7 Best Medical School Loans
Federal student loans are still the better first choice for medical school, but the elimination of grad PLUS loans and new borrowing caps mean more students may need private loans.
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 and possible loan forgiveness. However, recent changes to federal loans could cause more borrowers to need both loan types.
The following private lenders offer student loans designed for medical students and other graduate-level health professionals. We also cover the differences between federal and private student loans, and how recent changes could affect your borrowing plans.
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- 19 student loans lenders reviewed and rated by our team of experts.
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Why trust NerdWallet
- 19 student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and consumer lending.
- Objective, comprehensive star-rating system assessing 40 categories and more than 50 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 editorial rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.5 /5 | Mid-600s | 2.29-14.97% | 3.75-13.34% | Check Rate on Sallie Mae's website | |
5.0 /5 | Mid-600s | 2.39-15.99% | 3.89-15.99% | Check Rate on College Ave's website | |
4.5 /5 | Mid-600s | 2.29-16.24% | 4.74-16.60% | Check Rate on Earnest's website | |
5.0 /5 | Mid-600s | 2.45-14.83% | 4.39-16.36% | Check Rate on SoFi®'s website | |
5.0 /5 | Low-Mid 600s | 2.69-16.81% | 3.60-16.51% | Check Rate on Ascent's website | |
4.0 /5 | 660 | 3.49-11.44% | 5.99-11.69% | Read Review on NerdWallet |
Our pick for
private loans for medical school
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: $1,000 up to 100% of school-certified costs with no aggregate loan limit.
- Grace period is 48 months for medical school loans.
- Offers up to 48 months of deferment following the grace period.
- Has a medical residency and relocation loan.
- Provides loans to medical students enrolled less than half time.
- Offers pre-qualification with a soft credit check.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Immediate principal and interest payment while in school isn’t an option.
- The inability to make full payments while in school will increase the total interest cost.
- Typical credit score of approved borrowers: Upper 700s.
- Minimum income: $35,000 for a borrower with no co-signer. No minimum for a borrower with a co-signer. No minimum for co-signers.
- Loan amounts: $1,000 up to the cost of attendance minus any federal aid. The aggregate limit (total federal and private student loan debt) for medical school loans is $500,000.
- Four repayment options, including full principal and interest.
- Grace period is 36 months with option for six-month extension.
- Offers up to 48 months of deferment following the grace period.
- Has a medical residency and relocation loan.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- Charges a late payment fee, whereas some competitors do not.
- Doesn’t allow co-signer release until a borrower is at least halfway through their repayment term.
- Typical credit score of approved borrowers: 750.
- Minimum income: No minimum income required.
- Loan amounts: $1,000 to $400,000. Hawaii resident minimum is $1,501.
- Four repayment options, including full principal and interest.
- Offers returning borrowers a 0.25-percentage-point rate reduction.
- Offers an additional 0.25-percentage-point rate reduction with automatic payments.
- Provides up to 48 months of deferment during residency and fellowship.
- Has an option to skip one payment every 12 months for eligible borrowers.
- 9-month grace period is shorter than other providers of medical school loans.
- Does not offer renewable or multi-year approval options.
- Must be enrolled half time or more.
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: No minimum income required.
- Loan amounts: $1,000 up to the cost of attendance.
- Four repayment options, including full principal and interest.
- Grace period is 36 months for medical school loans.
- Offers up to 48 months of deferment during residency.
- Has multi-year approval for those who qualify.
- Offers a 0.25-percentage-point rate discount with automatic payments, along with other possible rate reductions.
- Allows borrowers to pre-qualify with a soft credit check.
- Must be enrolled at least half time
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: No minimum for borrowers with a co-signer. Co-signer minimum is $30,000 annually. Borrowers without a co-signer and at least two years of credit history must earn at least $30,000 and meet debt-to-income (DTI) requirements.
- Loan amounts: $2,001 up to $400,000 aggregate.
- Four repayment options, including full principal and interest.
- Grace period is 36 months for medical school loans.
- Offers up to 48 months of deferment following the grace period.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- Progressive Repayment plan is an option upon exiting grace period.
- Must be enrolled at least half time.
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: None if enrolled in eligible program and credit criteria are met.
- Loan amounts: $1,000 up to cost of attendance.
- Offers up to 96 months of residency deferment.
- Provides multi-year approval to streamline borrowing for long degree programs.
- Has an automated deferment process for medical, dental and podiatry students.
- Allows borrowers to pre-qualify with a soft credit check.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Is a new product with a limited track record.
- The maximum repayment term is shorter than some competitors’ medical school loans.
- Charges a late payment fee, whereas some competitors do not.
- Typical credit score of approved borrowers: Not available. MPOWER does not require a credit score.
- Minimum income: Not available. MPOWER does not require a minimum income.
- Loan amounts: Minimum is $2,001. Maximum is $100,000, limited to $50,000 per academic period.
- Offers non-co-signed student loans for international and DACA students.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Provides pre-approval within 30 minutes of application submission.
- Borrowers can request forbearance up to 24 months, which is longer than many lenders offer.
- Charges an origination fee of 5% to 8.5% for international students.
- Requires interest-only payments while the student is in school.
- Has only one loan term.
Important note: As of July 1, 2026, the federal grad PLUS loan program has been eliminated for new borrowers under the One Big Beautiful Bill Act. This also ended the ability of medical students to cover their full cost of attendance with federal loans. Borrowers who were already enrolled in medical school and took out a Federal Direct Loan before July 1, 2026, may qualify for an exception. If they continue in the same medical program, these students can still borrow through the grad PLUS program under earlier loan limits for up to three years or when they graduate, whichever is earlier.
