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Best medical school loans for May 2025

Updated May 13, 2025

What to know first: Medical school loans are borrowed money that can help you meet the high costs of a medical degree. 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.

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College Ave: Bankrate 2025 Award Winner Best For Multiyear Approval

4.5
Fixed APR from
3.47- 14.47%
Loan term
5-20 yrs
Loan amount
100% of cost of attendance
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Sallie Mae: Bankrate 2025 Award Winner Best For Graduate Students

4.6
Fixed APR from
3.49- 14.46%
Loan term
15-20 yrs
Loan amount
$1,000-100% cost of attendance
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Citizens Bank: Bankrate 2025 Award Winner Best For Parents

4.6
Fixed APR from
3.49- 10.90%
Loan term
5-15 yrs
Loan amount
$1,000-$400,000
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STUDENT LOAN

PNC: Best for automatic payment discount

4.2
Fixed APR from
3.59- 13.99%
Loan term
5-15 yrs
Loan amount
$1,000-$225,000
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STUDENT LOAN

Education Loan Finance: Best for Tennessee nursing students

4.4
Fixed APR from
3.69- 14.22%
Loan term
5-15 yrs
Loan amount
$1,000-100% cost of attendance
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STUDENT LOAN

Custom Choice: Best for graduation discount

4.2
Fixed APR from
4.24- 14.04%
Loan term
7-15 yrs
Loan amount
$1,000-$180,000
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Ascent: Bankrate 2025 Award Winner Best For Bootcamps And Vocational Programs

4.7
Fixed APR from
4.44- 13.96%
Loan term
5-20 yrs
Loan amount
$2,001-$400,000
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STUDENT LOAN

INvestED: Best for Indiana residents

Fixed APR from
4.62- 8.58%
Loan term
5-15 yrs
Loan amount
$1,001 - 100% cost of attendance
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STUDENT LOAN

MEFA: Best for paying past-due tuition

Fixed APR from
7.15- 8.95%
Loan term
15-15 yrs
Loan amount
$1,500-100% cost of attendance
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Federal Student Loans: Best overall

4.4
Fixed APR from
8.08- 9.08%
Loan term
10-25 yrs
Loan amount
Loan amount up to 100% cost of attendance
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A closer look at our top options for 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.

Rating: 4.5 stars out of 5
4.5

Overview: College Ave serves borrowers at many stages of their academic careers, including post-graduate education like medical school. It offers competitive starting rates and unusual flexibility during repayment.

Fixed APR
3.47%–14.47%
Loan amount
100% of cost of attendance
Loan term
5-20 yrs
Pros
  • Five repayment terms and four in-school payment options
  • Loans available to students enrolled less than half time
  • 36 month grace period after leaving school
Cons
  • Low loan limit of $150,000
  • No co-signer release until half of the repayment period has elapsed
  • Few eligibility requirements disclosed
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an College Ave loan. College Ave is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.6 stars out of 5
4.6

Overview: Sallie Mae is one of the most prominent lenders in the student loan industry. Unlike other lenders, it does not require borrowers to be full-time students, allowing anyone to borrow regardless of degree or loan type.

Fixed APR
3.49%–14.46%
Loan amount
$1,000-100% cost of attendance
Loan term
15-20 yrs
Pros
  • Co-signer release after 12 months
  • 36-month grace period
  • Possible 12-month interest-only period after grace period ends
Cons
  • Limited customer service hours
  • Single repayment term
  • Undisclosed eligibility requirements
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Sallie Mae loan. Sallie Mae is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.6 stars out of 5
4.6

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.

Fixed APR
3.49%–10.90%
Loan amount
$1,000-$400,000
Loan term
5-15 yrs
Pros
  • Discount for existing Citizens Bank customers
  • Qualify for multiple years of student loan funding upfront
  • Scholarship opportunities
Cons
  • International students ineligible for multiyear approval
  • Long, 36-month co-signer release period
  • Grace period is just 6 months
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Citizens loan. Citizens is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.2 stars out of 5
4.2

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.

Fixed APR
3.59%–13.99%
Loan amount
$1,000-$225,000
Loan term
5-15 yrs
Pros
  • Generous autopay discount of 0.50%
  • Three ways to apply
  • 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
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an PNC loan. PNC is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.4 stars out of 5
4.4

Overview: Education Loan Finance is a non-profit organization that focuses on personalized support for its borrowers. It is an especially good route for students in medical school as it has high loan amounts.

