Financial Services

Overview of Loans

There are two basic forms of financial assistance that are available to aid students in paying for medical school. These resources are scholarships and loans. Of course, the biggest difference between these resources is that you are required to repay loan funding whereas scholarship funding does not require repayment.

There are two unique points to consider about educational loans as opposed to consumer loans:

1. Payments on educational loans are not due until after graduation or until the student stops attending. Therefore, a student is not required to pay back loan money while they are in school!

2. Most educational loans do not require a credit check or cosigners. However, providing a co-signer might improve your interest rate on a loan.

Note: Students may qualify for loan repayment and forgiveness programs that are specifically available to allopathic medicine students. A searchable list is available on the AAMC web site.