9 Best Medical School Loans of October 2020

Key facts

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 compared with 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 4.53%, while grad students get higher 6.08% rate.

Available Term Lengths

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Key facts

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 Lengths

Disclaimer

Key facts

Pros

• Forbearance of 24 months is longer than many lenders offer.

• 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.

Cons

• Fixed rate loan only offers 10-year repayment term.

Qualifications

• Typical credit score of approved borrowers or co-signers: Not available.

• Minimum income: Not available.

• Loan amounts: up to $200,000.

Available Term Lengths

Disclaimer

Key facts

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 Lengths

Disclaimer

Key facts

Pros

• One of the few lenders to provide loans to part-time students.

• Borrowers can access online tutoring and free credit score tracking.

• 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.

• Information not available on minimum qualifying credit scores or income.

Qualifications

• Typical credit score of approved borrowers or co-signers: Does not disclose.

• Minimum income: Did not disclose.

• Loan amounts: $1,000 up to 100% of the school-certified expenses.

Available Term Lengths

Disclaimer

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• You are assigned a dedicated Money Mentor.

Cons

• Loans aren't available in Nevada and Mississippi.

• Co-signer required.

Qualifications

• Typical credit score of approved borrowers: Did not disclose.

• Minimum income: No set minimum.

• Loan amounts: $2,000 to the total cost of attendance. Maximum $500,000.

Available Term Lengths

Disclaimer

Key facts

Pros

• Six-month grace period extension is available.

• Loyalty discount for existing Citizens Bank customers.

• Multiyear loan approval is available.

Cons

• You must be pursuing a bachelor’s degree or higher.

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers: Does not disclose.

• Minimum income: Did not disclose.

• Loan amounts: $1,000 to $100,000.

Available Term Lengths

Disclaimer

Key facts

Pros

• You are assigned a dedicated student loan advisor.

• One of the few lenders to offer loans to borrowers enrolled less than half-time.

• More payment reduction options for struggling borrowers than other lenders.

Cons

• Shorter length of hardship forbearance than most other lenders.

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

• Only borrowers with existing Wells Fargo student loans are eligible.

Qualifications

• Typical credit score of approved borrowers: Did not disclose.

• Minimum income: No minimum.

• Loan amounts: $1,000 to $120,000

Available Term Lengths

Disclaimer

Key facts

Pros

• Offers a hard-to-find option: non-co-signed student loans for international students.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• No fixed interest rates.

• Not available to borrowers in all 50 states including: Alabama, Arizona, Arkansas, California, Delaware, Hawaii, Idaho, Indiana, Louisiana, Maine, Montana, Nevada, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington and Wyoming.

Qualifications

• Prodigy Finance considers future income, rather than current income or credit score.

• Loan amounts: $15,000 to $220,000.

Available Term Lengths

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