Private Student Loans for Medical Students

What Private Student Loans for Medical Students are Available?

Private student loans for medical students are the viable solution for financing an education. After scholarships and grants, private loans can be used to pay for medical school. Before applying for any private loan first make sure to read about how to pay for medical school without private loans.

Medical schools cost a lot of money, and the students face a unique situation with long enrollment periods followed by years of post-graduation training. Therefore, it is natural to assume that the students need some support in terms of loans. However, it is important for the funding source to be the one that best complements the student’s financial goals and expected career path. 

Private Student Loans for Medical Students – Research & then Decide

Each loan program has its advantages and disadvantages. Therefore, it is important to fully understand the value of each loan program, comparing the specific features, including interest rates, origination fees, loan terms, and conditions. Before borrowing a private loan, consider the following points.

  1. Private loan programs offer fixed interest or variable rates that can impact the total cost of the loan.
  2. Variable rates might start low and can rise or fall with the change in the rate indexes.
  3.  Loan rates are determined on the basis of the receiver’s creditworthiness. Sometimes, a co-borrower is needed to secure a better interest rate.
  4. Review the terms of the promissory note and check if repayment is required while in residency, school, or fellowship.
  5. Repayment, forbearance, grace, deferment, and loan forgiveness options may be limited.
  6. Check with the lender if death or disability loan discharge is available.

 

Private Student Loans for Medical Students – Where to Apply?

The private student loans for medical students come with unique features. An excellent credit score can help you get the lowest possible rates. Check out the following options available where you can apply for student loans.

  • Ascent Medical Student Loan

Achieve a medical degree without worrying about the cost of study. Ascent’s medical school student loans do not require any application fee and defer payments for up to 36 months after school.

Highlights

  1. Loan amounts: up to $200,000
  2. Fixed APR: 3.26 – 13.41%
  3. Variable APR: 2.11 – 11.86%
  4. Min. Credit Score: mid-500
  5. Repay On Your Terms: No penalty for early repayment
  6. Term Length: 7, 10, 12, 15, or 20 years
  7. Flexible Repayment Plans
  8. Extended In-School Period
  9. Postpone Payments

For more information, visit Ascent Funding, click on student loans, where you will find the medical section. 

  • College Ave Medical Student Loan

If you need some extra time before starting with the repayments, you can apply within minutes for College Ave Medical Student Loan. International students can also qualify with a cosigner. It provides flexible repayment options, no origination fees, and defer payments up to an additional 48 months during fellowship after the grace period. 

Highlights

  1. Loan amount: $1,000 up to the total cost of attendance
  2. Fixed APR: 4.84 – 9.95%
  3. Variable APR: 1.89 – 8.99%
  4. Minimum income: $35,000 per year
  5. Min. Credit Score: Mid-600
  6. Term Length: 5, 8, 10, 15, or 20 years

For more information, visit College Ave Student Loan, and click on student loans to find medical student loans. 

  • Sallie Mae Medical School Loan

Sallie Mae medical school loan covers all your school expenses such as fees, books, tuition, meals, housing, and even laptops. It offers 36 months grace period to support the starting of your medical career and 48 months of deferment during the residency and fellowship. Non-U.S. citizens can also apply with a U.S. cosigner. Additionally, it also provides loans to part-time students.

Highlights

  1. Fixed APR: 4.25 – 12.59%
  2. Variable APR: 1.13 – 11.23%
  3. Available Term Lengths: 5 to 15 years
  4. Loan amount: $1,000 up to 100% of the school-certified expenses

To learn more, visit Sallie Mae, and go to private student loans. Click on graduate student loans, and there you can find medical school loans.

  • CommonBond Private Student Loan

Fulfill your dreams with smarter student loans for a brighter future. CommonBond medical loans offer you the option of flexible monthly repayments as low as $100. Additionally, for taking a loan, no cosigner is required. 

Highlights

  1. Fixed APR: 3.99 – 10.99%
  2. Variable APR: 4.13 – 9.64%
  3. Min. Credit Score: 660
  4. Term Length: 5, 10, or 15 years
  5. Loan amount: $2,000 to the total cost of attendance with the maximum amount of $500,000

Visit the official website of CommonBond, and then go to loans for a school where you can find and learn more about medical student loans.

Conclusion

Private student loans for medical students are also called Alternative Student Loans. These loans are used to cover the medical school costs when times get tough. Do your research thoroughly and pick the best loan to pay for medical school.