Loans for Medical School

  • 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
Loans for Medical School

Here's our current medical school loan interest rates:

Variable rates

5.59%

to 14.47% APR

Fixed rates

4.11%

to 14.47% APR

(all rates shown include auto-pay discount)2

Repayment Options

With College Ave, you can make your medical school student loan payments fit your life. If you can start making payments during school or make bigger payments, you’ll save money on interest charges. But don’t worry if that’s not for you; we’ve got choices to help you find a monthly student loan payment that doesn’t stress your budget.

We know one-size-fits-all doesn’t make anyone happy. Breathe easy with a loan for medical school tailored for you.

Pay During School

Full Principal & Interest Payments

Start repaying your principal and interest right away to save the most money on interest.

Interest Only Payment

Pay the interest charges each month during medical school. Full payments start 36 months after school.

Flat Payment

Make $25 payments each month3 during school to reduce your accrued interest. Full payments start 36 months after school.

No In-School Payments

Deferred Payment

No in-school payments required, but you’ll pay more interest over the life of your loan. Full payments start 36 months after school.

Repayment Terms4

You know your budget best, so we give you the power to choose how quickly you pay back your medical school loan.

Apply Now

Slide here to see how your costs change based on which loan term you choose.

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

variable icon

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

fixed icon

4.11%

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.

Learn More About Interest Rates

How Our Medical School Loan Compares

College Ave Sallie Mae Discover
Number of Repayment Options 3

Not Accepting Applications as of January 31, 2024.

3
Choice of Repayment Terms
Apply in 3 Minutes
Grace Period 36 months 9 months
Deferment During Residency
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checkmark

*Comparisons based on information obtained on lenders’ websites as of February 15, 2024.

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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.

What parents and students are saying about us.

Easy and quick process

This is our 3rd student loan with CollegeAve. The most important part is, their process is very easy and it's quick as well to find the decision after pre-approval compared to other providers who generally takes many days before even you know the final decision. Thank you, College Ave team.

Anu

07/28/23

College Ave is a great place to get a student loan

College Ave is a great place to get money for students. The staff is so genuine, friendly and knowledgeable. They put you at ease. It takes the pressure off how am I going to pay for this semester or this year. It's a God sent. The application process is very easy and you don't feel violated or manipulated . And once the application process is finished you find out immediately if you have been approved. I don't know what I would have done if I didn't have College Ave.

Daisy

06/15/23

Highly recommend

I highly recommend College Ave for a student loan. The process was simple and quick. Not a lot of red tape. I like that my student was directly involved as well. Of course we discussed all the options but she ultimately made the decision herself. A good lesson in adulting.

Sandra

05/29/23

Overwhelmed? Don't Be! Just Follow These Easy Steps

person using a laptop with notebooks on the floorperson using a desktop computerlaptop with autopay chart displayed

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
person using a laptop with notebooks on the floor

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.

person using a desktop computer

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.

laptop with autopay chart displayed

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

FAQ'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.

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