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Best Loans for Medical School in the U.S.

Best Loans for Medical School in the U.S.

Being a medical student is a dream come true for all of us who inspire to be an amazing doctor. But the drive to make a good change in the world is not all that takes to get into a medical school. Besides your utmost dedication and efforts, you also need money to tackle the one big hurdle that is the cost of medical schooling.

Cost of Medical School

Just in the year 2017, the average cost it took to complete one year of medical school was a whopping $32,495 in a public college and about $52,515 in a private college. And this number is only expected to get higher every year. The average tuition fee has been on the rise for the past two decades and this does not even include the other expenses like boarding transportation and study materials.

Factoring in everything, the resulting cost could become a big burden and hence, it is a good idea to opt for student loans to ease up your financial situations when you are still at medical school.

Before You Turn To Loans for Medical School

But before you apply for a loan, maybe you should pump your brakes and consider a few things that will help you plan your expenses and loan amounts wisely. Here are certain things you need to consider.

Personal Savings

The first thing you can look into is your personal savings you have put into your college fund. Your family or friends could help you in the process and finance your studies. You can start saving early and dip into your savings to help you through schooling.


Look into possible scholarship opportunities and find if you could get sponsored for your medical school expenses. Apply for student aids and programs that can help you. Be informed of eligibility and apply within the deadlines. Some places you can start looking into are


Free Application for Federal Student Aid helps you get some aid for your schooling. Do check them out and apply them according to the rules.


The Association of American Medical Colleges is a great resource when you are looking for guidance pertaining to your medical schooling. It gives you information on the available colleges and lets you choose the right school. It also provides comprehensive financial management support with enough information to help you get through school easily.

Be proactive and use the resources provided from your school as well as the AAMC to help you discover more scholarship opportunities.

Subsidized or Unsubsidized Loans

If your savings and scholarships don’t make the cut, you can start looking for direct subsidized student loans first.

Start your search with federal loans that are subsidized. You can get these loans if you show your financial need.

If even this option is exhausted for you, you can try for the unsubsidized loans which are provided for all individuals regardless of financial need.

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You can try looking into specialized loans that cater to the medical industry. When you have used up all your money reserves and loan amounts, you still have few options to finance your studies like opting for a direct plus loan that usually has high interest, health professional student loans or private student loans.

Some specific loans that will help your cause are explained below.


Stilt offers student loans to both locals and international students. It is considered as the best option for visa holders who have lesser options than a citizen does.


PNC provides customized private student loan services for health professionals. If you have a good credit score, PNC loans will be an apt choice for you. In case your credit score is low, you can get a cosigner to get your loans approved.

Federal Student Loans

If you are a US citizen, always start with federal loans. Federal loans are easy to apply and have benefits like loan forgiveness, subsidies and flexible repayment plans. You can choose to repay according to your income and interest rates are lower compared to private student loans.

Medical School Loan Frequently Asked Questions

Do you have a lot of questions and doubts regarding the types of loans you can get and the available options? Here are answers to some common queries regarding medical school answered.

How should I pay off medical school debt?

There are several strategies and tactics that will help you pay off your student loans notable being refinancing, loan forgiveness and income-driven repayment.

These tactics also depend on the type of loans you have taken and your career goals. For instance, federal loans can make use of loan forgiveness and repayment based on your income. Private loans can do well with refinancing.

Is doctor loan forgiveness right for me?

If you seek loan forgiveness for your medical school debt, you should be practicing in the public sector or any underserved area for a certain duration of time. If your future goals align with these requirements and eligibility criteria you may make use of loan forgiveness.

How can I get medical school loan forgiveness?

The plans for medical school loan forgiveness depend on the federal and state laws and their relative loan forgiveness programs. Choose your program based on your career path and evaluate whether it will work for you. You can then apply if eligible. There are several National Health Service Corps programs available as well. These can also be helpful in repaying your loan. Check which program aligns with your career goals and make the best use of it.


Don’t let your medical aspirations die out due to money. Weigh your options wisely and choose the best loans that suit your needs. Don’t hesitate to seek help from experts, school management and your friends and family. Plan well and take every opportunity to achieve your goals.

For more great financial and visa-related information, visit the Stilt Blog!

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