- Apply in three minutes and get an instant credit decision
- Cover all of the costs associated with medical school1
- Option to fully defer repayment during residency and fellowship
Here's our current medical school loan interest rates:
Variable rates
5.59%
to 14.47% APR
Fixed rates
3.74%
to 14.47% APR
(all rates shown include auto-pay discount)2
Variable and Fixed Rates Explained
You’re dedicated to taking care of others, and we’re dedicated to you. We start with great rates, let you decide how quickly you pay back your loans for medical school, and back it all up with superior service. Read about our variable and fixed interest rate options2 for your medical school loan.*all rates shown include auto-pay discount2
Variable Rate
5.59%
to 14.47% APR
Variable interest rates are tied to a market index and will fluctuate - up or down - over time with the market. This will change your monthly payment amount.
Changes to the rate are typically based on a publicly available interest rate index such as the prime rate or SOFR.
Fixed Rate
3.74%
to 14.47% APR
Fixed interest rates stay the same for the entire repayment period. You will have the same monthly payment amount every month after entering full repayment.
How Our Medical School Loan Compares
| College Ave | Sallie Mae | Discover | |
|---|---|---|---|
| Number of Repayment Options |
4 |
3 | 3 |
| Choice of Repayment Terms |
|
|
|
| Apply in 3 Minutes |
|
|
|
| Grace Period | 36 months | 36 months | 9 months |
| Deferment During Residency |
|
|
|
*Comparisons based on information obtained on lenders’ websites as of September 3, 2024.
Need one less worry while you prepare to start your residency?
The College Ave Medical Residency & Relocation Loan can help with moving expenses and everyday living costs for recent medical school graduates.
Overwhelmed? Don't Be! Just Follow These Easy Steps
1
Before school starts, figure out how much you’ll need to borrow. A good estimate is to take your cost of attendance and subtract any scholarships, grants, federal loans, and savings you plan to use.
2
Start shopping around for loans and apply for a medical school student loan about 30 days before classes start. Know who your cosigner is, if you’re using one, and choose your loan term and repayment options.
3
Once approved, we’ll work directly with your school to certify the loan. After the money is sent to your school, be on the lookout for your first loan statement. If you selected an in-school repayment option, consider signing up for auto-pay.
Apply Now for a Loan Check Application Status 1
Before school starts, figure out how much you’ll need to borrow. A good estimate is to take your cost of attendance and subtract any scholarships, grants, federal loans, and savings you plan to use.
2
Start shopping around for loans and apply for a medical school student loan about 30 days before classes start. Know who your cosigner is, if you’re using one, and choose your loan term and repayment options.
3
Once approved, we’ll work directly with your school to certify the loan. After the money is sent to your school, be on the lookout for your first loan statement. If you selected an in-school repayment option, consider signing up for auto-pay.
Apply Now for a Loan Check Application StatusFAQ's for Medical School Student Loans
-
How much can you take out for medical school loans?
Graduate students - including those enrolled in medical school - can take out up to $20,500 Federal Direct subsidized loans every year of school.
Private medical school loans (like College Ave's Medical Loan option) allow you to borrow up to 100% of your cost of attendance, minus any federal aid.5 Remember to borrow responsibly and to exhaust all other “free” opportunities for money such as scholarships and grants.
-
Can I defer repaying my loans during residency?
Yes - College Ave provides those with a medical school student loan a grace period of 36 months which allows you to defer the start of their loan repayment during residency. There’s no penalty for making early payments and any payments you make during residency can help reduce your accrued interest.
-
What is the difference between a Medical School Loan and a Health Professions Loan?
College Ave's Medical School Loan is designed for students enrolled in one of the following degree programs: Doctor of Medicine (MD), Osteopathic Medicine (DO), Veterinary Medicine (DVM, VMD), or Podiatric Medicine (PM).
Our Health Professions Loan is designed for students pursuing other professional health degrees, such as: Physician's Assistant/Associate degree (PA), Registered Nurse Practitioner (RNP), Occupational Therapy (OT), Physical Therapy (PT), among others.
Footnotes
1
You must be enrolled in a Doctor of Medicine (MD), Osteopathic Medicine (DO), Veterinary Medicine (DVM, VMD), or Podiatric Medicine (PM) degree program at an eligible school to qualify for the College Ave Student Loans Medical School Loan.
2
Variable rates may increase after consummation. 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.
3
This informational repayment example uses typical loan terms for a first year medical school student borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 6.09% fixed Annual Percentage Rate ("APR"): 84 monthly payments of $25 while in school, followed by 96 monthly payments of $167.28 while in the repayment period, for a total amount of payments of $18,158.81. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
4
This informational repayment example uses typical loan terms for a first year medical school student 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 5.97% fixed Annual Percentage Rate ("APR"): 120 monthly payments of $168.15 while in the repayment period, for a total amount of payments of $20,177.45. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
5
As certified by your school and less any other financial aid you might receive. Minimum $1,000. Maximum $150,000.