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The best medical school loans in November 2022

Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans. Book What to know first Menu List On this page Bankrate logo The Bankrate promise

What To Know First

Collapse Caret Up Medical school loans are student loans that can help you meet the high costs of a medical degree. It's typically best to start your search with federal student loans, since they come with more extensive borrower protections like income-driven repayment plans and standardized forbearance periods. However, you may also want to shop around with private lenders if you've reached the limits of your federal aid or if you have a good credit score that will qualify you for lower interest rates. To apply for federal student loans, borrowers must fill out the Free Application For Federal Student Aid, which opens on Oct. 1. Medical students have until June 30, 2024, to submit the form for the 2023-24 school year, but it's best to apply much earlier. Methodology To find the best medical school loan lenders, we first searched for lenders that were reputable and widely available to borrowers across the United States. We then narrowed down the field by ensuring that lenders had low starting interest rates. To select our final rankings, we looked at repayment terms, number of fees and loan amount ranges to determine which lenders would make the loan process easy and affordable. We particularly liked lenders that offer special perks, like no origination fees or long grace periods. Collapse

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Answer a few questions in two minutes or less to see which student loans you pre-qualify for. It's free and will not impact your credit score.The Bankrate scoring system evaluates lenders' affordability, availability and customer experience based on 11 data points selected by our editorial team.An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. 4.6Bankrate Score4.50- 14.83with AutoPay Term: 10-15 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewCompetitive variable and fixed interest ratesNo origination fee or prepayment penaltyInterest, $25 Fixed, or Deferred Repayment Options Apply on partner site4.7Bankrate Score3.99- 13.50with AutoPay$5k- $500kTerm: 5-15 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewEasy online application!No origination fees, late fees, and no insufficient fund fees. PeriodFlexible repayment options to help you find the right loan for you0.25% discount when you set up autopay*Apply on partner site4.1Bankrate Score3.65- 15.75with AutoPay$1k- $400kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewCompare real, pre-qualified rates from up to 10 lenders in under 2 minutesNo hidden fees, origination fees or prepayment penaltiesChecking your rates won't affect your credit scoreVariable rates will fluctuate over the term of the borrower's loan with changes in the LIBOR rate. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.Apply on partner site4.5Bankrate Score3.99- 14.96with AutoPay$1k- $500kTerm: 5-15 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewCompetitive fixed and variable rates starting at 2.99%*Four different repayment optionsChoice of loan terms (5, 8, 10, and 15 years)*No application, origination or disbursement feesBorrow up to 100% of your school's cost of attendance**College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Information advertised valid as of 10/20/2022. Variable interest 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 full principal and interest payments with the shortest available loan term.Apply on partner siteINCOME BASED REPAYMENTIncome-Based Repayment (IBR) is a student loan repayment program that regulates the monthly repayment amounts based on a percentage of one's gross earned income for a set period of time. IBRs are an alternative to traditional private student loans. Income Based Repayment - No Cosigner Required Get approved in minutes. Pre-qualify without affecting your credit score.See offersArrow Right Offer DetailsLender InfoBankrate's ViewNo cosigner requiredGet approved in minutesPre-qualify without affecting your credit scoreIncome-based repayment with built-in protections, like deferred payments if you lose your jobNo in-school payments. Monthly payments only begin when you land a job grossing at least $30,000 yearly.Never pay more than the maximum payment cap. Edly Student IBR Loans are unsecured personal student loans originated by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. Loans from $5,000 - $20,000 Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan. Payments deferred for the first 12 months during final year of education. After which, $270 Monthly payment for 12 months. Then $379 Monthly payment for 44 months. Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan. About this example The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment. Apply on partner site4.3Bankrate Score3.99- 12.78with AutoPay$1k- $350kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewLower rates based on your future potential and full financial profile, not just your FICO scoreFlexible terms that let you pick your exact monthly paymentLifetime service provided in-house. Unlike other lenders, we will never pass you off to third-party servicersNo fees for origination, prepayment, or loan disbursementTwo-minute rate check with no obligation at www.earnest.comActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.24% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 3.83% APR to 12.53% APR (excludes 0.25% 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. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.Apply on partner site4.0Bankrate Score3.99- 10.32with AutoPay$1k- $500kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's View2-Minute rate check with no impact on your credit scoreNo origination fees or prepayment penaltiesNetwork of 300+ community lenders means higher chances for approval and lower ratesAvailable for private and federal, undergraduate and grad school student loans0.25% Interest Rate Reduction with automatic paymentsOne of the largest unemployment protection offers in the market; up to 18 monthsCosigner release available after 12 monthly paymentsLoan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender's credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender's eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.Apply on partner siteBEST WITH CO-SIGNERAdding a co-signer increases loan approval likelihood and could help you borrow more money or get a lower interest rate – meaning lower monthly payments & less interest paid over the life of the loan. 4.4Bankrate Score5.99- 12.90with AutoPay$1k- $350kTerm: 5-15 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewWith the most options of any lender, we'll help you find a great way to pay for collegeNo application, origination or disbursement feesMulti-year approval provides a simple way to secure funding for additional years in school†Interest rate discounts available.Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of October 1, 2022, the 30-day average SOFR index is 2.38%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%. Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer. Lowest Rate Disclosure: Lowest rates are for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include Loyalty and Automatic Payment discounts of 0.25 percentage points each. Subject to additional terms and conditions and may change at any time without notice. Such changes apply to applications taken after effective date of change.
Apply on partner site4.2Bankrate Score3.21- 11.99$1k- $500kTerm: 5-15 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewPrequalify to estimate your rate without affecting your credit score,Submit online application in minutes,No application fees, origination fees, or prepayment penalties,Low rates and flexible repayment terms to fit your needs and goals,Student Loan Advisor to guide you through the application processThe interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. Education Loan Finance Parent Loans are limited to a maximum of the 10-year term.Apply on partner site

