Medical School Loans
Get the prescription for a healthier med school loan
Consider student loans cured. Our low rates and customizable payment options make med students smile from auricle to auricle.
Benefits of Earnest med school private student loans
- Fast application and approval process
- 9-month grace period (3 months more than most lenders)
- No fees for origination, disbursement, prepayment, or late payment
- Skip a payment once per year (once repayment period has started)
- Expert support from our Client Happiness team
- 0.25% Auto Pay discount
- Covers up to 100% of school’s certified cost of attendance
Med school private student loan interest rates
Earnest offers low fixed and variable rates and allows students to choose which they prefer. Learn about the difference between variable and fixed interest rates.
Common questions about med school loans
How much can you take out in loans for med school?
Grad students (including med students) are eligible to take out up to $20,500 in Federal Direct unsubsidized loans each year. These loans have lower rates than Federal Direct PLUS loans or private loans. Federal Direct PLUS loans and private student loans do not have a cap.
What is the difference between Federal Direct PLUS loans and private student loans?
Federal Direct PLUS loans are offered by the government, while private loans are offered by private lenders. Federal PLUS loans are available through the FAFSA, and a good credit history is not required to qualify. However, Federal PLUS loans do have a mandatory loan origination fee, and a flat interest rate. Private student loans typically have no loan fees, and your interest rate depends on your credit profile or that of your cosigner, if applicable.
Yes, medical residents may defer payments on their student loans until their residency is complete.
Do medical residents qualify for deferment?
Do medical students get paid?
Med students do not get paid while in med school. Once they enter residency, however, they do receive a salary. Surveys indicate an average salary of approximately $70,000 in 2018.
Pick the in-school payment that fits your budget
- Deferred Payment: Waiting until the end of your grace period to make payments means the highest total cost.
- Fixed $25 Payment: Making small monthly payments while in school reduces your accrued interest.
- Interest-Only Payment: Paying the accrued interest each month is the middle ground for in-school repayment options.
- Principal & Interest Payment: Making full payments right away makes the biggest impact on your total loan cost.
3 quick steps to your med school private student loan
Check your eligibility
All you need is the name of your medical school and an estimate of your credit score.
Fill out an application
You (and your cosigner, if you have one) add further financial details to help us fully understand you and your needs.
Choose your preferred loan options
Once approved, customize your loan repayment plan—then get back to preparing for class.