Are medical school loans tax deductible?

The student loan interest deduction can apply to both federal and private medical school loans. According to the Internal Revenue Service (IRS), you may be eligible to deduct the lesser of $2,500 or the amount of student loan interest you paid during the year. Other eligibility requirements apply; you can check on those details on the IRS website.

Do medical school loans cover living expenses?

Most medical school loans let you cover any expenses required for medical school, which can include basic living expenses, such as housing and meals. However, you should strive to borrow as little as you can, since you’ll need to repay every dollar you borrow plus interest.

Can you refinance medical school loans?

Many lenders let you refinance federal and private medical school loans. Doing so can help you secure a lower monthly payment, a lower interest rate or both. Consolidating your student loans can also help you reduce the number of payments you have to make each month. That said, refinancing federal student loans will cause you to lose access to the current administrative forbearance period, plus ongoing options like Public Service Loan Forgiveness and income-driven repayment plans.

Do loans for medical school charge prepayment penalties?

Lenders that offer medical student loans do not charge prepayment penalties if you pay off your loan balances early.

Can international students take out medical school loans?

International students are not eligible to take out U.S. federal student loans, but some private lenders do offer loans specifically for international students as long as you have a co-signer who is a U.S. citizen.

What is the average medical school debt?

A recent Association of American Medical Colleges report found that a typical medical school borrower will borrow around $200,000. However, the average medical school debt will vary by school, program and available financial aid. Also keep in mind that medical school has a high return on investment, with Medscape's latest physician report placing the average salary of primary care physicians at $242,000 and specialists at $344,000.

How do I pay off my medical student loans?

When it comes to paying off your medical school loans, it's critical to choose a loan term with a monthly payment that you can afford. If you have federal student loans, the standard repayment term is 10 years. However, you may be able to lower your monthly payments by consolidating your loans — which gives you a 30-year repayment term — or selecting an income-driven repayment plan. Private student loan lenders set their own repayment plans and standards, but you generally have more terms to choose from. Many have term options from five to 20 years, so you can select the one that best fits your budget.

Best medical school loans for April 2024

Written by

Raija Haughn

Edited by

Aylea Wilkins

Reviewed by

Mark Kantrowitz

Apr 11, 2024

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Bankrate chose the best medical school loan lenders based on their interest rates, terms and features. We’ve also rounded up advice on choosing, applying for and managing your student loans.

Medical school loans are a type of borrowed money that can help you meet the high costs of a medical degree. As with other student loans, many lenders will allow you to borrow up to the full amount of your degree (minus any financial aid you receive). Some lenders cater to medical students with extended deferment periods during their residencies and fellowships.

It's typically best to start your search with federal student loans, since they come with more extensive borrower protections. However, you may want to shop around with private lenders if you've reached the limits of your federal aid or if you have a good credit score that will qualify you for lower interest rates. Federal student loans offer fixed interest rates of 6.54 percent or 7.54 percent, while private lenders offer fixed or variable interest rates ranging between about 3.5 to 15 percent.

1

Fill out the FAFSA.

The Free Application for Federal Student Aid opens Oct. 1 each year. Complete it to learn your federal student loan options for the following year, and to qualify for grants and scholarships.

2

Prequalify with private lenders.

After exhausting your free aid and federal student loans, start comparing private lenders. Most offer an online prequalification tool to allow you to check your interest rates and terms without a hard credit check.

3

Send an application.

After choosing a lender, you can complete a loan application online, in person or over the phone. You’ll need to provide information about yourself, your school and your finances, and you’ll undergo a hard credit check.

4

Sign off on loan documents.

Once you’re approved for a loan, the final step is signing the loan documents. Your lender will send the funds directly to your school.
1

Consider federal student loans first.

Fixed rates, robust borrower protections and repayment assistance make federal loans the best option for many.

2

Compare private lenders.

Prequalify with at least three lenders, then compare the interest rates and terms you’re offered.

3

Look into perks and features.

See if any of the lenders offer discounts, extended grace and deferment periods that might make their product the best choice for you.


