10 Best Medical School Loans
Benefits like student loan forgiveness and income-driven repayment make federal student loans a better option than private student loans for medical school.
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There are two main types of medical school loans: federal and private. In general, use federal student loans for medical school first because they have benefits private loans for medical school lack, including access to income-driven repayment plans and loan forgiveness programs.
The following lenders offer student loans specifically designed for medical students and other graduate-level health professionals. Compare specific lenders below and keep reading to learn more about the differences between federal and private student loans.
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Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Medical School Loans
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | None | 6.39-7.94% | N/A | ||
5.0 /5 | None | 9.08-9.08% | N/A | ||
 Sallie Mae Medical School Loan See Offers on Sallie Mae's website COMPARE RATES on Credible’s website | 4.5 /5 | Mid-600's | 3.45-14.98% | 4.37-13.96% | See Offers on Sallie Mae's website COMPARE RATES on Credible’s website |
 College Ave Medical Student Loan See Offers on College Ave's website COMPARE RATES on Credible’s website | 5.0 /5 | Mid-600s | 3.19-14.47% | 4.24-14.47% | See Offers on College Ave's website COMPARE RATES on Credible’s website |
5.0 /5 | Low-Mid 600s | 3.89-14.41% | 5.01-14.97% | See Offers on Credible’s website |
Our pick for
All borrowers as a first option
Start with federal direct unsubsidized loans if low-cost federal health professions student loans aren’t available for medical school.
Federal Subsidized/Unsubsidized Loan
None
6.39-7.94%
N/A
- Key factsBest first option for all student loan borrowers.Pros
- More flexible repayment options for struggling borrowers than other lenders.
- Subsidized loans do not collect interest while in school or during deferment.
- Lower interest rates than many private lenders.
Cons- You pay an origination fee.
Qualifications- No credit check or minimum income is needed to borrow.
- Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
- Independent students and graduate students have higher loan limits.
- Undergraduate interest rate fixed at 3.73%, while grad students get higher 5.28% rate
Available Term Lengths10 to 25 years once repayment begins, depending on the repayment plan.
Our pick for
Manageable payments post-graduation
Federal benefits like student loan forgiveness and income-driven repayment can make grad PLUS loans a better option than private student loans for medical school.
- Key facts
You can postpone payments in residency.
Pros- More flexible repayment options for struggling borrowers compared with private lenders.
- All borrowers who attend a school authorized to receive federal aid can qualify.
Cons- May have higher interest rates compared with private lenders.
- You pay an origination fee.
- You can’t see if you’ll qualify without a hard credit check.
Qualifications- Grad PLUS loan borrowers must not have adverse credit history.
- Borrowers with adverse credit history can still receive a grad PLUS loan by enlisting a co-signer without adverse credit history or documenting extenuating circumstances for their credit history.
- Loan amounts: Total cost of attendance minus other financial aid.
Available Term Lengths10 to 25 years once repayment begins, depending on the repayment plan.
Our pick for
Private loans for medical school
Sallie Mae Medical School Loan
Mid-600's
3.45-14.98%
4.37-13.96%
- Key facts
Rating and details displayed are for Sallie Mae's private student loan. You can postpone payments in residency for up to four years.
Pros- One of the few lenders to provide loans to part-time students.
- Non-U.S. citizens, including DACA students, can apply with a U.S. co-signer.
Cons- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
QualificationsAvailable Term Lengths10 to 20 yearsDisclaimerLowest rates shown include the auto debit discount. Advertised APRs for Medical School Loan and Dental 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. Advertised APRs are valid as of 6/03/2025.
College Ave Medical Student Loan
Mid-600s
3.19-14.47%
4.24-14.47%
- Key factsBest for med students who'll need extra time before starting repayment.Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- International students can qualify with a co-signer.
- You can defer payments up to an additional 48 months during fellowship after your grace period.
Cons- You must be at least halfway through your repayment term before you can request a co-signer release.
Qualifications- Typical credit score of approved borrowers: Mid-700s.
- Minimum income: $35,000 per year.
- Loan amounts: $1,000 up to the total cost of attendance.
Available Term Lengths5, 8, 10, 15 or 20 yearsDisclaimerCollege 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. (1)All rates include the auto-pay 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. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)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. Information advertised valid as of 6/30/2025. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
Ascent Medical Student Loan
Low-Mid 600s
3.89-14.41%
5.01-14.97%
- Key facts
Rating and details displayed are for Ascent's private student loan. Ascent's medical school loan lets you defer payments for up to 48 months after you finish school.
