Medical school is a significant investment, and for international students, securing the right loan is critical for funding their education.
Many lenders have tailored options specifically for international students pursuing medical degrees.
In this guide, we explore the 7 best medical school loan for international students, covering loan providers, loan amounts, interest rates, terms, and eligibility requirements to help you make an informed decision.
Best Medical school loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Prodigy Finance | Up to $100,000 | No | 8.00% – 12.50% | Up to 20 years | Enrollment in eligible medical programs. |
| 2. MPOWER Financing | Up to $100,000 | No | 7.49% – 14.98% | Up to 10 years | Partner universities only. |
| 3. Sallie Mae | Up to $200,000 | Optional | 4.62% – 13.83% | Up to 15 years | Enrollment in a U.S. institution. |
| 4. Citizens Bank | Up to $350,000 | Yes | 5.47% – 12.04% | Up to 15 years | Requires a U.S.-based co-signer. |
| 5. Discover Student Loans | Up to $200,000 | Yes | 5.49% – 12.39% | Up to 20 years | U.S.-based co-signer required. |
| 6. College Ave Student Loans | Up to $150,000 | Yes | 5.99% – 13.74% | 5 to 15 years | Requires U.S.-based co-signer. |
| 7. Wells Fargo | Up to $120,000 | Yes | 6.49% – 14.99% | Up to 15 years | U.S. co-signer and enrollment in a U.S. medical school. |
1. Prodigy Finance
Prodigy Finance is a top choice for international students pursuing graduate and medical degrees.
- Loan Amount: Up to $100,000.
- Interest Rates: 8.00% to 12.50% (variable).
- Loan Terms: Flexible repayment options up to 20 years.
- Eligibility Requirements: Enrollment in eligible medical programs at partner universities.
- Unique Benefits: No co-signer required, and eligibility is based on future earning potential rather than credit history.
2. MPOWER Financing
MPOWER Financing is ideal for international students without access to a co-signer.
- Loan Amount: Up to $100,000.
- Interest Rates: Fixed rates between 7.49% and 14.98%.
- Loan Terms: Up to 10 years.
- Eligibility Requirements: Enrollment in a partner medical school.
- Unique Benefits: No co-signer required, with added benefits such as visa support and career coaching.
3. Sallie Mae
Sallie Mae provides comprehensive loan options for medical students in the U.S.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed: 4.62% to 13.83%; Variable: 5.00% to 13.41%.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Enrollment in a U.S.-based medical program.
- Unique Benefits: Offers options for deferring payments while in school and co-signer release after consistent repayments.
4. Citizens Bank
Citizens Bank provides one of the highest loan limits for medical students.
- Loan Amount: Up to $350,000.
- Interest Rates: Fixed: 5.47% to 12.04%; Variable: 4.45% to 11.50%.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: No application or origination fees, with competitive interest rates for high loan amounts.
5. Discover Student Loans
Discover offers loans for medical students with attractive rewards.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed: 5.49% to 12.39%; Variable: 4.49% to 11.99%.
- Loan Terms: Up to 20 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: No fees and cash rewards for good academic performance.
6. College Ave Student Loans
College Ave is known for customizable loan options for international medical students.
- Loan Amount: Up to $150,000.
- Interest Rates: Fixed: 5.99% to 13.74%; Variable: 5.59% to 13.44%.
- Loan Terms: 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: Quick approval process with flexible repayment plans.
7. Wells Fargo
Wells Fargo offers competitive medical school loans for international students.
- Loan Amount: Up to $120,000.
- Interest Rates: Fixed: 6.49% to 14.99%.
- Loan Terms: Up to 15 years.
- Eligibility Requirements: Enrollment in a U.S.-based medical program and a U.S. co-signer.
- Unique Benefits: Easy online application and no early repayment penalties.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get medical school loans without a co-signer?
Yes, lenders like Prodigy Finance and MPOWER Financing do not require a co-signer for medical school loans. They assess eligibility based on academic credentials and future earning potential.
What is the typical interest rate for international student loans?
Interest rates vary depending on the provider and loan type. Fixed rates typically range between 5.47% and 14.99%, while variable rates are between 4.45% and 13.99%.
Are repayment options flexible for medical school loans?
Yes, many lenders, including Sallie Mae, College Ave, and Prodigy Finance, offer flexible repayment plans, such as deferred payments while in school or income-based repayment options.
Conclusion
Securing a loan for medical school as an international student requires careful consideration of interest rates, repayment terms, and eligibility requirements.
This list of the 7 best medical school loan for international students provides a variety of options tailored to different financial needs.
Whether you need a co-signer-free loan like MPOWER Financing or high loan amounts from Citizens Bank, there’s a solution for everyone.
Compare these providers to find the best fit for your medical education journey.
