Student Loan for Medical School
Get an overview of your options for medical school student loans
Attending medical school has always been a privilege for the special few, those with the requisite smarts and stamina to make it through the grueling marathon that is med school and medical residency. Of course, it's also an expensive proposition. With most medical students taking on heavy debt to fund their dream, finding the best and most cost-effective student loan is essential.
Fortunately, there is plenty of financial help available for medical students. But remember: you must apply for federal student loans for medical students by filing a FAFSA, and you should first exhaust grants, scholarships and your other federal student loan options (especially Stafford Loans) before tapping Federal PLUS or private student loans for your graduate education, since both carry a higher interest rate than Stafford Loans.
Here are a few advantages of Federal PLUS Loans for graduates:
- There are no set limits on borrowing. You can borrow up to the full cost of attendance, minus any other financial aid you receive.
- The interest rate is fixed over the entire life of the loan.
- Borrowers need not be currently employed.
- The federal government charges a 3% origination fee plus a 1% guarantee fee on the principal amount of the Direct PLUS Loan.
- There is no grace period for repayment, though borrowers may obtain a deferment if enrolled at least half-time in an approved program.
- You must have a good credit history, or obtain a co-signature from an endorser who does.
- Interest will continue to be charged on your principal balance, even if you secure a deferment or forbearance.
Learn more about affordable Citizens Bank student loans for graduates
You can find helpful information about financing options from Citizens Bank including our TruFit Student Loan®, a private student loan to help fund medical school. If you still have questions, call a student loan specialist at 1-800-708-6684, and we'll help walk you through the medical school student loan process.
Additional student loan and college planning resources
- Student Loans for Law School Students
- Guide to Paying for Graduate School
- Types of Student Loans for Graduate Students
- Loans Available for MBA Students
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