	Fixed APR from 4.07- 15.48%	Loan amount $1k- No Max	College Ave Student Loan Refi College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. ⁽²⁾All rates shown include the autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. ⁽³⁾$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degree. ⁽⁴⁾This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 03/07/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term. College Ave Student Loans College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. ⁽⁵⁾As certified by your school and less any other financial aid you might receive. Minimum $1,000. ⁽⁶⁾Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. ⁽⁷⁾This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. ⁽⁸⁾This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 03/07/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term. Fixed APR from 4.07- 15.48% Loan amount $1k- No Max
	Fixed APR from 4.09- 15.66%	Loan amount $2k- No Max	Ascent Student Loan Disclosure Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: Terms and Conditions Rates are effective as of 4/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: Ascent Funding. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require interest-only payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. *The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001 Fixed APR from 4.09- 15.66% Loan amount $2k- No Max
	Fixed APR from 4.43- 14.04%	Loan amount $1k- $100K	Custom Choice Student Loan Disclosures Before applying for a private student loan, Citizens and Monogram recommend comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. The Custom Choice Loan® is made by Citizens (“Lender”). All loans are subject to individual approval and adherence to Lender’s underwriting guidelines. Program restrictions and other terms and conditions apply. LENDER AND MONOGRAM LLC EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE. Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the expected number of years in deferment, (4) the requested loan amount and (5) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective as of 3/1/24. The variable interest rate for each calendar month is calculated by adding 30-Day Average Secured Overnight Financing Rate (“SOFR”) index, or a replacement index if the SOFR index is no longer available, plus a fixed margin assigned to each loan. The SOFR index is published on the website of the Federal Reserve Bank of New York. The current SOFR index is 5.32% as of 3/1/24. The applicable index or margin for variable rate loans may change over time if the SOFR index changes or if a new index is chosen, and result in a different APR than shown. The fixed rate and APR assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount. The APR typically differs from the interest rate since it accounts for fees, the rate, length of the loan and the timing of all payments and reflects the cost as a yearly rate. APRs displayed as a range in the rate table assume a $10,000 loan with one disbursement. The high APRs assume a 7-year term with the Flat Payment Repayment option, a 1 month deferment period, and a six-month grace period before entering repayment. The low APRs assume a 7-year term, and the Immediate Repayment option with payments beginning 30-60 days after the disbursement via auto pay (see auto pay details in Discounts footnote below). Loan Terms: The 15-year term is only available for loan amounts of $5,000 or more. Certain repayment terms and/or options may not be available depending on the applicant’s enrollment status and/or debt-to-income ratio. Payment examples (all assume a 14-month deferment period, a six-month grace period before entering repayment, no rate reduction for auto pay and the Interest Only Repayment option): 7-year term: $10,000 loan, one disbursement, with a 7-year repayment term (84 months), and 9.50% APR would result in a monthly principal and interest payment of $163.44. 10-year term: $10,000 loan, one disbursement, with a 10-year repayment term (120 months) and 9.30% APR would result in a monthly principal and interest payment of $128.31. 15-year term: $10,000 loan, one disbursement, with a 15-year repayment term (180 months) and 9.29% APR would result in a monthly principal and interest payment of $103.16. Loan Amounts: The minimum loan amount is $1,000 except for student applicants who are permanent residents of Iowa in which case the minimum loan amount is $1,001. The maximum annual loan amount to cover in-school expenses for each academic year is determined by the school’s cost of attendance, minus other financial aid, such as federal student loans, scholarships, or grants, up to $99,999 annually. The loan amount must be certified by the school. The loan amount cannot cause the aggregate maximum student loan debt (which includes federal and private student loans) to exceed $180,000 per applicant (on cosigned applications, separate calculations are performed for the student and cosigner). Monthly Payment During School: This is the estimated monthly payment that will be made during the time you remain enrolled at the level of attendance your school certifies, subject to the initial deferment period maximum of 66 months from the first disbursement date. Immediate Repayment: Starting 30-60 days after your first disbursement date the first monthly payment of principal and interest will be due. The monthly payments of principal and interest will be generally stable for twelve months and will be recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Full Deferment: Principal and interest payments will be deferred from your first disbursement date through your initial deferment period end date. Starting 30-60 days after the initial deferment period, the first monthly payments of principal and interest will be due unless you qualify for and request an additional type of deferment. Interest Only Repayment: Principal payments will be deferred from your first disbursement date through your initial deferment period end date. Starting 30-60 days after your first disbursement date you will pay interest-only monthly payments that are equal to the accrued interest on the outstanding principal balance throughout the initial deferment period. Flat Payment Repayment during school: Principal payments will be deferred from your first disbursement date through your initial deferment period end date. Starting 30-60 days after your first disbursement date you will pay a minimum amount of $25 in interest per month through your initial deferment period end date. For all repayment options, any accrued and unpaid interest (interest that is in excess of the amount paid each month) will be added to the outstanding principal balance and may be capitalized at the beginning of your repayment period. Monthly Payment After Graduation: Immediate Repayment: This is the estimated combined monthly principal and interest payment amount following the final disbursement of your loan The monthly payment amount shown in the estimate will increase or decrease if the interest rate increases or decreases and will be computed based on the interest rate applicable at the time repayment begins. Your monthly payment amount may also be recalculated (a) after any deferment or forbearance period, (b) after you ask the servicer to change the monthly payment due date or (c) if the minimum monthly payment is not enough to cover the interest accrued during that month. Full Deferment, Interest Only Repayment and Flat Payment during school: The Estimated Monthly Payment after Graduation is the combined