Fixed APR
3.69%–14.22%
Loan amount
$1,000-100% cost of attendance
Loan term
5-15 yrs
Pros
  • Large loan amounts
  • Personalized customer support
  • Co-signer is optional
Cons
  • No co-signer release
  • Grace period is just 6 months
  • Strict eligibility requirements
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Education Loan Finance loan. Education Loan Finance is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.2 stars out of 5
4.2

Overview: Custom Choice loans are provided by Citizens Bank. The online loan company stands out for its lack of fees.

Fixed APR
4.24%–14.04%
Loan amount
$1,000-$180,000
Loan term
7-15 yrs
Pros
  • 2% graduation principal discount
  • No satisfactory academic progress requirement
  • No co-signer requirement
Cons
  • Grace period is only 6 months
  • Small loan amounts
  • Unknown credit requirements
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Custom Choice loan. Custom Choice is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.7 stars out of 5
4.7

Overview: A fully online loan company, Ascent serves borrowers attending medical school, including optometry, osteopathic, podiatric and veterinary medicine. It boasts a number of deferment options and very few fees.

Fixed APR
4.44%–13.96%
Loan amount
$2,001-$400,000
Loan term
5-20 yrs
Pros
  • Up to 24 months’ hardship forbearance
  • Robust rewards, including 1% cash back on graduation
  • Co-signer is optional
Cons
  • Slightly higher starting interest rate
  • No refinance loans available
  • Co-signer release not available to international students
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Ascent loan. Ascent is also a good match for people who prefer access to customer service seven days a week.

Overview: INvestED is a fully online lender that serves only residents and students in the state of Indiana. While this is restrictive for most students, the available resources make it stand out in the Hosier state. It hosts events throughout the year to assist students with their academic experiences.

Fixed APR
4.62%–8.58%
Loan amount
$1,001 - 100% cost of attendance
Loan term
5-15 yrs
Pros
  • Co-signer release after just 12 months of payments
  • Payment forbearance of up to 24 months
  • Deferment for military
Cons
  • Steep credit score requirements
  • Limited repayment terms
  • Relatively high starting rate
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Invested loan. Invested is also a good match for people who prefer access to customer service seven days a week.

Overview: MEFA’s highest rate is among the lowest among lenders we’ve reviewed, though other lenders may offer a lower starting rate to those with truly stellar credit. The lender does not enforce any fees — meaning there’s no downside to repaying your loan early — and allows funds to be used to cover past semester balances.

Fixed APR
7.15%–8.95%
Loan amount
$1,500-100% cost of attendance
Loan term
15-15 yrs
Pros
  • Funds can cover previous semesters
  • No fees, not even late fees
  • Borrow for less-than-half-time summer classes if you will be enrolled at least half-time during the regular academic year
Cons
  • Limited co-signer release
  • Fewer repayment options
  • No option to prequalify
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an mefa loan. mefa is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.4 stars out of 5
4.4

Overview: With federal student loans, you can choose between federal Direct Unsubsidized graduate loans and federal grad Direct PLUS loans. All graduate students pay the same interest: 8.08 percent for Direct Unsubsidized Loans and 9.08 percent for grad PLUS loans.

Fixed APR
8.08%–9.08%
Loan amount
Loan amount up to 100% cost of attendance
Loan term
10-25 yrs
Pros
  • Access to income-driven repayment plans
  • Extensive deferment and forbearance options
  • Eligibility and 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
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Federal Student Loans loan. Federal Student Loans is also a good match for people who prefer access to customer service seven days a week.

Calculate your graduate school loan payments

How to compare medical school loans

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. After choosing one or both of these types of student loans, you must then choose the loan product and lender that best meets your needs. 

Federal vs. private student loans for medical school

Federal student loans should be your first financial resource because they can provide such benefits as income-driven repayment (IDR) plans and potential loan forgiveness through Public Service Loan Forgiveness and other programs. 

Unlike private loans, federal student loans generally have a fixed interest rate that isn't dependent on your credit score (parent PLUS loans require a credit check). These loans also have longer repayment periods. Federal student loans come with origination fees, while many private lenders do not have this fee. To apply for federal loans and other financial aid, medical students who are U.S. citizens should fill out a Free Application For Federal Student Aid (FAFSA).

