Private student loans are financing options for education that can either supplement or replace federal student loans. Private student loans are offered by many banks and credit unions.
Interest rates, repayment plans and other conditions can vary between lenders so it is important for medical and graduate students to research private student loan options carefully.
Private student loans can be borrowed up to a medical or graduate program's cost of attendance minus other financial aid (loans, scholarships and federal work study) awarded.
Lenders may offer variable and fixed interest rates for private student loans.
Private student loans require credit checks as part of the application process.
Having a good credit rating and/or using a credit worthy cosigner may dramatically decrease your loan interest rate.
Loan repayment grace periods for private student loans vary by lenders.
PCOM uses the FASTChoice web tool to host our preferred lender list.
Our financial aid office has multiple helpful resources for graduate and medical students considering private student loan options:
Prospective and current students may contact the financial aid office to discuss student loan options.