principal and interest payment amount following the initial deferment period. The first year of principal and interest repayment generally has the same monthly payment each month. After the first year of principal and interest payments, monthly payment amounts are recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. The monthly payment amount shown in the estimate will increase or decrease if the interest rate increases or decreases and will be computed based on the interest rate applicable at the time repayment begins. Your monthly payment amount may also be recalculated (a) after any deferment or forbearance period, (b) after you ask the servicer to change the monthly payment due date, or (c) if the minimum monthly payment is not enough to cover the interest accrued during that month. For all repayment options, the minimum monthly payments of your loan’s combined principal and interest will be at least $50. Graduation Reward: The principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, canceled, or returned. To receive this principal reduction, it must be requested from the Servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation must be provided to the Servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree. Cosigner Release: A cosigner may be released from the loan upon request to the Servicer, provided that the student borrower has met certain credit and other criteria, and 36 consecutive monthly principal and interest payments have been received by the Servicer within 10 calendar days after their due date. Late payment(s), or the use of a deferment or forbearance will reset the number of consecutive principal and interest payments to zero. Use of an approved reduced repayment plan will disqualify the loan from being eligible for this benefit. Discounts: Auto Pay yields a 0.25% interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. The auto pay discount will be applied after the Servicer validates your bank account information. Automatic payments and the associated discount will be temporarily discontinued (1) if you elect to stop automatic deduction of payments and (2) during periods when you are not required to make payments. The discount will be permanently discontinued in the event three automatic deductions are returned by the financial institution for any reason. The auto pay discount is not available when reduced payments are being made or when the loan is in a deferment. Please note that if the discount filter in the Offer Dashboard is turned “on”, the interest rate and APR estimates quoted on the Offer Dashboard will include the auto pay discount. The auto pay discount will not be reflected in the contract or disclosures you receive from the Lender because you must request and qualify for the auto pay discount. Past Due Balances: Applications may be accepted up to the earlier of (a) twelve calendar months after the Applicant’s academic period end date or (b) twelve calendar months after the Applicant’s graduation date. Custom Choice Loan® is a registered trademark of Monogram LLC. Fixed APR from 4.43- 14.04% Loan amount $1k- $100K
	Fixed APR from 4.50- 15.49%	Loan amount $1k- No Max	Smart Option Student Loan® for Undergraduate Students and graduate loans The Private Student Loan comparison chart displays combined APRs and loan terms for our loan products. See below for APR ranges and the loan terms for each loan product. Lowest rates shown include the auto debit discount. Undergraduate loan: Variable rates: 6.37% - 16.70% APR and Fixed rates: 4.50% – 15.49% APR with the loan term of 10-15 years. Lowest rates shown include the auto debit discount. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Graduate and MBA loans: Variable rates: 6.87% - 16.47% APR and Fixed rates: 4.99% – 14.48% APR with the loan term of 15 years. Lowest rates shown include the auto debit discount. Advertised APRs for Graduate School Loan and MBA Loans assume a $10,000 loan with a 2-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Medical loan: Variable rates: 6.87% - 16.44% APR and Fixed rates: 4.99% - 14.46% APR with the loan term of 20 years. Lowest rates shown include the auto debit discount. Advertised APRs for Medical School Loan assume a $10,000 loan with a 4-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Law loan: Variable rates: 6.87% - 16.46% APR and Fixed rates: 4.99% - 14.47% APR with the loan term of 15 years. Lowest rates shown include the auto debit discount. Advertised APRs for Law School Loan assume a $10,000 loan with a 3-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. Only the borrower may apply for cosigner release. To do so, they must first meet the age of majority in their state and provide proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if their status has changed since they applied). In the last 12 months, the borrower can’t have been past due on any loans serviced by Sallie Mae for 30 or more days or enrolled in any hardship forbearances or modified repayment programs. In addition, the borrower must have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. The loan can’t be past due when the cosigner release application is processed. The borrower must also demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review when the cosigner release application is processed that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default or 90-day delinquencies in the last 24 months. Requirements are subject to change. For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. 3 repayment options: Deferred payment; $25 Fixed repayment; Interest repayment: Smart Option Student Loan: Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not. Graduate Loan: Example of a typical transaction for a $10,000 Graduate School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 14.30% fixed APR, 27 payments of $25.00, 178 payments of $172.22 and one payment of $115.59, for a total loan cost of $31,445.75. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not. Medical Loan: Example of a typical transaction for a $10,000 Medical School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 81-month in-school and separation period, it works out to 10.71% fixed APR, 81 payments of $25.00, 238 payments of $175.31 and one payment of $89.74, for a total loan cost of $43,838.52. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 20 years. A variable APR may increase over the life of the loan. A fixed APR will not. Law Loan: Example of a typical transaction for a $10,000 Law School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 42-month in-school and separation period, it works out to 11.44% fixed APR, 42 payments of $25.00, 179 payments of $155.95 and one payment of $57.28, for a total loan cost of $29,022.33. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not. MBA Loan: Example of a typical transaction for a $10,000 MBA Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 14.30% fixed APR, 27 payments of $25.00, 178 payments of $172.22 and one payment of $115.59, for a total loan cost of $31,445.75. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not. Borrow responsibly We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan. Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000. Graduate School Loan and Graduate School Loan for Health Professions are for graduate students at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000. Medical School Loans are for graduate students in an M.D., D.O., D.V.M., V.M.D., or D.P.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000. Law School Loans are for graduate students in a J.D. or L.L.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000. MBA Loans are for graduate students in an M.B.A. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000. Information advertised valid as of 02/26/2024. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks if Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. Credible is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers. Fixed APR from 4.50- 15.49% Loan amount $1k- No Max
