Medical School from Sallie Mae Bank

Updated November 22, 2021
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Check your student loan rates

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Fixed APR
4.75 - 11.72%
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Variable APR
2.37 - 11.48%
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Amount
up to 100%
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Grace period
36
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Degree
Graduate
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Co-signer required
Yes
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Options

  • Degree:
    Graduate
  • Bank:
    Sallie Mae Bank
  • Credit Level:
    Fair (580-669)
  • When funds are available:
    10 business days.

Fees

  • Origination fee
    No origination fee.
  • Early payment fee
    No early payment fees.

Pros & Cons

Pros:
  • Get the money you need year after year — returning undergraduate students have a 94% approval rate with a cosigner
  • 100% coverage
  • No origination fee or prepayment penalty
Cons:
  • Information not available on minimum qualifying credit scores or income

Variable rates

Rates
2.37 - 11.48%
Term
60 - 180 months
Loan Amount
$1,000 - 100%

Fixed Rates

Rates
4.75 - 11.72%
Term
60 - 180 months
Loan Amount
$1,000 - 100%
Autopay
0.25%*
* In case of using Autopay service your rate is reduced by 0.25%
View all Rates & Fees

Repayment Options

  • Deferred repayment option: Make no payments while you’re in school and in grace (36 months after leaving school).
  • Fixed repayment option: Pay $25 every month you’re in school and in grace, and you can save on your total loan cost when compared to our deferred repayment option.
  • Interest repayment option: Pay your Medical School Loan interest every month you're in school and in grace. Your interest rate will be 0.50 percentage points lower than with the deferred repayment option and 0.25 percentage points lower than with the fixed repayment option.

Requirements

  • What you need to get approved (Qualifications)
    FICO® score 600 or higher.
  • Residence

    Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity.

  • Requirements Description
    • Permanent address. Note: If you've lived at your permanent address less than one year, you'll need to provide your previous address
    • Social Security Numbers of the borrower, cosigner and student, if applicable
    • School information to include name, enrollment status, degree and course of study
    • Academic period of enrollment and year in school
    • Loan amount requested and other financial aid the student expects to receive
    • Your employment information (company name and gross income)
    • Financial information, including your bank accounts, and your monthly mortgage or rent payments
    • Name and contact information for two personal contacts (not required for cosigners)

Description

  • Sallie Mae® Medical School Loan is for graduate students in an M.D., D.O., D.V.M., V.M.D., or D.P.M. program at participating degree-granting schools.

    The Sallie Mae® bank provides loans with rates between 4.75% and 11.97% Fixed, 2.12% and 11.48% Variable (the lowest rates include the autopay discount).

    The borrower or cosigner must enroll in auto debit through Sallie Mae® to receive a 0.25 percentage point interest rate reduction benefit.

    The Sallie Mae® bank does not charge origination fees or prepayment penalty.