Pros- Among the best for payment flexibility.
- Grace period of 36 months is longer than many lenders offer.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Stands out for features that enable faster loan repayment.
ConsQualifications- Typical credit score of approved borrowers or co-signers: Not available.
- Minimum income: Not available.
- Loan amounts: up to $400,000.
Available Term Lengths7, 10, 12, 15 or 20 yearsDisclaimer*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, terms and conditions may apply for Ascent's Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 7/1/2025 and reflect an Automatic Payment Discount of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) 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 examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation.1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.
Earnest Medical School Loan
650
4.45-14.30%
4.99-15.15%
- Key factsAn option for medical students who want flexible repayment.Pros
- Option to skip one payment every 12 months.
- No late fees.
- Nine-month grace period is longer than most lenders offer.
Cons- Loans aren't available in Nevada.
Qualifications- Typical credit score of approved borrowers: 758.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to your total cost of attendance.
Available Term Lengths5, 7, 10, 12 or 15 yearsDisclaimerEarnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770) One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America. © 2025 Earnest LLC. All rights reserved.
ELFI Private Student Loan
680
3.69-14.22%
5.00-13.97%
- Key factsBest for borrowers with a significant funding gap.Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- You are assigned a student loan advisor.
Cons- No co-signer release available.
Qualifications- Typical credit score of approved borrowers or co-signers: Not available.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to your total cost of attendance.
Available Term Lengths5, 7, 10 or 15 years.
SoFi Health Professionals Loan
Mid-600s
3.29-14.83%
4.39-15.86%
- Key factsBest for flexible repayment options and no fees options.Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.
Cons- Does not offer bi-weekly payments via autopay.
QualificationsAvailable Term Lengths5, 7, 10, 15 years
Our pick for
International medical students
International students without an eligible co-signer have fewer options to get a student loan for medical school.
MPOWER Private Student Loan
None
12.99-15.99%
N/A
- Key factsBest for international students and students with Deferred Action for Childhood Arrivals, or DACA, status.Pros
- Offers a hard-to-find option: non-co-signed student loans for international and DACA students.
- Borrowers are assigned a dedicated student loan advisor.
- Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
Cons- Payment required while in school.
- Offers only one repayment term: 10 years.
Qualifications- MPOWER considers future income potential but does not factor in credit scores.
- Loan amounts: Minimum $2,001. Maximum loan is $100,000, limited to $50,000 per academic period.
Available Term Lengths10 yearsDisclaimerNote: Our loan does not support Canadian citizens studying in Canada. Canadian Permanent Residents and U.S. citizens are considered “international” when studying in Canada. International students, U.S. citizens, U.S. permanent residents, and DACA recipients in the U.S. or Canada. ‘International’ means you are a non-U.S. citizen or U.S. non-permanent resident studying at a university in the U.S., or you are a non-Canadian citizen or Canadian non-permanent resident studying at a university in Canada. ‘DACA’ means the Deferred Action For Childhood Arrivals Program initiated by the U.S. Department of Homeland Security in 2012. In order to qualify as a DACA Student, you must have applied for, and been granted, DACA status by USCIS. As a graduate student, you can borrow with a fixed interest rate of 12.99% (13.98% APR¹). This is the maximum rate and will not increase. However, MPOWER offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. If you qualify for this discount, your rate will be 12.74% (13.72% APR²). ¹[International graduate student with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation, plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal. At an APR of 13.98%, the monthly payment amount is US$113.66 for the first 30 months. For the next 120 months, the monthly payment amount is about $156.71. ²[International graduate student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%. At an APR of 13.72%, the monthly payment is US$111.47 for the first 30 months. For the last 120 payments, the monthly amount is US$155.17. Undergraduate Students in the U.S. or Canada As an undergraduate student, you can borrow with a fixed interest rate of 13.99% (15.01% APR³). This is the maximum rate and will never increase. However, MPOWER offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. If you qualify for this discount, your rate will be 13.74% (14.75% APR⁴). ³[International undergraduate student with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal. At an APR of 15.01%, the monthly payment amount is $122.41 for the first 30 months. For the next 120 months, the monthly payment amount is $162.97. ⁴[International undergraduate student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%. A forbearance is never utilized and there is no prepayment of any principal. At an APR of 14.75%, the monthly payment is US$120.22 for the first 30 payments. For the last 120 payments, the monthly amount is US$161.39.