	Fixed APR from 4.56- 8.34%	Loan amount $1k- No Max	INvestEd Student Loan Disclosures ¹These rates are expressed as APR. Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement. The Fixed rate will not change during the term. The variable rate is subject to increase after consummation. The maximum variable interest rate is 21.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC). Fixed APR from 4.56- 8.34% Loan amount $1k- No Max
	Fixed APR from 5.35- 7.95%	Loan amount $2k- No Max	MEFA Student Loan Disclosure These rates are expressed as APR. The Fixed interest rate will not change during the term. To be eligible for a MEFA Undergraduate Loan, the student must: Be enrolled at least half time in an accredited degree-granting undergraduate program at an eligible non-profit college or university in the United States. If the student is currently enrolled for the current academic year, a student may: Borrow a MEFA Loan for the summer session Borrow a MEFA Loan to cover a past due balance within the current academic year Maintain satisfactory academic progress as defined by the college or university All borrowers must be citizens or permanent residents of the United States. MEFA’s private student loans are subject to credit qualification, completion of a loan agreement, self-certification form, school certification of cost of attendance minus estimated financial aid, and student’s enrollment at a MEFA’s participating school. For Student Deferred Repayment with Co-borrower release option, the co-borrower, non-student may request for a release after 48 consecutive on-time monthly installments and must meet certain credit and eligibility requirements when applying for the release. For the purpose of the co-borrower release application, on-time payments are defined as payments received within 15 days of the due date. Co-borrower must complete an application for release and provide income verification documents as part of the review. Credit and eligibility requirements are subject to change. Fixed APR from 5.35- 7.95% Loan amount $2k- No Max
	Fixed APR from 5.99- 14.00%	Loan amount $1k- $350K	ELIGIBILITY DISCLOSURES Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school. Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan. Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application. Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced. Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution. Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school. RATE DISCLOSURES Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Apr 01, 2024, the 30-day average SOFR index is 5.32%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%. Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer. Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Education Refinance Loan Rate Disclosure: Variable interest rates range from 7.02% - 12.41% (7.03% - 12.42% APR). Fixed interest rates range from 6.49% - 10.98% (6.49% - 10.99% APR). Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 7.02% - 11.52% (7.03% - 11.53% APR). Fixed interest rates range from 6.49% - 10.09% (6.49%- 10.10% APR). Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.81% - 11.52% (7.82% - 11.53% APR). Fixed interest rates range from 7.28% - 10.09% (7.29% - 10.10% APR). Student Loan Rate Disclosure: Variable interest rates range from 6.97% - 15.68% (6.97% - 15.03% APR). Fixed interest rates range from 5.99% - 15.00% (5.99% - 14.00% APR). Undergraduate Loan Rate Disclosure: Variable interest rates range from 6.97% - 15.68% (6.97% - 15.03% APR). Fixed interest rates range from 5.99% - 15.00% (5.99% - 14.00% APR). Graduate Loan Rate Disclosure: Variable interest rates range from 6.97% - 14.64% (6.97% - 14.18% APR). Fixed interest rates range from 5.99% - 13.04% (5.99% - 12.64% APR). Business/Law Loan Rate Disclosure: Variable interest rates range from 6.97% - 12.47% (6.97% - 12.15% APR). Fixed interest rates range from 5.99% - 12.80% (5.99% - 12.46% APR). Medical/Dental Loan Rate Disclosure: Variable interest rates range from 6.97% - 12.08% (6.97% - 11.75% APR). Fixed interest rates range from 5.99% - 11.30% (5.99% - 10.62% APR). Parent Loan Rate Disclosure: Variable interest rates range from 9.03% - 9.53% (9.03% - 9.54% APR). Fixed interest rates range from 9.05% - 9.55% (9.05% - 9.56% APR). STUDENT LENDING PROGRAM DISCLOSURES Wireless Charges: Wireless carrier, text, and/or data charges may apply. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount. Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report. Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, we may refuse to allow you to take out additional loans under the Multi-Year Approval feature, terms and conditions will be outlined in your promissory note. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $150,000, Graduate Degrees: $150,000, MBA and Law: $225,000, Healthcare: $180,000 or $350,000 depending on your degree (Aggregate limits up to $350,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $180,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree). Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review. U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2020 and October 1, 2024 the origination fee is 4.228%. Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods). Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 5.00% APR results in 54 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $123.61. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period. Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students or prospective students, or parents/guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Diversity, Equity & Inclusion Scholarship, entrants must also be an: American Indian or Alaskan Native, African American or Black, Hispanic or Latino/a, Asian, Native Hawaiian, or other Pacific Islander, women, member of the LGBTQ+ community, individual with disabilities, and/or a Veteran. Sweepstakes begins at 12:00 AM ET on 7/1/23 and ends at 11:59 p.m. ET on 6/30/24. Sponsored by Citizens. See Official Rules for details. Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option. SAVINGS DISCLOSURES Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 4,611 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2022 and September 1, 2023 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower. Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 5,017 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2022 and September 1, 2023. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 14.21% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower. Education Refinance Loan for Parents and Federal Loan Savings Comparison: Interest rate savings are calculated as the difference between the Citizens Education Refinance Loan for Parents’ lowest offered fixed rate of 7.29% (7.29% APR) and the Federal Parent PLUS Loan interest rate of 8.05% for loans first disbursed between July 1, 2023 and June 30, 2024. The Citizens Education Refinance Loan for Parents lowest rate includes the available Citizens loyalty and automatic payment discounts for eligible and creditworthy applicants. Parent Loan Savings: Origination fee savings of $737 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/22 and 9/30/23) and an average amount financed of $17,429 as compared to the Citizens Student Loan for Parents, which has no origination fees. Graduate Loan Savings: Origination fee savings of $806 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/22 and 9/30/23) and an average amount financed of $19,067 as compared to the Citizens Student Loan, which has no origination fees. APPLICATION & SOLICITATION DISCLOSURES The site for Application Solicitation Disclosures is under construction. For more information, please call the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST. Closed Saturday and Sunday. Fixed APR from 5.99- 14.00% Loan amount $1k- $350K