Student loan rates and limits for 2025-2026 academic year

Federal student loans Private student loans
Interest rates Not affected by credit score
  • 6.53%: Direct Subsidized and Unsubsidized Loans (undergraduate)
  • 8.08%: Direct Unsubsidized Loans (graduate or professional)
  • 9.08%: Direct PLUS Loans
Affected by credit score; interest rates vary according to credit score and lender
Fees
  • 1.057% for Direct Unsubsidized
  • 4.228% for PLUS
Varies by lender, some don't charge a fee
Borrowing limits
  • $20,500 for direct unsubsidized
  • 100% total cost of attendance for PLUS
Up to 100% total cost of attendance
Qualification requirements
  • Must be U.S. citizen or eligible noncitizen
  • Enrolled at least half time
  • Varies by lender
  • May require good credit, minimum income or cosigner
Benefits
  • IDR plans
  • Deferment or forbearance and potential forgiveness
  • Low interest for excellent-credit borrowers
  • Lender-specific perks
  • May not charge origination fees
Drawbacks
  • Loan amount caps for unsubsidized loans
  • Potentially higher interest rate for excellent-credit borrowers
  • Harder to qualify for
  • High maximum interest rates
  • Fewer borrower protections

Comparing federal medical school loan options

There are two common types of federal student loans for medical school. Since these loans mostly differ in their loan limits, qualification requirements and interest rates, consider how much you need to borrow, your credit score and your financial goals.

  • Direct Unsubsidized Loans: These loans have a fixed interest rate of 8.08 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, a graduate aggregate limit which includes amounts received as an undergraduate These loans accrue interest while you're in school.
  • Grad PLUS loan: These loans have a fixed interest rate of 9.08 percent for all borrowers, but they allow medical students to borrow up to the total cost of education. Grad PLUS loans require that you don't have an adverse credit history, but there is no minimum credit score requirement. These loans also accrue interest while you're in school.

While some federal loans may allow you to borrow up to the total cost of your education, you may also need to borrow private student loans, depending on the cost of medical school – which includes such things as tuition, books and tests – and what federal aid you qualify for.

Comparing private medical school loan options

Private student loans are offered by online lenders, nonprofit agencies, banks and credit unions. Each lender has its own set of qualification requirements, costs, terms and loan products. When choosing a private loan to fund your education, you'll want to compare lenders to see which one offers the best rate and term while meeting your needs. When comparing lenders, look at the following features:

  • Interest rates and fees: How much will it cost to borrow money? Remember, the lowest rates are reserved for good-credit borrowers.
  • Repayment terms: Does the lender have the repayment term you want or a range of term options that provide flexibility when deciding how long you need to pay off your loan?
  • Loan amounts: Are you able to borrow as little or as much as you need based on the lender's minimum and maximum loan amounts?
  • Eligibility requirements: Do you qualify for the loan or do you need a cosigner? Does the lender allow cosigners and does it offer cosigner release?
  • Lender discounts and rewards: Some lenders provide rate discounts for signing up for autopay or opening another account with them. Many also offer rewards for graduating or referring a friend.
  • Customer experience: Review business hours and methods for contacting customer service to make sure you'll get help when you need it. Read reviews to find out what current and past customers have experienced with the lender and loan product.

Medical school loan interest rates

Your student loan interest rate will depend on several factors, including the type of loan you get, your credit score and lender. Whether Fed rates impact your student loans depends largely on your loan type and whether you're a new borrower or already have your loans. 

If you already have your loans and have a fixed interest rate, your rate won't be affected when the Fed changes the rate. If you already have a loan, but it has a variable rate, your loans will increase or decrease with the movement of the federal funds rate. For new borrowers, the most recent actions by the Fed will influence the rate you're offered.

Federal student loans

The interest rates for federal student loans are always fixed and are determined by Congress each year, valid from July 1 until June 30 the following year. The rate is the same regardless of the borrower and their credit — it just depends on the type of federal loan. Direct Unsubsidized Loans have an 8.08 percent interest rate, while Grad PLUS loans have a 9.08 percent rate for all borrowers on loans first dispersed on or after July 1, 2024, and before July 1, 2025.

