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.
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:
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.
As you consider ways to pay for medical school in the United States, here are some sources of funding that could help:
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 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.
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.
The application process for medical school loans will vary by lender, but these are the general steps you’ll want to take:
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.
DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.
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