Federal loans for medical school
There are three types of federal loans for medical school, although one is no longer available to new borrowers.
Federal Direct Unsubsidized Loans. These loans aren't based on financial need and have no credit check. Medical students should max them out, before turning to private loans. Under new limits for medical school, you can borrow up to $50,000 per year and an aggregate of $200,000 for medical school. Total lifetime borrowing, including both undergraduate and graduate programs, can’t exceed $257,500.
Federal health professions student loans. These loans have interest subsidies and lower interest rates than other federal loans, making them the best choice for anyone who qualifies.. 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 grad PLUS loans. These loans were eliminated for new borrowers as of July 1, 2026. Previously, grad PLUS loans allowed borrowing up to the full cost of attendance. Under a legacy provision, you may be able to continue borrowing under the old limit for up to three years, if you meet certain conditions.
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.
» MORE: New graduate school loan limits
Private medical school loans
WIth the recent changes to federal student loans, private medical school loans could play a larger role for many students. According to the Association of American Medical Colleges (AAMC), the median four-year medical school cost of attendance for the class of 2026 ranged from $297,745 (public school) to $408,150 (private school). The new federal loan limits cap total borrowing at $200,000 for medical school, leaving a significant gap to fill.
Private medical school loans could be a necessity once you’ve maxed out your federal options. They might also make sense if you have excellent credit. Unlike federal loans, which have the same fixed rates for all borrowers, private loans usually have lower rates for borrowers with excellent 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.
Private loans don’t qualify for federal repayment plans or forgiveness options — such as the new Repayment Assistance Plan (RAP) or PSLF. If you do qualify for a lower interest rate with a private lender, take into account whether it’s worth losing the benefits a federal student loan provides.
What to know in 2026 🤓
The U.S. Department of Education has announced that federal student loan borrowers enrolled in autopay will be eligible for a 1% rate discount starting July 1, 2026.
Borrowers must enroll in autopay by September 30, 2026, to benefit. Borrowers who are already enrolled in autopay (and who are already benefiting from the 0.25% discount) will automatically receive an additional 0.75% rate reduction. This rate reduction will apply to borrowers whose loans originated after July 1, 2012, and will run through June 30, 2028.
Medical school loans for international students
International medical 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 with no credit history or co-signer, you'll have fewer options. But some lenders, like MPOWER, do lend to international students without a co-signer. Usually, these loans have a higher interest rate and low annual borrowing limits that may not be enough to cover med school.
Last updated on July 10, 2026
Frequently asked questions
How much can you borrow for medical school?
New federal borrowers in programs designated as "professional" by ED, such as a DO (Doctor of Osteopathic Medicine) or MD (Doctor of Medicine), can borrow up to $50,000 per year and $200,000 in total for medical school through Direct Unsubsidized Loans. There is also a $257,500 combined lifetime limit that includes any undergraduate and graduate federal loans. Many medical students will face a funding gap and need private loans to cover remaining costs. Students who already borrowed federal loans for their current program before July 1, 2026, may qualify to borrow under prior limits for up to three more years.
Can you get subsidized loans for medical school?
Medical students aren’t eligible for regular subsidized federal loans. But you may receive subsidized health professions student loans if your school participates in this program and you have financial need.
What is the best loan for medical school?
Federal student loans are typically your best bet for medical school because they offer benefits that private loans lack, like income-driven repayment and loan forgiveness. However, the elimination of the grad PLUS loan and stricter federal borrowing caps could leave more medical students short of covering their full cost of attendance. Private loans may be necessary to fill the gap.
How we chose the best student loans
Our team of student loan experts follows an objective and robust methodology to rate lenders and pick the best.
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Lenders reviewed
20
Lenders reviewed
We reviewed 20 banks, credit unions and online lenders — including the top by market share and search volume — plus lenders serving niche and nontraditional borrowers.
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Each lender is evaluated across weighted categories, covering dozens of features related to flexibility, affordability, availability, transparency and customer experience.
60+
Data points analyzed
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Our team tracks and reassesses more than 60 data points annually, including APR ranges, fees, credit requirements and borrower tools, ensuring up to date, accurate comparisons.
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We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
5.0
Overall score
NerdWallet reviewed 20 banks, credit unions and online lenders offering student loans and student loan refinancing. We included the top lenders by market share and online search volume, as well as lenders that serve specialty or nontraditional markets. Some lenders are NerdWallet partners, but this did not influence our selection of the winner.
Within weighted categories, we consider dozens of features and more than 60 data points for each financial institution. Depending on the category, these may include the availability of bi-weekly payments through autopay, minimum credit score and income requirement disclosures, availability to a wide range of 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.
NerdWallet's Best Medical School Loans
- Sallie Mae: Best for private loans for medical school, Fixed APR: 2.29-14.97%
- College Ave: Best for private loans for medical school, Fixed APR: 2.39-15.99%
- Earnest: Best for private loans for medical school, Fixed APR: 2.29-16.24%
- SoFi®: Best for private loans for medical school, Fixed APR: 2.45-14.83%
- Ascent: Best for private loans for medical school, Fixed APR: 2.69-16.81%
- ELFI: Best for private loans for medical school, Fixed APR: 3.49-11.44%
- MPOWER: Best for private loans for medical school, Fixed APR: 10.89-18.62%