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MedCAP-XTRA® Loan for Financing After School

A Wells Fargo MedCAP-XTRA® loan is designed for health profession students who need to cover expenses related to relocation, residency, medical boards, and clinical exams after completing medical school.

Benefits:

  • Students make no payments until six months after leaving school (up to 60 months for M.D. and D.O. students).
  • Pay no application, origination, or early repayment fees.
  • Select a competitive fixed or variable interest rate option.
  • Reduce your loan cost by qualifying for our interest rate discounts.

Still in school? If you are a graduate student applying for a loan to cover the cost of medical school or another health-related program, see our MedCAP ® alternative loan for health professionals . If you are an undergraduate student, see our Wells Fargo Collegiate® loan.

 Ready to get started? 

See a checklist of what you'll need to apply.
Ready to apply? Apply Now
You can also call a loan specialist at 1-800-378-5526

Payments

No payments are required until six months after you leave school (60 months for M.D. and D.O. students).

Fees

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 as low as 6.99% APR (with discount) to 7.23% APR (without discount).
  • Fixed interest rates as low as 8.84% APR (with discount) to 9.07% APR (without discount).

See examples of today's rates

Two great ways to lower your interest rate

  • Customer Discount . 0.25% rate reduction for a previous Wells Fargo student loan or other qualifying account.
  • Automatic Payment Discount . 0.25% 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 allopathic (M.D.) and osteopathic (D.O.) medical students. 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 physician's 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

Calculators 

Estimate how much you may need to cover your education cost:
How much you may need to borrow

Decide how much student loan debt you can manage based on your expected starting salary:
Loan debt vs. earning power

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.

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%

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 and internship expenses, you must be in your final year at an approved allopathic or osteopathic school or be enrolled at an approved school in one of the following programs: dentistry, occupational therapy, optometry, pharmacy, physical therapy, physician’s assistant, podiatry, or veterinary medicine.
  • 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.