No payments are required until six months after leaving school (36 months for allopathic and osteopathic medical students).
There is no application or origination fee, and no penalty for paying off your loan early.
Competitive annual percentage rate (APR)
All qualified applicants may choose between two competitive rates:
- Variable interest rates range from 7.92% APR (with discount) to 8.16% APR (without discount).
- Fixed interest rates range from 9.53% APR (with discount) to 9.76% APR (without discount).
See examples of today's rates
Two great ways to lower your interest rate
- Customer Discount. 0.25% interest rate reduction for a previous Wells Fargo student loan or other qualifying account.
- Automatic Payment Discount. 0.25% interest rate reduction for enrolling in automatic payments.
Discounts reduce the amount of interest you pay over the life of the loan. The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.
Learn more about how to take advantage of these student loan discounts.
Borrow only what you need
- $1,000 – $12,500 for medical boards and clinical exams, including review courses, exam cost, and living expenses for students in allopathic (M.D.) osteopathic (D.O.) medical, dentistry, and podiatry programs. Your school must approve (certify) the amount needed.
- $1,000 – $15,000 for residency interview and relocation expenses (up to $5,000 for interview travel and $10,000 for relocation) for allopathic and osteopathic medicine, dentistry, optometry, podiatry, and veterinary medicine students.
- $1,000 – $5,000 for internship expenses for occupational therapy, pharmacy, physical therapy, and physicians assistant students.
The aggregate loan limit, including all other educational debts, is:
- $250,000 for allopathic or osteopathic medical and dentistry students
- $180,000 for students in all other disciplines
Determine how much student loan debt you can manage based on your potential earning power:
Student Loan Debt Repayment Calculator
Should I choose a variable or fixed interest rate?
Variable interest rates are based on market conditions, so if market rates go up, so do your interest rate and monthly payments. Fixed interest rates stay the same over the life of the loan. Learn more about student loan interest rates.
How do interest rates impact monthly payments?
In the examples below, you can see a $10,000 loan, assuming:
- You graduated from a D.O. or M.D. program
- You are in school for 24 months (two years)
- First required payment will be due thirty-six months after you graduate or leave school (assuming no internship/residency forbearance)
- You pay back the interest and amount borrowed in seven years
Monthly payment could be:
- $214.57 if variable APR is 7.04%
- $248.90 if fixed APR is 8.85%
The monthly payment amount will be at least $50 during your repayment period. The monthly payment amount may be more depending on your loan amount and other factors.
How do I know what my interest rate will be?
Your interest rate will be determined by several factors when you apply, most importantly your credit history.
Your interest rate options will be presented to you during the application process, at which point you can choose between a specific variable interest rate and specific fixed interest rate.
You must have an established, positive credit history and be a U.S. citizen, U.S. national, or permanent resident alien without conditions and with proper evidence of eligibility.
- To qualify for residency interview and relocation expenses, you must be in your final year of an approved allopathic or osteopathic school or be enrolled at an approved school in one of the following programs: dentistry, optometry, podiatry or veterinary medicine.
- To qualify for internship expenses, you must be in your final year at an approved school in one of the following programs: physicians assistant, occupational therapy, physical therapy or pharmacy.
- To qualify for medical board and clinical exam expenses, you must be a medical student in at least the second year in one of the following approved programs: allopathic medicine, osteopathic medicine, dentistry, or podiatry.
- You must be making satisfactory academic progress in an eligible program.