	Fixed APR from 8.42- 13.01%	Loan amount $1k- No Max	Education Loan Finance Program from SouthEast Bank – Loan Interest Rates & Fees Your Starting Interest Rate (upon approval) The interest rate you pay will be determined after you apply. It will be based upon your credit history, the loan term you select, and other factors. If approved, we will notify you of the rate you qualify for. Your Interest Rate during the life of a loan: Fixed-Rate Loans Your rate is fixed and will depend on the loan term that you select. This means that your interest rate will never change during the life of your loan. Your Interest Rate during the life of the loan: Variable-Rate Loans* Your rate is variable. This means that your rate could move lower or higher than the rates on your disclosure. Although the interest rate will vary after you are approved, the interest rate will never exceed 18% for the 5-year, 7-year, 10-year, or 15-year term. Your loan amount will not exceed the cost of attendance less financial aid as certified by your school. For variable rate loans applied for after 7:00 PM EST on January 7, 2022, the variable interest rate will be based on a publicly available index, the Prime Rate of Interest as published in the Money Market Section of the Wall Street Journal. These variable rates will be calculated and set each month by adding a margin between -3.52% to 4.29% to the Prime Rate. If you have an existing variable rate loan that uses the London Interbank Offered Rate (LIBOR) as the benchmark rate index, your loan will continue to use the LIBOR as the benchmark rate index. These rates will be calculated by adding a margin between 1.05% to 11.39% to the 3-month LIBOR. Your rate will not increase more than once quarterly. ELFI will notify borrowers with existing variable rate loans originated prior to 7:00 PM EST on January 7, 2022, of the expected change from LIBOR to the Prime Rate in the future. Loan Fees & Example Application Fee: $0 Origination Fee: 0% Loan Guarantee Fee: 0% Prepayment Fee: 0% Late Charge: the lesser of 5% of the past due amount or $50 Returned Check or Insufficient Funds Charge: $30 For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change. Federal Loan Alternatives and Disclosure Regarding Benefits You may qualify for federal education loans. For additional information, contact your school’s financial aid office or the Department of Education at: www.studentloans.gov & studentaid.ed.gov/sa Think carefully before taking out a loan with Education Loan Finance. You are encouraged to start with grants, scholarships, savings, and federal student loans before utilizing private student loans. Federal student loans offer deferment and forbearance options that may not be available to you if you take out a loan with Education Loan Finance. Private education loans are not eligible to be included in a Federal Direct Consolidation Loan. See https://studentaid.gov/understand-aid/types/loans/federal-vs-private for a description of the benefits and repayment options available to federal student loan borrowers. Next Steps 1. Find out about other options. The Federal Direct Consolidation Loan may have student loan benefits and terms not detailed on this form. Visit the Department of Education’s website at www.StudentLoans.gov for more information about other consolidation loans. 2. To apply for this loan, complete the application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law). Reference Notes Interest Rate Your interest rate will depend on the loan term that you select. Interest rates are valid within the preceding 30 days. Repayment Options Immediate The borrower starts repaying the loan while still in school. The monthly payment will cover the monthly interest and some of the principal borrowed. This option will have the highest monthly payments while in school, but will save the borrower the most money throughout the life of the loan. Fixed The borrower pays a fixed monthly payment of $25.00 while in school and grace period. This amount will first be applied to interest, and any leftover will be applied to the principal. Any unpaid interest will be added to the principal balance of the loan upon the end of the borrowers grace period. Interest Only The borrower makes monthly payments to cover the monthly interest while the borrower is in school and grace period. These payments will not include any payment toward the principal of the loan. The principal balance will remain unchanged unless the borrower pays extra. Deferred The borrower makes no monthly payments while in school and grace period. The loan will accrue interest while the borrower is in school and grace period. Upon the end of the grace period, the accrued interest will be added to the principal amount of the loan. Depending on the repayment option you select, your loan may defer payment of principal and/or interest while you are enrolled at least half-time at a post-secondary educational institution. If your loan includes a deferment period, interest will accrue from the disbursement of the loan through the end of the deferment period. Any accrued but unpaid interest during that time will be added to the loan’s principal balance. The lender does not offer payment deferral options once your full payments of principal and interest begin. The lender may in its sole discretion agree to modify the loan or extend other repayment assistance to you on request. Electronic Payment Requirement You agree to make monthly principal and interest payments by means of an electronic monthly deduction or transfer from a savings or checking account. Borrower Eligibility Criteria All loans are subject to credit approval. Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility. Must be at the age of majority or older at the time of loan application. Must reside in a state in which Education Loan Finance is authorized to lend. A cosigner is not required but may help you qualify and/or receive a lower rate. Must be an eligible student enrolled at least half-time at a post-secondary educational institution. Co-Signers Must be at the age of majority or older at the time of loan application. Bankruptcy Limitations If you file for bankruptcy you may still be required to pay back this loan. SOUTHEAST BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. This website and all content is the exclusive property of SouthEast Bank and may not be reproduced without permission. All information contained on this website is subject to change without notice. SouthEast Bank is not responsible for typographical errors. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement. Fixed APR from 8.42- 13.01% Loan amount $1k- No Max
Lender conversion and compensation impacts how, where and in what order products appear in the above table

