Best overall

Federal Student Loans
4.6Check rate with Bankrate
- Min. credit score:
- None
- Fixed APR From:
- 3.73% –6.28%
- Loan amount:
- $1,000– $500,000
- Term lengths:
- 10 to 10 years
- Min. annual income:
- Not disclosed
Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more.
Aylea Wilkins is an editor specializing in student loans. She has previously worked for Bankrate editing content about personal and home equity loans and auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information.
Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans.
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.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
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Competitive rates, no origination fees, and flexible repayment options.
The Bankrate scoring system evaluates lenders' affordability, availability and customer experience based on 11 data points selected by our editorial team. | An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period. | The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan. | The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. | |||
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4.6 Bankrate Score | Fixed APR From 4.50- 14.83% with AutoPay | Loan Amount Cost of attendance minus aid Term: 10-15 yr | Min. Credit Not disclosed | ![]()
Rates: Lowest rates shown include the auto debit discount. Fixed - 4.50% APR-14.83% APR and Variable - 5.99%-16.33% APR. Additional information regarding the auto 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. Advertised APRs are valid as of 4/25/2023. No payment penalty: 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 Unpaid Fees and costs, then to Unpaid interest, then to Current Principal. Terms: 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. Variable Rate: 5.99% to 16.33% APR (with autopay) Fixed Rate: 4.50% to 14.83% APR (with autopay) Effective Date: 5/25/2023 | Apply on partner site | |
4.7 Bankrate Score | Fixed APR From 4.24- 13.55% with AutoPay | Loan Amount $1k- $500K Term: 5-15 yr | Min. Credit 640 | ![]()
UNDERGRADUATE LOANS: Fixed rates from 4.24% to 13.55% annual percentage rate ("APR") (with autopay), variable rates from 5.24% to 12.82% APR (with autopay). GRADUATE LOANS: Fixed rates from 5.00% to 13.35% APR (with autopay), variable rates from 5.74% to 12.82% APR (with autopay). PARENT LOANS: Fixed rates from 6.25% to 13.73% APR (with autopay), variable rates from 6.07% to 12.88% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 05/31/2023. | Apply on partner site | |
4.1 Bankrate Score | Fixed APR From 3.65- 16.18% with AutoPay | Loan Amount $1k- $400K Term: 5-20 yr | Min. Credit 640 | ![]()
Variable rates will fluctuate over the term of the borrower's loan with changes in the LIBOR rate. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements. | Apply on partner site | |
4.3 Bankrate Score | Fixed APR From 4.44- 15.32% with AutoPay | Loan Amount $1k- $500K Term: 5-20 yr | Min. Credit 680 | ![]()
*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. 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. 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. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Information advertised valid as of 06/01/2023. 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. | Apply on partner site | |
Income Based Repayment - No Cosigner Required Get approved in minutes. Pre-qualify without affecting your credit score. | ![]()
Edly Student IBR Loans are unsecured personal student loans originated by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. Loans from $5,000 - $20,000 Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan. Payments deferred for the first 12 months during final year of education. After which, $270 Monthly payment for 12 months. Then $379 Monthly payment for 44 months. Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan. About this example The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment. | Apply on partner site | ||||
4.5 Bankrate Score | Fixed APR From 4.45- 14.90% with AutoPay | Loan Amount $1k- $350K Term: 5-15 yr | Min. Credit 680 | ![]()
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.45% APR to 14.90% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.32% APR to 16.20% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred. | Apply on partner site | |
4.0 Bankrate Score | Fixed APR From 4.89- 10.39% with AutoPay | Loan Amount $1k- $500K Term: 5-20 yr | Min. Credit 660 | ![]()
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender's credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender's eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com. | Apply on partner site | |
BEST WITH CO-SIGNER Adding a co-signer increases loan approval likelihood and could help you borrow more money or get a lower interest rate – meaning lower monthly payments & less interest paid over the life of the loan. | 4.0 Bankrate Score | Fixed APR From 4.44- 11.94% with AutoPay | Loan Amount $1k- $225K Term: 5-15 yr | Min. Credit 640 | ![]()
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 June 1, 2023, the 30-day average SOFR index is 4.99%. 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, immediate repayment, a graduate or medical degree (where applicable), 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. | Apply on partner site |
4.2 Bankrate Score | Fixed APR From 4.48- 12.29% | Loan Amount $1k- $500K Term: 5-15 yr | Min. Credit 680 | ![]()
The interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. Education Loan Finance Parent Loans are limited to a maximum of the 10-year term. | Apply on partner site | |
4.3 Bankrate Score | Fixed APR From 4.62- 15.91% | Loan Amount $2k- $200K Term: 5-15 yr | Min. Credit Not disclosed | ![]()
Updated disclosure: Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills, 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: www.AscentFunding.com/Ts&Cs. Rates are effective as of 5/1/2023 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: AscentFunding.com/Rates. 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 APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores. |
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 February 15, 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.
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:
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: 4.44%-13.98% (with autopay); Variable: 5.09%-13.98% (with autopay) | 5-15 years | $1,000 | $150,000 |
Sallie Mae | Fixed: 5.25%-14.46% (with autopay); Variable: 6.49%-16.07% (with autopay) | 20 years | $1,000 | 100% total cost of attendance |
Citizens Bank | Fixed: 5.00%-9.40%; Variable: 6.53%-11.06% | 5-15 years | $1,000 | $350,000 |
PNC | Fixed: 4.74%-11.19% (with autopay); Variable: 5.09%-11.54% (with autopay) | 5-15 years | $1,000 | $65,000 per year |
Check rate with Bankrate
Check rate with Bankrate
Check rate with Bankrate
Borrowers must be U.S. citizens or permanent residents; students who are not must reside in the U.S. and have a creditworthy co-signer who is a U.S. citizen or permanent resident. Borrowers must also be pursuing an eligible medical degree at a participating degree-granting school. Certificate and continuing education coursework is not eligible.
Sallie Mae charges a late fee of 5 percent of the past-due payment, up to $25, and a returned check fee of up to $20.
Check rate with Bankrate
Check rate with Bankrate
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 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.
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 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.
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.
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 has suspended payments and interest charges on most federal student loans. Payments will restart no later than August 29, 2023.
Doctors and nurses working toward Public Service Loan Forgiveness can benefit from this period of forbearance as well; borrowers will continue to receive credit toward PSLF during the suspension while on a qualifying repayment plan, even if they don'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.
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.