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The Bankrate guide to choosing the best medical school loans

Why trust Bankrate? At Bankrate, our mission is to empower you to make smarter financial decisions. We've been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy. When shopping for medical school loans, compare APRs across multiple lenders to make sure you're getting a competitive interest rate. Also look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Loan details presented here are current as of June 27, 2022. Check the lenders' websites for more current information. The medical school loan lenders listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more. To learn more about how we selected lenders, see our methodology section above.

Compare the best medical school loan rates of November 2022

LENDER CURRENT APR RANGE LOAN TERMS MIN. LOAN AMOUNT MAX LOAN AMOUNT Federal student loans 6.54% – 7.54% fixed Standard repayment term is 10 years Not specified $20,500 or 100% total cost of attendance Fixed: 4.24% – 12.98% (with autopay); Variable: 3.49% – 12.98% (with autopay) 5 to 20 years $1,000 $150,000 Fixed: 5.25% - 14.46% (with autopay); Variable: 4.50% - 14.09% (with autopay) 20 years $1,000 100% total cost of attendance Fixed: 5.99% – 8.96%; Variable: 5.49% – 8.86% 5 to 15 years $1,000 $350,000 Fixed: 3.49% – 11.29% (with autopay); Variable: 3.89% – 11.09% (with autopay) 5 to 15 years $1,000 $65,000 Check rate with Bankrate Min. credit score: None Fixed APR From: 3.73% –6.28% Loan amount: $1,000– $500,000 Term lengths: 10 to 10 years Min. annual income: $0 Overview: Federal student loans are ideal for medical school, since they come with fixed interest rates and federal protections like deferment and forbearance. If you choose to, you can also apply for several loan forgiveness programs for medical professionals, including Public Service Loan Forgiveness (PSLF), which works for individuals who agree to work in a public service position and make payments for 10 years. With federal student loans, you can choose among several options, including federal Direct Unsubsidized graduate loans and federal grad PLUS loans. Why federal student loans are the best overall: With no credit requirements, low rates and a bevy of repayment options, federal student loans are usually the first choice for medical students in need of funding.

Pros & Cons

Pros

Access to income-driven repayment plans. Extensive deferment and forbearance options. Rates not determined by credit score.

Cons

Higher interest rate than what some private lenders offer. Origination fee on all loans. Low loan limits for unsubsidized loans.

Eligibility & More

Borrowers must be a U.S. citizen or eligible noncitizen and have a valid Social Security number. Borrowers must also be enrolled at least half time in an eligible degree or certificate program and maintain satisfactory academic progress. Borrowers who take out grad PLUS loans will go through a credit check, although there is no minimum credit score. Borrowers with an adverse credit history may need to add an endorser to their loan. For Direct Unsubsidized Loans, there is a loan fee of 1.057 percent. For grad PLUS loans, the loan fee is 4.228 percent. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 3.99% –14.96% Loan amount: $1,000– $500,000 Term lengths: 5 to 15 years Min. annual income: $35,000 Overview: 's medical school loans offer some of the lowest rates among competitors for borrowers with good credit, and they also come with unusually flexible repayment options. You can choose to defer your payments for 36 months after school, and you can choose among five repayment terms. Why College Ave is the best for many repayment terms: Most private medical school loans limit your repayment options to 15 or 20 years. With College Ave, there are five options to choose from.

Pros & Cons

Pros

Five repayment terms and four in-school payment options. Loans available to students enrolled less than half time. Quick initial application.

Cons

Low loan limit of $150,000. No co-signer release until half of the repayment period has elapsed. Few eligibility requirements disclosed.