The Bankrate guide to choosing the best medical school loans

When shopping for medical school loans, compare APRs across multiple lenders to make sure you’re getting a competitive interest rate. Look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Loan details presented here are current as of Oct. 24, 2023. Check the lenders’ websites to check for any updates. The medical school loan lenders listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more. To learn more about how we selected lenders, see our methodology section below.

What to consider before getting a medical school loan

Before you apply for a medical school loan, there are plenty of details to think over. Here are some of the main factors to consider before you borrow money for medical school with a specific lender:

Repayment and forgiveness. Consider how long you'll be making payments on your loan. The federal government offers several income-driven repayment plans, and it's the best option if your goal is eventual loan forgiveness. On the other hand, some private lenders have shorter repayment periods, which will increase your monthly payment but can help pay off your loan quickly.
Interest rates. Since you’re likely borrowing six-figure sums to pay for medical school, your interest rate can significantly affect the total amount you pay over the life of your loan. Compare a few lenders to find the lowest interest rates you qualify for.
Variable and fixed rates. Also, decide whether you want a variable interest rate or a fixed interest rate. A variable rate may work well in the short term if interest rates are low, but a fixed rate gives you the peace of mind that your rate will never go up.
Loan fees. Try to avoid paying student loan fees like origination fees or application fees. However, origination fees are inescapable with federal loans.
Lender-specific borrowing limits. Some medical student loans come with borrowing limits you must adhere to. These limits can include other loans you have, so you need to be aware of them before you apply with any private student loan company.
Discounts. Some medical school loans include interest rate discounts if you already have a relationship with the lender or if you sign up for autopay. These rate discounts may not seem like much, but they can help you save significant money over time.

Compare the best medical school loan rates of April 2024

LENDER	CURRENT APR RANGE FOR MEDICAL STUDENTS*	LOAN TERMS	MIN. LOAN AMOUNT	MAX LOAN AMOUNT
Federal student loans	6.54%-7.54% fixed	Standard repayment term is 10 years	Not specified	$20,500 per year or 100% total cost of attendance
College Ave	Fixed: 4.07%-14.47%; Variable: 5.59%-14.47%	5-15 years	$1,000	$150,000
Sallie Mae	Fixed: 4.99%-14.46%; Variable: 6.87%-16.44%	20 years	$1,000	100% total cost of attendance
Citizens Bank	Fixed: 6.00%-11.54%; Variable: 7.96%-10.75%	5-15 years	$1,000	$350,000
PNC	Fixed: 6.69%-13.89%; Variable: 8.44%-15.64%	5-15 years	$1,000	$65,000 per year

*The rates in this table are for medical student loans. The information on lenders below reflect the overall student loan rate range offered by each lender.

Best overall

Federal Student Loans

4.6

Read our review

on Bankrate

Min. credit score:: Not disclosed
Fixed APR From:: 6.54% –7.54%
Loan amount:: $1,000– $500,000
Term lengths:: 10 to 25 years
Min. annual income:: Not disclosed

Overview: Federal student loans are ideal for medical school since they come with fixed interest rates and federal protections like deferment and forbearance. With federal student loans, you can choose between federal Direct Unsubsidized graduate loans and federal grad PLUS loans. All graduate students pay the same interest: 6.54 percent for Direct Unsubsidized Loans and 7.54 percent for grad PLUS loans.

Why federal student loans are the best overall: With no credit requirements, low rates and a bevy of repayment options, federal student loans are usually the first choice for medical students in need of funding.

Pros
Access to income-driven repayment plans.

Extensive deferment and forbearance options.

Rates not determined by credit score.
Cons
Higher interest rate than what some private lenders offer.

Origination fee on all loans.

Low loan limits for unsubsidized loans.
Borrowers must be a U.S. citizen or eligible noncitizen and have a valid Social Security number. Borrowers must also be enrolled at least half time in an eligible degree or certificate program and maintain satisfactory academic progress. Borrowers who take out grad PLUS loans will go through a credit check, although there is no minimum credit score. Borrowers with an adverse credit history may need to add an endorser to their loan.

For Direct Unsubsidized Loans, there is a loan fee of 1.057 percent. For grad PLUS loans, the loan fee is 4.228 percent.

Best for many repayment terms

College Ave

4.4

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Check rate with Credible

Min. credit score:: Not disclosed
Fixed APR From:: 4.11% –15.44%
Loan amount:: $1,000– $300,000
Term lengths:: 5 to 15 years
Min. annual income:: Not disclosed

Overview: College Ave's medical school loans offer some of the lowest rates among competitors for borrowers with good credit, and they also come with unusually flexible repayment options. You can choose to defer your payments for 36 months after school, and you can choose among five repayment terms.

Why College Ave is the best for many repayment terms: Most private medical school loans limit your repayment options to 15 or 20 years. With College Ave, there are five options to choose from.

Pros
Five repayment terms and four in-school payment options.

