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You are here: Home / Medical School Admissions / Do You Qualify For the Best Medical School Student Loans?
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Do You Qualify For the Best Medical School Student Loans?

July 16, 2013 by Don Osborne 3 Comments

Recently I was surprised to hear a premed tell me that he has no credit cards and no credit history even though he will be applying for medical school student loans soon. He had not every really thought about Can I borrow money with bad credit history?, about credit history and credit cards until his rental application for a new apartment was rejected due to his lack of credit history.

And there’s another big problem coming for premeds without good a credit history: You’re not going to be eligible for the best student loans for medical school unless you have a strong credit history.

You Need Good Credit to Get the Best Medical School Student Loans
For premeds, the most important benefit that good credit gives you is eligibility for the best medical school student loans. Texas medical schools offer most excellent programs in the Medical field, so, you may be lucky to be awarded a scholarship. 

80% of all medical school students graduate with some debt, and the average debt load is $160,000. You’re going to need loans to pay for med school, and you’re going to want the very best loans you can get (More info on how to pay for medical school, and widely used medical school loans). That means you absolutely need good credit, and the sooner you start the better.

Good credit history = low interest rate for medical school loans
= faster payoff = cheaper medical school

You can’t predict which loans you’ll be offered by medical schools and private lenders, and you’re not guaranteed a scholarship, but if you have strong credit you can be assured that you’ll get the very best loans possible — loans with a low interest rate. With a low interest rate loan, you can pay off your medical school debt much faster.

Without a strong credit history the loans you receive will be for smaller amounts and at a higher interest rate. You’ll have to manage more payments to more organizations for larger amounts. The medical school student with better credit will get larger loans at lower interest rates, which lowers the overall cost of medical school and simplifies the loan repayment process.

If eligibility for medical school loans is the only reason you take on a credit card, you’re still making a very smart move.

Continue Reading … The Best Way to Build Your Credit as a Premed

Filed Under: Medical School Admissions, Medical School Financial Aid

Comments

  1. Rebekah says

    August 20, 2013 at 1:23 pm

    What about students without ANY credit? (no loan history, no credit cards=no credit)

    Reply
    • Don Osborne says

      August 20, 2013 at 1:50 pm

      Good question Rebekah. Click through to this part of the article: http://www.inquarta.com/medical-school-admissions/qualify-medical-school-student-loans/2/ and then give a low-interest, low balance card a shot. You may be surprised how easy it can be to build good credit, even if you don’t have any.

      Reply

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