Med School Loans for Less

Fixed and variable rate options are available—and rates start as low as 3.25%.

*APR rates range from 3.010% - 12.300%. Low rate shown includes a .25% reduction for bank draft. Rates based on credit and terms.

Pricing will be based on:

• FICO
• GPA / MCAT Score
• Year in school
• Future earnings

For medical students, expenses frequently extend beyond the classroom to include indirect educational expenses like transportation, professional exam fees, or even technology like a laptop. Loans can be used for these expenses, as well.

When in doubt, reach out to the financial aid office for clarity.

For eligible borrowers, graduate loans can be used for any accredited medical school. Loans cannot be used for private proprietary colleges.

MINIMUM LOAN
The minimum loan amount is $2,500. Borrowers can borrow up to the cost of attendance, minus any other financial aid (as certified by the school).    

MAXIMUM DEBT
The maximum total debt is $350,000 for borrowers and cosigners, including previous SCSL loans. 

There are no application or origination fees associated with this loan. Zero origination fees deducted from the loan means more loan funds are available to pay school expenses.

For comparison, the origination fee exceeds 1% on federal Direct Subsidized and Unsubsidized loans and 4% on federal Direct PLUS loans.

You do not have to make payments while enrolled; however, you may elect to make immediate, regularly scheduled payments of principal and interest each month. Or you could postpone regular payments of principal and interest while enrolled in school, which is known as the 'Deferment Period.' The Deferment Period begins on the date the loan is first disbursed, then ends six (6) months after you cease to be enrolled at the school at least half-time or exit your residency period (if applicable), whichever is later. During the Deferment Period, you have three repayment options: monthly interest-only payments, fixed $25 monthly payments, or fully deferred payments.

Students may choose from four repayment options: immediate, flat, interest-only, or deferred. If a student selects immediate, flat, or interest-only repayment, payments are required while enrolled in school. If deferred repayment is selected, full monthly payments of principal and interest must begin within 60 days after the deferment period ends.

The servicer will provide the borrower with repayment information and billing statements so it is important that any change of address is provided to the servicer as soon as it is known.

Borrowers may select a fixed or variable interest rate. 

The actual interest rate will be based on creditworthiness, selected repayment term, program requirements, and the repayment option you choose.

Rates will be disclosed in the Approval Disclosure.

Variable interest rates are based on the 1-Month Term Secured Overnight Financing Rate (SOFR). Your rate will be effective quarterly on each January 1, April 1, July 1, and October 1. The rate will not increase more than once a quarter, and your interest rate is capped at 18%. A change in the interest rate may cause the amount of the monthly payment to increase or decrease, or may cause the number of payments to change.

A fixed interest rate means that the interest rate is fixed for the life of the loan.  Fixed interest rates may be as low as 3.25%. 

Signing up for recurring automated payments with the servicer will reduce your interest rate by 0.25%.

See Disclaimer at bottom of page for more details.