Loans available to students enrolled less than half time.

Quick initial application.
Cons
Low loan limit of $150,000.

No co-signer release until half of the repayment period has elapsed.

Few eligibility requirements disclosed.

Best for multiyear approval

Citizens

4.4

See offers

Check rate with Credible

Min. credit score:: 640
Fixed APR From:: 5.99% –14.00%
Loan amount:: $1,000– $350,000
Term lengths:: 5 to 15 years
Min. annual income:: Not disclosed

Overview: Citizens Bank lets you borrow up to $180,000 or $350,000 for your medical school education depending on your degree. M.D., D.M.D./D.D.S., O.D., D.O., D.P.M., Pharm.D. and D.V.M. degrees qualify for the higher amount. You can repay your loan over five to 15 years, and there are no origination fees to get started.

Why Citizens Bank is best for multiyear approval: Citizens Bank's multiyear approval program takes some of the stress out of student loans if you need funding for the entirety of your program. While most lenders require you to reapply every year, Citizens Bank will save you multiple hard credit checks.

Pros
Discount for existing Citizens Bank customers.

Qualify for multiple years of student loan funding upfront.

Scholarship opportunities.
Cons
Must be enrolled at least half time.

Long, 36-month co-signer release period.

Loan cap of $180,000 or $350,000.
Citizens Bank borrowers must be a U.S. citizen or permanent resident, be the age of majority and have good credit. Borrowers who don't fulfill these criteria must have a co-signer who does. Students must also be enrolled at least half time in a degree-granting program at an eligible institution and have no prior student loan defaults.

Citizens Bank may charge a 5 percent late fee and a $15 returned payment fee.

Best for no origination fees

PNC

4.3

Read our review

on Bankrate

Min. credit score:: Not disclosed
Fixed APR From:: 4.39% –13.89%
Loan amount:: $1,000– $50,000
Term lengths:: 5 to 15 years
Min. annual income:: Not disclosed

Overview: The PNC Solution Loan is designed for future health professionals, including doctors. This loan lets you borrow up to $65,000 per year and $225,000 total, and there are no application fees or origination fees. It also offers competitive rates for creditworthy borrowers and their co-signers.

Why PNC is best for no origination fees: If you're looking for a truly fee-free lender, PNC could be a good option. Like most student lenders, PNC charges no origination or prepayment fees, and its site doesn’t mention any late or returned payment fees.

Pros
Generous autopay discounts.

Three term options.

Few fees.
Cons
Long co-signer release period of 48 months.

Short grace period of six months.

Maximum loan amount of $65,000 per year.

Federal vs. private student loans for medical school

When paying for medical school, you can choose between loans offered by the federal government and loans originated from banks, credit unions and online lenders. Both come with their own set of pros and cons.

Federal student loans for medical school

Federal student loans are originated by the U.S. Department of Education. The two most common options are:

Direct Unsubsidized Loans: These loans have a fixed interest rate of 6.54 percent for all graduate borrowers. They don't require a credit check, and medical school students can borrow up to $20,500 per year and $138,500 total.
Grad PLUS loan: These loans have a fixed interest rate of 7.54 percent for all borrowers, but they allow borrowers to borrow up to the total cost of education. Grad PLUS loans will check that you don't have an adverse credit history, but there is no minimum credit score requirement.

Because federal student loans come with benefits like deferment, forbearance and income-driven repayment plans, they are usually the best option to pay for medical school and all other higher education expenses.

Federal loans also offer robust forgiveness options. For example, you may be able to qualify for Public Service Loan Forgiveness and other forgiveness programs for doctors if you choose to work in an underserved area or in a public service position and you meet the eligibility.

What to know about the FAFSA

The Free Application For Federal Student Aid opens on Oct. 1 every year. For the 2023-24 award year, the application remains open through June 30, 2024, at the federal level, with some states and colleges instituting earlier deadlines. Students should know that:

Only U.S. citizens and eligible noncitizens may receive federal student loans through the FAFSA.
Medical school students are considered independent; they'll need to provide their own financial details, not their parents'.
Students may update their FAFSA if they experience a major loss of income or another significant financial event.
Borrowers must submit a new FAFSA every year if they want to continue receiving aid.
Students interested in grad PLUS loans will have to submit a separate application after receiving results from the FAFSA.

Private student loans for medical school

Private student loans are offered by institutions like online lenders, banks and credit unions. Private student loans often advertise lower starting interest rates than federal student loans for borrowers with good credit, and you can typically choose between fixed and variable interest rates. Some private medical school loans have unique features that benefit medical students, such as extended grace periods or deferment during a residency program.

Most lenders require very good or excellent credit for private medical school student loans. Without a solid credit history or score, you’ll likely need a co-signer. Remember that some private student lenders have their own deferment and forbearance programs, but there are no standard requirements.

Managing medical student loans

Becoming a medical professional requires significant time, effort and money. According to the Association of American Medical Colleges, the average medical school debt for the 2021-22 academic year exceeded $200,000. That’s no surprise when the median cost for four years of medical school is $263,488 at public schools and $357,868 at private schools.

As you shop for loans, start thinking ahead to repayment strategies. Many private lenders offer the option to make payments toward your interest or principal while you’re still in school, which can help you get ahead. After you graduate, you may be able to refinance your student loans for a lower interest rate.