Our pick for
Borrowers from Texas
Brazos Private Student Loan
680
2.71-7.38%
4.32-5.56%
- Key factsBrazos private student loans are best for borrowers from Texas and students attending school in Texas who are from qualifying states.Pros
- May offer lower rates for graduate students than what are available through the federal government.
- Applies extra payments to the loan principal by default.
- Offers five loan terms, which is more than most lenders.
Cons- Not available to borrowers enrolled in two year programs at community colleges.
- Biweekly payments via autopay is not available.
Available Term Lengths5, 7, 10, 15 or 20 years
Federal loans for medical school
There are multiple types of federal loans for medical school. Consider them in this order:
Federal health professions student loans. These loans have interest subsidies and lower interest rates than other federal loans. But they're only available to borrowers who demonstrate financial need and attend participating schools. Ask your school about its application process to see if you qualify.
Federal direct unsubsidized loans. These loans aren't based on financial need, and medical students should max out these loans before PLUS loans because they have lower interest rates and fees. You can borrow up to $20,500 per year and $138,500 total, including any undergraduate loans.
Federal PLUS loans. Consider PLUS loans after you've exhausted other federal loans for medical school. PLUS loan interest rates are 8.94% for the 2025-26 school year, which may be close to the rate you'd get with a private loan. But PLUS loans come with a 4.228% fee that most private lenders don't charge.
To get federal loans for medical school, complete the Free Application for Federal Student Aid — this FAFSA guide can help. If your school participates in the health professions student loan program, you may need to fill out a different application.
There's no credit check for direct unsubsidized loans. There is a credit check for PLUS loans, but you don't necessarily need good credit to qualify — you just can't have adverse credit history or negative marks on your credit.
Private medical school loans
Private medical school loans can make sense if you have excellent credit and don't plan to pursue Public Service Loan Forgiveness. Unlike federal loans, which have the same fixed rates for all borrowers, private loans have lower rates for borrowers with good credit, and they typically don't have fees.
Before approving you, the lender will do a hard credit pull to check your credit history. The interest rate you get will depend on factors like your credit, the loan term and whether you choose a fixed or variable rate.
Many lenders — including Ascent, College Ave and Sallie Mae — offer private medical school loans with specific benefits for aspiring health professionals, like the ability to postpone or make reduced payments during residency. Weigh such features versus getting the lowest interest rate possible.
Medical school loans for international students
International students aren't eligible for federal student loans. But they may be able to qualify for a private medical school loan with an eligible co-signer.
If you're an international medical student without a credit history or co-signer, you'll have fewer options.
MPOWER lends to international students, but caps loan amounts at $50,000 annually, which may not be enough to cover med school.
Managing medical school loans
Going to medical school means taking on a lot of medical school loans. The average medical school debt among the class of 2023 was $206,924.
Explore tactics for paying off medical school debt before you borrow. Depending on your career goals and the type of loans you have, the best strategy may be refinancing medical school loans during or after your residency, seeking loan forgiveness for doctors or riding out an income-driven repayment plan.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 19 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loans and our editorial guidelines.
Last updated on June 5, 2025
Frequently asked questions
Medical students can get up to $20,500 per year and $138,500 total in unsubsidized federal student loans. You can borrow up to your cost of attendance in federal PLUS loans or private student loans.
To pay for medical school, you may be able to receive federal health professions student loans (only at participating schools); federal unsubsidized and PLUS loans; and private student loans.
Medical students aren’t eligible for subsidized federal loans. But you may receive subsidized health professions student loans if your school participates in this program and you have financial need.
Federal student loans are typically your best bet for medical school because they offer benefits that private loans lack, like income-driven repayment plans and loan forgiveness programs.
NerdWallet's Best Medical School Loans
- Federal Subsidized/Unsubsidized Loan: Best for All borrowers as a first option
- Federal Grad PLUS Loan: Best for Manageable payments post-graduation
- Sallie Mae Medical School Loan: Best for Private loans for medical school
- College Ave Medical Student Loan: Best for Private loans for medical school
- Ascent Medical Student Loan: Best for Private loans for medical school
- Earnest Medical School Loan: Best for Private loans for medical school
- MPOWER Private Student Loan: Best for International medical students
- Brazos Private Student Loan: Best for Borrowers from Texas
- ELFI Private Student Loan: Best for Private loans for medical school
- SoFi Health Professionals Loan: Best for Private loans for medical school
