Four years of medical school can cost upwards of $300,000, according to the Education Data Initiative, and that's not including room and board, supplies and other expenses.
Federal student loans, scholarships, grants and savings can help, but they're often not enough. If you still have funding gaps, private student loans can help.
Below, CNBC Select names the best private loans for medical school, focusing on loan amounts, repayment terms, fees, and other categories. (For more information on how we made this list, see our methodology.)
Best medical school student loans
Best for payment flexibility: College Ave
Who's this for? If you need more time to pay off your loans, College Ave offers medical loans with repayment terms ranging from five to 20 years.
Standout benefits. College Ave doesn't charge application, origination or prepayment fees. Borrowers who make payments while still in school have the option to just pay interest, pay principal and interest or pay a flat $25 monthly fee. There is also an option to defer repayment until after you complete your residency and fellowship.
- High loan amount
- Flexible repayment terms
- Hardship protections like deferment and forbearance
- No co-signer required for U.S. students
- Offers repayment terms of up to 20 years for graduate student loans (otherwise, up to 15 years for undergraduate loans)
- Co-signers can't be released until half of the repayment term has passed
- Charges late fees
College Ave's student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
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. Approved interest rate will depend on the 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
Best for no fees: SoFi
Who's this for? SoFi's health professions loans don't have required fees — no origination fee, late fee, insufficient funds fees or prepayment penalty.
Standout benefits? SoFI healthcare loans come with member benefits like rate discounts, refinancing options, free career advice and eligibility for forbearance in case of unemployment. If you're in an eligible internship or residency program, you may be able to defer loan payments for up to 48 months. Borrowers with a GPA of at least 3.0 can get up to $250 back.
- $25/month partial interest payment option available while you are enrolled at least half-time
- 0.25% interest rate discount for autopay
- Co-signers eligible for release after 12 consecutive payments
- Offers a $250 bonus to eligible borrowers with a 3.0 GPA or better
- Existing SoFi members may qualify for an additional rate discount
- Good to excellent credit is typically required for approval
- $5,000 minimum loan amount is higher than other lenders' minimums.
- Interest Rates: Eligibility and Important Details. Fixed rates range from 2.45% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.39% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 7/6/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases.
Best for international students: Prodigy Finance
Who's this for? Prodigy Finance considers earning potential after graduation and other factors, not just credit profile, so international students can get approved for a loan for medical studies in the US without a co-signer or collateral.
Standout benefits: Part-time students enjoy a three-month grace period after graduation or leaving school.
Prodigy Finance
APR
From 9.16% APR (Master's degree new loan). Other rates and loan types are available. Visit Prodigy Finance's website for full details.
Eligible borrowers
Students studying abroad for a Master's degree
Loan amounts
Dependent on student
Loan terms
Range from 7 to 20 years
Loan types
Variable
Borrower protections
Forbearance options available
Co-signer required?
No
Terms apply.
Pros
- Don't need to have a credit history
- Considers borrowers' future earning potential
- Variety of loan terms
- Borrowers have hardship protections
- No co-signer required
- Career services and networking events are available
Cons
- Loan amounts aren't disclosed
- Only variable-rate loans
- 5% admin fee
- Prodigy Finance only lends to borrowers in about half the U.S.
Best for multi-year financing: Citizens
Who's this for? Citizens' multi-year approval program means you don't have to keep applying for funds every year and avoid taking another hit to your credit. Borrowers are automatically notified if they qualify
Standout benefits: Existing Citizens customers get an additional 0.25% off rate reduction on top of the autopay discount, bringing the total rate reduction to 0.50%.
- No co-signer required
- International students can qualify with a U.S. co-signer
- 0.50% rate discount for autopay from a Citizens account
- Offers student loan refinancing
- Multi-year approval lets you apply once and then just have a soft credit inquiry when they need funds in the following semesters
- Co-signers can't be released until after 36 payments.
- Banking services not available in every state
Best for grace period: Earnest
Who's this for? Earnest's nine-month grace period is substantially longer than the six-month industry standard. You can also postpone full principal payments for up to 48 months during your residency and fellowship.
Standout benefits: Earnest doesn't charge origination, disbursement or late fees and offers a 0.25% interest rate discount for auto pay. Eligible borrowers can skip one payment every 12 months without penalty.
- Nine-month grace period available
- No co-signer required but offers the option to apply with a co-signer
- 0.25% interest rate discount for autopay
- Qualified borrowers can skip one payment every 12 months
- Offers student loan refinancing
- Offers loans for half-time students while still providing benefits received by full-time students (like the skip payment, autopay discount and more)
- No co-signer release option available
- Variable rates not available in all states
Actual rate and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 3.04% to 16.74% (2.79% – 16.49% with Auto Pay discount). Variable annual percentage rates (APR) range from 5.24% to 17.10% (4.99% – 16.85% with Auto Pay discount). Earnest variable interest rate student loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent plus a margin and will change on the 1st of each month. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount from a checking or savings account. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change.
Best for hardship assistance: Ascent
Who's this for? Ascent allows borrowers to apply for up to two years of financial hardship forbearance over the life of their loan.
Standout benefits: Eligible borrowers can receive 1% cash back on their principal balance (up to $50,000) at graduation. Ascent also offers up to 48 months of combined in-school and residency/internship deferment.
- Considers borrowers with no credit
- High loan limit
- Co-signer release available after just 12 payments
- Up to 1% interest rate discount for autopay*
- 1% cash back rewards*
- Considers alternative requirements like the borrower’s school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP) to grant approval
- Maximum fixed APR is on the high side
- Doesn't offer student loan refinancing
Disclosure: *Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval. 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 7/15/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists 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.