If you have federal student loans, you have even more options. An income-driven repayment plan might appeal to you if your initial salary is low. With an IDR plan, your payments are based on how much you earn and your household size. After 20 or 25 years of payments, your remaining balance is forgiven. Depending on your location and employer, you may be eligible for medical student loan forgiveness programs such as Public Service Loan Forgiveness.

Additionally, you can seek an employer that offers student loan repayment assistance.

FAQ about medical student loans

The student loan interest deduction can apply to both federal and private medical school loans. According to the Internal Revenue Service, you may be eligible to deduct the lesser of $2,500 or the amount of student loan interest you paid during the year. This deduction is an above-the-line exclusion from income, so you can claim it even if you don't itemize. Other eligibility requirements apply; you can check those details on the IRS website.
Most medical school loans let you cover any expenses required for medical school, which can include basic living expenses, such as housing and meals. However, only borrow exactly what you need since you’ll need to repay every dollar you borrow plus interest.
Many lenders let you refinance federal and private medical school loans. Doing so can help you secure a lower monthly payment, a lower interest rate or both. Consolidating your student loans can also help you reduce the number of payments you have to make each month. However, refinancing federal student loans will cause you to lose access to federal benefits, like the current administrative forbearance period, and forgiveness options like Public Service Loan Forgiveness and income-driven repayment plans.
Lenders that offer medical student loans do not charge prepayment penalties if you pay off your loan balances early or make extra payments.
International students are not eligible to take out U.S. federal student loans, but some private lenders do offer loans specifically for international students as long as you have a co-signer who is a U.S. citizen.
An Association of American Medical Colleges report found that the median medical school debt is around $200,000. However, the average medical school debt will vary by school, program and available financial aid. Also keep in mind that medical school has a high return on investment, with Medscape's latest physician report placing the average salary of primary care physicians at $260,000 and specialists at $368,000.
It's critical to choose a loan term with a monthly payment that you can afford. If you have federal student loans, the standard repayment term is 10 years. However, you may be able to lower your monthly payments by consolidating your loans — which gives you a repayment term of up to 30 years — or selecting an income-driven repayment plan.
Private student loan lenders set their own repayment plans and standards, but you generally have a few terms to choose from. Many have term options from five to 20 years, so you can select the one that best fits your budget.
Due to the financial impact of the coronavirus and litigation surrounding Biden’s student debt relief plan, the federal government suspended payments and interest charges on most federal student loans until Oct. 2023.

Doctors and nurses working toward Public Service Loan Forgiveness continued to receive credit toward PSLF during the suspension while on a qualifying repayment plan, even if they didn't make payments.

Driven in part by recent Federal Reserve interest rate hikes, interest rates for medical school loans are starting to rise again after two years of remaining low. Now is a good time to shop around or lock in a fixed rate if you're able to.
Medical school students and graduates may be among the millions eligible for partial student loan forgiveness under Biden's plan, should the Supreme Court rule in favor of forgiveness.

Borrowers may be eligible for up to $10,000 in federal student loan forgiveness if their adjusted gross income is under $125,000 annually. Married borrowers who file their taxes jointly and make under $250,000 a year could also be eligible for up to $10,000 each. If you meet income requirements and are a current or former Pell Grant recipient, you are eligible for up to $20,000 in forgiveness.

If it ends up passing, many medical professionals may not qualify due to exceeding the income limits — for example, pediatricians make a median salary of $198,420, according to the U.S. Bureau of Labor Statistics.
Many lenders allow students to defer payments while attending school at least half time. Some may also offer deferment while you complete a residency or a six- to nine-month grace period after you graduate.

But if you want to start paying down your loans while still in school, many lenders offer options. You may be able to pay off only your interest each month, make small flat payments against your principal balance or simply begin making payments.

Methodology

To find the best medical school loan lenders, we first searched for lenders that were reputable and widely available to borrowers across the United States. We then narrowed down the field by ensuring that lenders had low starting interest rates.

To select our final rankings, we looked at repayment terms, number of fees and loan amount ranges to determine which lenders would make the loan process easy and affordable. We particularly liked lenders that offer special perks, like no origination fees or long grace periods.

Best medical school loans for April 2024

How to apply for a medical school loan

How to choose the best lender

On this page

The Bankrate guide to choosing the best medical school loans

What to consider before getting a medical school loan

Compare the best medical school loan rates of April 2024

Best overall

Federal Student Loans

Pros & Cons

Eligibility & More

Best for many repayment terms

College Ave

Pros & Cons

Eligibility & More

Best for multiyear approval

Citizens

Pros & Cons

Eligibility & More

Best for no origination fees

PNC

Pros & Cons

Eligibility & More

Federal vs. private student loans for medical school

Federal student loans for medical school

What to know about the FAFSA

Private student loans for medical school

Managing medical student loans

FAQ about medical student loans

Are medical school loans tax deductible?

Do medical school loans cover living expenses?

Can you refinance medical school loans?

Do loans for medical school charge prepayment penalties?

Can international students take out medical school loans?

What is the average medical school debt?

How do I pay off my medical student loans?

What did the coronavirus pandemic mean for medical school loans?

How does student loan forgiveness affect medical school loans?

Do students pay loans while in medical school?

Methodology