Medical school loans for international students
If you’re an international student planning to apply to medical school in the United States, you may find the costs daunting. Besides using savings and scholarships to cover expenses, you can also apply for medical school loans to close the gap.
Here’s a closer look at your options, including tips for comparing international student loans and how to apply for one.
How much does medical school cost?
Earning your medical degree can lead you to a fulfilling and lucrative career, but the journey to get there may be expensive. According to data from the Association of American Medical Colleges, the average cost for medical school is US$257,892 at public schools for nonresidents and US$264,704 at private institutions.
Medical school students also have a variety of additional expenses that students in other programs may not. Some of these include:
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- MCAT fees and prep: The MCAT is the entrance exam to medical school. It costs US$330 to register for the test. Plus, you may spend hundreds or even thousands of dollars on MCAT prep programs to help you get a good score.
- Medical school application fees: If you apply to medical schools through the AAMC’s application service, you’ll pay US$175 for your first school and US$45 for each additional school. Application fees for schools not in the AAMC system will vary.
- United States Medical Licensing Examination (USMLE) fee: This multistep exam is taken before and during your residency. The fees for all three steps add up to nearly US$2,300.
- MCAT fees and prep: The MCAT is the entrance exam to medical school. It costs US$330 to register for the test. Plus, you may spend hundreds or even thousands of dollars on MCAT prep programs to help you get a good score.
On top of your school’s tuition and fees, you’ll also have to factor in textbooks, supplies and general living expenses, including housing and food.
How to pay for medical school
As you consider ways to pay for medical school in the United States, here are some sources of funding that could help:
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- Grants and scholarships: Grants and scholarships are a type of gift aid that you can put toward medical school and generally don’t have to be paid back. While international students aren’t eligible for federal grants because they’re not U.S. citizens, they can still apply to opportunities from private organizations. Plus, your school may offer institutional financial aid to lower your costs.
- Savings: If you or your parents have savings earmarked for your education, you could put that money toward your medical school costs.
- Income: Earning money from a part-time job can also help offset your living expenses. Students with an F-1 visa can work up to 20 hours on campus while school is in session.
- International student loans: Borrowing funds to pay for medical school is also an option. You’ll have to pay back the amount you borrow with interest, but you may be able to defer or make reduced payments while you’re in school and for a few months after you graduate (see information about MPOWER Financing international student loans).
Where to find medical school loans for international students
Nearly three out of four students take out student loans for medical school, according to the AAMC. While international students are not eligible for federal student loans, they can find medical school loans from private lenders.
Each lender sets its own rates, terms and eligibility requirements. For example, some lenders require that international students apply with a cosigner who’s a U.S. citizen or permanent resident. Others have strict credit and income criteria, which can be tough to fulfill if you don’t have a credit history in the U.S.
MPOWER Financing offers medical school loans
MPOWER Financing makes the process easier by providing medical school loans for international students, no cosigner or collateral required. You can borrow from US$2,001 to US$100,000 on your own, without having to enlist anyone else to share your debt.
MPOWER’s student loans have fixed interest rates, so you can estimate your borrowing costs upfront and won’t have to worry about your rate increasing in the future. As you pay your loan back with timely payments, you can also build your credit in the U.S.
Along with providing student loans for medical school for international students, MPOWER Financing also offers visa support and career guidance. MPOWER Financing supports students at more than 400 schools in the U.S. and Canada.
How to compare medical school loans
Before applying for a student loan, it’s worth learning the basics on how student loans work and then shop around and compare your options. Here are some loan features to consider as you search for the best loan for you.
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- Interest rate: Finding a competitive interest rate is a top priority, as it can reduce the amount you pay over the life of your loan. You may also prefer a fixed interest rate, which stays the same, over a variable one, which can fluctuate with market conditions. Plus, find out if the lender offers any opportunities for interest rate discounts.
- Fees: Along with comparing interest rates, find out if the lender charges any fees, such as an origination or administrative fee, that could make one loan more expensive than another.
- Repayment terms: Find out how long you have to pay back the loan and when your first payments are due. For instance, some lenders offer a grace period while you’re in school.
- Monthly payments: Estimate your monthly payments on your student loan and consider whether they’ll fit into your projected future budget. With MPOWER Financing loans, you can visit our Get a Loan page and scroll down to see our loan payment calculator to crunch the numbers.
- Financial hardship protections: It’s also worth seeing if the lender offers any flexibility if you run into trouble paying your student loans down the line.
- Cosigner requirements: Finally, consider whether the lender requires you to apply with a U.S.-based cosigner and whether that approach would work for you.
How to apply for a medical school loan for international students
The application process for medical school loans will vary by lender, but these are the general steps you’ll want to take:
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- Research lenders: Put together a list of lenders that provide student loans for international students. Compare what they offer to determine which lender would be best for you.
- Prequalify, if the option is available. Some lenders let you prequalify for a loan, so you can check your rates and terms with no obligation or impact to your credit.
- Fill out an application. Once you’ve chosen a loan, you can fill out an application with your personal and financial details. You’ll likely need to provide some documentation to verify your identity and medical school enrollment. If you’re applying with a cosigner, that person will need to provide their information, too.
- Receive your loan: Your lender may send your loan to your school’s financial aid office. After applying the money to tuition and fees, the office will send the remaining amount to you to use on living expenses and supplies.
- Research lenders: Put together a list of lenders that provide student loans for international students. Compare what they offer to determine which lender would be best for you.
As you can see, it takes some work to find and apply for an international student loan. Start the process early so you get approved in time for your upcoming semester.
