Home » Financial Aid » Student Loans » Student Loans For Medical Students

Student Loans For Medical Students

Healthcare degrees are a good investment, as the industry is in great need in this age of modern medicine and longevity. More and more people are aspiring to fields in the medical industry, leading to more students in medical school. Of course, many feel prohibited from attending such courses of study, especially as a graduate student, due to the cost of the programs. Student loans for medical students have been especially established to assist those who want to enter the field and assist in remedying the great need in paying for the programs, including loans that can be used to pay for travel and expenses incurred during internship programs.

Graduate coursework for medical school can be expensive, with added costs of more tuition, books, and additional living expenses as you head off to an internship. However, it may be less expensive to continue on and achieve your graduate degree than to quit mid-program, especially with loan forgiveness program options. Look into inexpensive loan opportunities, such as the specialized programs offered by Sallie Mae, including MEDLOANS and MedDent-EXCEL. You'll also find a plethora of other private sources looking to help out students wading their way through medical school. Look to special student loans for medical students from TERI, MEDFUNDS, MEDPreferred, AAMC MEDLOANS, The Access Group, IHELP, Key Education Resources, and even Citibank. Just be sure to shop around for the lowest interest rate that fits your needs.

Of course, there are also federally funded sources for those entering into medical studies, including federal Stafford and Perkins Loans for graduate studies. In many cases, graduate students can obtain loans on their own merit without a cosigner, using relaxed credit reference methods that make a minimal credit history acceptable, as long as the history is positive. Therefore, student loans for medical students rarely require a cosigner, meaning that less time is spent searching for a trustworthy friend or relative with good credit and more time can be spent applying the loan to an important educational process. Other terms are quite similar to any other loan, with payment due upon the end of a grace period beyond graduation.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.