specialized loans to help medical school students cover the expenses of their education. Medical student loans enable students to spend more time focusing on their education by providing customized education financing plans that take away the stresses of paying for medical school.
Need Help? Have Questions?
Contact one of our Private Medical School Loan Counselors now at 1-888-9-GRADLOAN or 1-888-947-2356
What are the benefits of taking out private medical student loans?
There are a number of benefits associated with private medical student loans. Among them are the following:
There are no application fees associated with obtaining private medical student loans
Applying for medical student loans is a simple process - it is convenient and hassle-free;
Medical student loans can be approved quickly. You can be preliminarily approved in minutes during a simple application phone call;
You can receive funding in a matter of days after your completed loan application is received; and,
Private medical student loans allow you to get the money that you need to cover your tuition costs and medical school expenses at the best rates possible.
Who can apply for private medical student loans?
To apply for private medical student loans, you'll need to be a graduate student in a degree program. You must be enrolled at a Student Aid Center approved medical school on at least a half-time basis (though the actual number of credit hours necessary to be considered half-time may vary based on the school that you attend). Not sure your school is approved? Call one of our loan counselors to find out.
How much can you borrow with private medical student loans?
| Degree
Program |
Cumulative
Loan Amount |
Limits for
Each Academic Year |
| Medical
School |
$1,500 -
$225,000 |
Cost of
attendance minus other aid |
| Osteopathic
Medicine |
$1,500 -
$130,000 |
Cost of
attendance minus other aid |
| All
Others |
$1,500 -
$120,000 |
Cost of
attendance minus other
aid |
How does your credit rating affects private medical student loans.
In order to apply for private medical student loans, you need to be rated a credit-worthy or credit-ready borrower. Those applicants with the best credit ratings may find that their student loan cost might be lower that those who have been deemed credit-ready. To take advantage of better rates, you can apply for medical student loans with a credit-worthy co-signer.
Credit worthy applicants or co-signers must be able to demonstrate that they have:
Been employed for at least two years or have been self-employed for two years or more;
Proof of their current income;
Evidence that they have had a satisfactory credit history for 21 months;
Lived at their current residence for more than one year; and
Been a U.S. Citizen or permanent resident that has resided in the United States for the past 2 years.
Credit-ready borrowers must also meet citizenship and residency requirements as well as certain credit requirements.
Need Help? Have Questions?
Contact one of our Private Medical School Loan Counselors now at 1-888-9-GRADLOAN or 1-888-947-2356
Can international students apply for private medical student loans?
Many international students find challenges when they apply for medical student loans. Student Loan Center, however, will help international students to finance their education. To obtain private medical student loans, they must apply with a qualified co-signer and provide required documentation including student visas.
Repaying your private medical student loans.
Just as obtaining medical student loans should be a simple process that allows you to focus on your studies, repaying your loans should not be a stressful process. You will be able to defer principal and interest payments while you are in school and while you are completing your internship and residency.
Once your medical student loans are in repayment, you will be able to make low payments, extend repayment over 20 years and prepay the balance due without penalty.
Ready to apply for
medical student loans? Apply online or call on or our
Private Loan Counselors
today.
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