Eligibility & More

Borrowers must be a U.S. citizen or permanent resident or have a co-signer who is one. Borrowers must be enrolled full time, half time or less than half time in an eligible degree program and make satisfactory academic progress while in school. College Ave also says that borrowers or co-signers must have "good, established credit" in order to qualify. College Ave may charge a fee for late payments. Check rate with Bankrate Min. credit score: 639 Fixed APR From: 4.5% –14.83% Loan amount: $1,000– $500,000 Term lengths: 10 to 15 years Min. annual income: $0 Overview: The Medical School Loan is best for flexibility in starting your payments; you can enjoy a 36-month grace period before you start making payments, as well as 48 months of deferment during your residency and fellowship. Why Sallie Mae is the best for flexibility: Medical school students typically come away with a lot of debt; having an extra-long grace period and the option to defer payments during a residency or fellowship makes the repayment process much more manageable.

Pros & Cons

Pros

No origination fee. Interest-only payments for up to 12 months after the grace period ends for eligible borrowers. Short co-signer release period of 12 months.

Cons

One repayment timeline of 20 years. Few eligibility requirements disclosed. Steep fees for late payments and returned checks.

Eligibility & More

Borrowers must be a U.S. citizen or permanent resident; students who are not must reside in the U.S. and have a co-signer who is a U.S. citizen or permanent resident. Borrowers must also be pursuing an eligible medical degree at a participating degree-granting school. Certificate and continuing education coursework is not eligible. Sallie Mae charges a late fee of 5 percent of the past-due payment, up to $25, and a returned check fee of up to $20. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 5.99% –12.9% Loan amount: $1,000– $350,000 Term lengths: 5 to 15 years Min. annual income: $12,000 Overview: lets you borrow up to $180,000 or $350,000 for your medical school education depending on your degree, and its variable and fixed interest rates are some of the lowest available. You can repay your loan over five to 15 years, and there are no origination fees to get started. Why Citizens Bank is best for multiyear approval: Citizens Bank's multiyear approval program takes some of the stress out of student loans if you need funding for the entirety of your program. While most lenders require you to reapply every year, Citizens Bank will save you multiple hard credit checks.

Pros & Cons

Pros

Discount for existing Citizens Bank customers. Qualify for multiple years of student loan funding upfront. Scholarship opportunities.

Cons

Must be enrolled at least half time. Requires "good credit." Loan cap of $180,000 or $350,000.

Eligibility & More

Citizens Bank borrowers must be a U.S. citizen or permanent resident, be the age of majority and have good credit. Borrowers who don't fulfill these criteria must have a co-signer who does. Students must also be enrolled at least half time in a degree-granting program at an eligible institution and have no prior student loan defaults. Citizens Bank may charge a 5 percent late fee and a $15 returned payment fee. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 3.49% –11.29% Loan amount: $1,000– $50,000 Term lengths: 5 to 15 years Min. annual income: $0 Overview: The Solution Loan is designed for various health professionals, including future doctors. This loan lets you borrow up to $65,000 per year and $225,000 total, and there are no application fees or origination fees. You can use your loan funds for any education-related expense, and you can apply online and receive an answer in a matter of minutes. Why PNC is best for no origination fees: If you're looking for a truly fee-free lender, PNC could be a good option. An origination fee, an upfront fee charged by some lenders, takes hundreds of dollars from your loan disbursement.

Pros & Cons

Pros

Generous autopay discounts. Three term options. Few fees.

Cons

Long co-signer release period of 48 months. Short grace period of six months. Maximum loan amount of $65,000 per year.

Eligibility & More

Borrowers must be a U.S. citizen or permanent resident and have lived in the U.S. for at least two years prior to applying. In addition, borrowers and co-signers must have satisfactory credit, a decent debt-to-income ratio and proof of employment and income history. While in school, students must be enrolled at least half time. PNC does not charge any fees.

Federal vs private student loans for medical school

When paying for medical school, you can choose between loans offered by the federal government and loans originated from banks, credit unions and online lenders. Both come with their own set of pros and cons.

Federal student loans for medical school

Federal student loans are originated by the U.S. Department of Education. The two most common options are: Direct Unsubsidized Loans: These loans have a fixed interest rate of 6.54 percent for all borrowers. They don't perform a credit check, and medical school students can borrow up to $40,500 per year and $224,000 total. Grad PLUS loan: These loans have a fixed interest rate of 7.54 percent for all borrowers, but they allow borrowers to borrow up to the total cost of education. Grad PLUS loans will check that you don't have an adverse credit history, but there is no minimum credit score requirement. Because federal student loans come with benefits like deferment, forbearance and income-driven repayment plans, they are usually the best option to pay for medical school and all other higher education expenses. Federal loans also tend to offer the most paths to forgiveness; you may be able to qualify for and other forgiveness programs for doctors if you choose to work in an underserved area or in a public service position and you meet other criteria.