Best for applying with a co-signer: Sallie Mae
Who's this for? Sallie Mae allows co-signers to be released after 12 months of on-time payments, the shortest timeframe of any lender we've reviewed.
Standout benefits: Unlike most lenders, Sallie Mae will approve borrowers attending less than half-time. Hardship repayment options include forbearance, a rate reduction and 12 months of interest-only payments.
- Loans available to part-time and continuing ed students
- Co-signer release after just 12 payments
- No origination fee
- Offers loans for a wide variety of educational needs including: bar study, medical school, residency and relocation costs, dental school, residency and relocation costs, nursing school/health professions, commercial flight school, coding boot camp and professional certifications
- No student loan refinancing
- Doesn't offer parent loans
- Hard credit check to prequalify
- Late payment fee
How much does medical school cost?
According to the Education Data Initiative, the total cost of a four-year medical education can range from $300,000 to $400,000 or more, with prices varying significantly between public and private schools.
Living expenses, supplies, transportation, and health insurance can add roughly $20,000 to $40,000 per year, depending on the school and location.
Different types of medical school loans
Medical students can apply for both federal and private student loans, which have unique benefits and drawbacks.
Federal medical school loans
Backed by the U.S. Department of Education, federal student loans have competitive fixed interest rates and are eligible for a variety of repayment plans and borrower protections, including deferment, forbearance and loan forgiveness. It's usually best to max out your federal loans before exploring other avenues.
- Direct Unsubsidized Loans. Postgraduate students are only eligible for unsubsidized loans, which means interest begins accruing right away. The annual cap on Direct Subsidized Loans is usually
$20,500, but health-professions grad programs, medical school and dental school, have caps as high as $50,000, depending on the program. The lifetime cap on Direct Subsidized and Unsubsidized loans is $138,500, of which no more than $65,500 can be subsidized aid. For qualifying health professionals, the aggregate limit increases to $200,000 (with a $65,500 subsidized cap intact).
For loans disbursed between July 1, 2025, and June 30, 2026, DUL have a fixed interest rate of 7.05% for graduate students and a loan fee of 1.057%. - Grad PLUS loans. These loans allow you to borrow up to your school's cost of attendance (minus any other financial aid) but require good credit or a co-signer. Grad PLUS loans currently have an interest rate of 8.05% and a loan fee of 4.228%. Students will not be able to apply for these loans after July 1, 2026.
Private medical school loans
With medical students capped at $200,000 in federal aid and many schools costing upwards of $300,000, many borrowers will have to turn to private institutions, like banks, credit unions and fintechs to help with the remainder of their education expenses.
Private loans have much higher loan limits. If you have good to excellent credit, you may even get a better interest rate than on federal loans.
But borrowers have less access to financial hardship protections. Loan forgiveness or discharge, for example, is usually only granted upon the death or total disability of the borrower.
Private medical school loan pros and cons
- Not subject to the same funding limits as federal aid
- Can apply any time, unlike the deadline-driven federal aid process
- Some private lenders allow interest-only or small fixed payments through residency
- Medical professionals, especially those in critical areas or underserved communities, may be eligible for loan forgiveness
- Many loans come with a grace period of six or more months after graduation.
- Unless you have excellent credit, interest rates are typically higher
- You may need to begin repayment during residency.
- Lack access to income-driven repayment plans and Public Service Loan Forgiveness
- Fewer options for deferment or forbearance than federal loans
FAQs
What is the best loan for medical school?
Federal direct unsubsidized loans are the best first option for medical school, since they usually carry low, fixed interest rates annd borrowers can take advantage of income-driven repayment (IDR) plans and loan forgiveness. If you still have financing gaps, private loans can help
How much can you get for medical school?
Lenders set the limit for the total amount of money you can borrow to continue your education. Some lenders allow you to borrow up to the total cost of your attendance.
Should you take out loans for medical school?
Loans can help pay for an investment in your education. Before resorting to student loans, make sure you exhaust all your options for scholarships and grant programs since this money doesn't need to be paid back. If this still isn't enough to cover the full cost of your program, it can be instrumental to then consider student loans. Just be sure you have a plan to pay back the balance.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Our methodology
To determine the best medical school student loans, CNBC Select analyzed and compared private student loan funding from national banks, credit unions and online lenders. We narrowed down our ranking by only considering those that offer competitive student loan rates.
While the companies we chose in this article consistently rank as having some of the market's lower interest rates, we also compared each company on the following features:
- Availability: All of the companies on our list offer undergraduate and graduate private student loans, and they all offer variable and fixed interest rates to choose from
- Loan terms: Each company offers a variety of financing options that borrowers can customize to their monthly budget and repayment term. Each company also allows borrowers to start repaying their student loans while still in school, ultimately saving them money
- Fess and penalties: The companies on our list do not charge origination fees or prepayment penalties
- Application process: We made sure companies offered a fast online application process
- Discounts: All of the companies listed offer an autopay interest rate discount of 0.25%. Some have additional rate reductions for being existing bank customers
- Private student loan protections: Each company on our list offers some type of financial hardship protection for borrowers
- Loan sizes: The above companies offer private student loans in an array of sizes, all the way up to the cost of college attendance. Each company advertises its respective loan sizes, and completing a preapproval process can give borrowers an idea of what their interest rate and monthly payment would be
- Credit requirements/eligibility: We took into consideration the minimum credit scores and income levels required if this information was available
- Customer support: Every company on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help borrowers educate themselves about student loans in general
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
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