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Alternative Loans for Medical Students

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Not all medical students are able to cover their educational expenses with federal Stafford or Grad PLUS loans and may need to use more costly private loans.

If you are considering private alternative loans be aware that:

  • approval of a private alternative loan is based on a good credit record
  • the interest rate can vary dependent on your credit rating
  • interest rates are variable and can change quarterly (federal loans are a fixed rate)
  • the interest is often based on the prime or LIBOR rate with no interest ceiling

Given these terms you should carefully review your expenses for possible adjustments before applying for an alternative loan.

Note: It is wise to use the same lender if you have to take out more than one alternative loan.

Several lenders for CHM, COM, and CVM

A lender for CHM and COM

 

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