Best Medical School Loans of July 2024

Admissions into medical school can be extremely costly, and taking out student loans to cover tuition is often necessary for many borrowers.

Due to its substantial tuition cost, finding suitable loan options is crucial; finding one with low interest rates and minimal fees will make a big difference when repaying six-figure sums after graduation; plus flexible repayment plans make managing debt easier over time.

Our selections for the best medical student loans span both federal and private options, with private options often based on credit scores, offering different repayment terms to fit different repayment plans. Before choosing a lender, prequalifying and gathering all relevant documentation (pay stubs, income statements, past tax returns copies of ID etc) before starting to submit full applications can speed up this process and help increase chances of approval of loans with higher limits.

Aspiring medical students can start their medical studies off right with federal student loans that are both subsidized and available to everyone. Grad PLUS loans provide another source of financing specifically tailored for graduate and professional students–including medical school–that do not require financial need to qualify. They may also consider loan forgiveness or assistance programs available to doctors who agree to work in underserved areas after graduating. At the same time, private medical school loans tend to come with higher interest rates than federal student loans and can incur various fees such as origination, disbursement and prepayment penalty charges. With medical students typically graduating with over $207,000 of debt on average, minimizing loan costs is key and these lenders offer competitive medical school loans with reasonable interest rates and reasonable fees.