Private student loans

Interest rates for private loans vary because they're based on the individual borrower's credit, income and financial profile as well as the lender they use. Whether they choose a fixed or variable rate will influence their rate too. Each private student loan lender has a minimum and maximum APR, which typically range from around 3.5 percent to almost 16 percent for medical school loans. Those with excellent credit scores will get the best rates.

What are medical school loans?

Medical school loans are borrowed money that students can use to finance their medical degree after earning their undergraduate degree. They cover various medical schooling expenses, including books and other supplies, lab fees and even living expenses. 

You repay your loan over five to 25 years, plus interest and possible fees. There are federal and private loans available to med students who need to finance their education, which is common. Medical school education can have steep costs, and for many students, loans are the only way to afford them.

Pros and cons of medical school loans

Green circle with a checkmark inside

Pros

  • Provide the only access to med school for many students
  • Cover expenses beyond tuition, including room and board
  • May have such benefits as grace periods, deferment, income-driven repayment and potential loan forgiveness
Red circle with an X inside

Cons

  • May come with extra fees
  • May have maximum loan limits that don't cover full cost of school
  • Significant debt, potentially hundreds of thousands of dollars
  • Financial stress and strain for years

How to get a loan for medical school

If you took out loans for your undergraduate schooling, you’ll find the process of applying for a medical school loan familiar.

  1. Fill out the FAFSA: Completing FAFSA is the first step to seeing what financial aid you can receive and what federal loans you may qualify for before taking out private loans.
  2. Shop around with multiple lenders: Focus on which lender will accept your application based on requirements and available rates, terms and loan amounts. 
  3. Check your eligibility: Lenders carry varying requirements in order to determine eligibility. Look for lenders that work in your state and accept your credit.
  4. Complete the application: The application process may take as little as a few minutes if you have your financial information handy. Be prepared to share credit and school-related details. 
  5. Wait for verification: Lenders may take between a few minutes and a few days to accept or reject your application. Then, they confirm your cost of attendance and send the funds to your school. Be sure to follow up with your school to verify they received the funding. 

Other ways to pay for medical school

According to the Association of American Medical Colleges, the average medical school debt in 2024 surpassed $200,000. It's important to do what you can to finance your education with as little debt as possible. A few ways to pay for medical school without loans, or with a lower amount borrowed, include the following.

  • Exhaust grant and scholarship funding, which don't need to be paid back.
  • Reduce living expenses by living at home and commuting to school.
  • Consider a part-time job geared toward college students, which can be more flexible with the demands of medical school, and explore resources at the Career Center of your school.
  • Choose a medical school with lower tuition costs.
  • Enroll in a service program, often with the military or government, that will pay some or all of your medical school costs.
  • Research medical school loan forgiveness programs.
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BANKRATE EXPERT FAQ

Ask the experts: Can you defer medical school loans through residency


Writer and Consumer Lending Analyst

"Yes, you can defer or pause your federal student loans while you're in residency via a mandatory forbearance. However, interest accrues and capitalizes during a forbearance, so it's wise to at least make interest-only payments while you're in residency. You might also consider enrolling in income-driven repayment to cap your monthly dues at a percentage of your discretionary income. As for private student loans, some lenders offer residency deferments or other unique programs, such as low, fixed payments while you're in residency. Making such payments can keep your balance from ballooning until you actively and fully enter repayment."

Bankrate Expert Contributor, Student Loans

"After you graduate from medical school, your loans will enter repayment. There are two main options. Obtain a forbearance, where payments are suspended but interest continues to accrue. Some lenders offer a partial forbearance, where you make interest-only payments. Partial forbearances keep the loan balance from increasing, but are lower than fully amortized monthly payments. (Or,) choose an income-driven repayment plan, if available. Income-driven repayment plans base the loan payment on the borrower’s income, as opposed to the amount they owe. Suh repayment plans adjust the loan payment to match the borrower’s lower income during the residency, internship and fellowship. Payments made during an income-driven repayment plan, including a calculated payment of zero, can count toward Public Service Loan Forgiveness (PSLF) if you are working full-time for a public or private non-profit 501(c)(3) hospital."

FAQs about medical student loans

How we chose the best medical student loan providers

Bankrate's trusted personal loans industry expertise

48

years in business

25

lenders reviewed

14

loan features weighed

350

data points collected

To find the best medical school loan lenders, Bankrate's team of experts evaluated over 20 lenders. Each lender was then rated on a 14-point scale. The scale is split into three main categories:

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.