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Private Student Loans 
for Medical and Graduate Students

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.

Annual Amount

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.

Rates and Fees

Lenders may offer variable and fixed interest rates for private student loans.

  • Interest rates vary by lender and credit worthiness of borrowers and/or cosigners.
  • 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.

  • Most private student loans do not have additional fees such as origination fees, but be sure to ask or conduct research.
  • Discuss details and conditions with lender.

Grace Period

Loan repayment grace periods for private student loans vary by lenders.

  • Many allow up to six months after student graduates or ceases to be enrolled at least half-time.

PCOM's Preferred Lender List

PCOM uses the FASTChoice web tool to host our preferred lender list.

    • PCOM maintains a preferred lender list in order to provide a comparison of selected lenders in relatively consistent terms. This helps assist borrowers to make well-informed decisions regarding education debt.
    • PCOM medical and graduate students have the right to select the lender of their choice, regardless of the lenders presented on our preferred lender list. The PCOM Financial Aid Office will process any approved private student loan for a student.
    • The preferred lender list review committee within the Office of Financial Aid gathers and considers information on all available private student loan lenders each calendar year. In considering which lenders are represented on our preferred lender list, the committee evaluates lenders based on the following criteria:
      • interest rates and borrower fees
      • cosigner requirements.
      • repayment options.
      • quality of the customer service of the lender.
      • additional benefits beyond the standard terms and conditions such as cosigner release and deferment options.

Private Student Loan Resources

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.