What to know about the FAFSA

The Free Application For Federal Student Aid (FAFSA) every year. For the 2023-24 award year, the application remains open , at the federal level, with some states and colleges instituting earlier deadlines. Students should know that: Only U.S. citizens and eligible noncitizens may receive federal student loans through the FAFSA. Medical school students are considered independent; they'll need to , not their parents'. Students may if they experience a major loss of income or another significant financial event. Borrowers must if they want to continue receiving aid. Students interested in grad PLUS loans will have to submit a separate application after receiving results from the FAFSA.

Private student loans for medical school

are offered by institutions like online lenders, banks and credit unions. Private student loans often advertise lower starting interest rates than federal student loans for borrowers with good credit, and you can typically choose between fixed and variable interest rates. Some private medical school loans have unique features that benefit medical students, such as extended grace periods or deferment during a residency program. Most lenders require very good or excellent credit in order to qualify for private medical school student loans. In the absence of a solid credit rating, it's likely that you'll need a co-signer. Also keep in mind that some private student lenders have their own deferment and forbearance programs, but there are no standard requirements.

What to consider before getting a medical school loan

Before you apply for a medical school loan, there are plenty of details to think over. Here are some of the main factors to consider before you borrow money for medical school with a specific lender: Repayment and forgiveness. Consider how long you'll be making payments on your loan. The federal government offers several , and it's the best option if your goal is eventual loan forgiveness. On the other hand, some private lenders have shorter repayment periods, which may be appealing if you would like to pay off your loan quickly. Interest rates. Since you're likely borrowing significant sums of money to pay for medical school, your can make a huge difference in the total amount you pay over the life of your loan. Compare a few lenders in order to find the lowest interest rates you believe you can qualify for. Variable and fixed rates. Also decide whether you want a . A variable rate may work well in the short term if interest rates are low, but a fixed rate gives you the peace of mind that your rate will never go up. Loan fees. Try to avoid paying student loan fees like origination fees or application fees. Lender-specific borrowing limits. Some medical student loans come with borrowing limits you must adhere to. These limits can include other loans you have, so you need to be aware of them before you apply with any private student loan company. Discounts. Some medical school loans include interest rate discounts if you have a relationship with the lender already or if you sign up for autopay. These rate discounts may not seem like much, but they can help you save significant amounts of money over time.

Medical school loans in the coronavirus pandemic

With the coronavirus pandemic continuing to affect the finances of people across the country, the federal government has suspended payments and interest charges on most federal student loans through . Some private lenders have introduced their own temporary hardship forbearance programs, but many are phasing out these forms of relief – another reason why federal student loans are often a better choice. Doctors and nurses working toward Public Service Loan Forgiveness can benefit from this period of forbearance as well; borrowers will continue to during the suspension while on a qualifying repayment plan, even if they don't make payments. From March 2020 to August 2020, borrowers who have maintained eligible employment will have received credit for up to 30 payments. Interest rates for medical school loans are starting to rise again after two years of remaining low, so now is a good time to shop around or lock in a fixed rate if you're able to.

FAQ about medical student loans

The student loan interest deduction can apply to both federal and private medical school loans. According to the Internal Revenue Service (IRS), you may be eligible to deduct the lesser of $2,500 or the amount of student loan interest you paid during the year. This deduction is an above-the-line exclusion from income, so you can claim it even if you don't itemize. Other eligibility requirements apply; you can check on those details on the .

Most medical school loans let you cover any expenses required for medical school, which can include basic living expenses, such as housing and meals. However, you should strive to borrow as little as you can, since you'll need to repay every dollar you borrow plus interest.

Many lenders let you refinance federal and private medical school loans. Doing so can help you secure a lower monthly payment, a lower interest rate or both. Consolidating your student loans can also help you reduce the number of payments you have to make each month. That said, refinancing federal student loans will cause you to lose access to the current administrative forbearance period, plus ongoing options like Public Service Loan Forgiveness and income-driven repayment plans.

Lenders that offer medical student loans do not charge prepayment penalties if you pay off your loan balances early or make extra payments.

International students are not eligible to take out U.S. federal student loans, but some private lenders do offer as long as you have a co-signer who is a U.S. citizen.

An found that the median medical school debt is around $200,000. However, the will vary by school, program and available financial aid. Also keep in mind that medical school has a high return on investment, with placing the average salary of primary care physicians at $260,000 and specialists at $368,000.

When it comes to paying off your medical school loans, it's critical to choose a loan term with a monthly payment that you can afford. If you have federal student loans, the standard repayment term is 10 years. However, you may be able to lower your monthly payments by consolidating your loans - which gives you a repayment term of up to 30 years - or selecting an income-driven repayment plan. Private student loan lenders set their own repayment plans and standards, but you generally have a few terms to choose from. Many have term options from five to 20 years, so you can select the one that best fits your budget.