MedCAP® Alternative Loan for Health Professionals

A Wells Fargo MedCAP® alternative loan for health professionals is designed for students in medical, nursing, dental, and other health-related programs.

Cover cost of education, including tuition, books, lab supplies, computers, or living expenses.

Benefits:

  • 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 with our interest rate discounts.

Most students can qualify on his or her own without a cosigner. However, a cosigner may potentially help you get a lower interest rate.

Need help covering relocation, residency, medical boards, and clinical exams? See our MedCAP-XTRA® Loan.

Ready to get started?

See a checklist of what you'll need to apply.

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Apply Now*

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You can also call a loan specialist at 1-800-378-5526

Interest Rates & Features

Payments

No payments are required until six months after you leave school (up to 60 months for M.D. and D.O. students), plus you may have up to 20 years to repay the loan, depending on your program.

Fees

There is no application or origination fee, and no penalty for paying off your loan early.

Competitive annual percentage rate (APR)

  • Variable interest rates range from 3.18% APR (with discount) to 7.79% APR (without discount).
  • Fixed interest rates range from 6.21% APR (with discount) to 9.10% 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.

Learn more about how to take advantage of these student loan discounts. 

Borrow only what you need

We help you borrow only what you need by working with your school to:

  • Verify the amount you need and your enrollment.
  • Accept funds on your behalf.
  • Distribute any remaining funds to you, after the school receives your funds.

You can borrow up to the cost of education (tuition, rent, books, etc.) minus other financial aid.

There is no annual loan limit. The lifetime limit for this loan combined with all other education-related debt is:

  • $250,000 for allopathic (M.D.) or osteopathic (D.O.) medicine and dentistry
  • $180,000 for chiropractic, occupational therapy, optometry, pharmacy, physical therapy, physician's assistant, podiatry, and veterinary medicine
  • $120,000 for all other eligible 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

How Interest Rates Work

All of our private student loans come with competitive interest rates

  • Variable interest rates range from 3.18% APR (with discount) to 7.79% APR (without discount).
  • Fixed interest rates range from 6.21% APR (with discount) to 9.10% APR (without discount).

We also provide discounts designed to help you lower your interest rate and pay less over the life of your loan.

Should I choose a variable or fixed interest rate?

Variable interest rates are based on market conditions, so if market rates go up or down, 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 are in school for 48 months (four years).
  • You are not in an M.D. or D.O. program.
  • First required payment will be due six months after you graduate or leave school.
  • You pay back the interest and amount borrowed in 15 years.

Monthly payment could be:

  • $94.40 if variable APR is 4.57%
  • $127.42 if fixed APR is 7.33%
  • $121.06 if variable APR is 6.85%

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 during the application process, at which point you can choose between a specific variable interest rate and specific fixed interest rate.

Eligibility

You must meet the following requirements: 

  • You must be enrolled: 
    • In an approved allopathic or osteopathic medical program, or
    • At an approved school in one of the following programs: accelerated medical, cardiac perfusion, chiropractic, cytotechnology, dentistry, medical technology, nursing, nutrition, occupational therapy, optometry, pharmacy, physical therapy, physician's assistant, podiatry, veterinary medicine, or
    • In a health-related program offered by an approved medical school. 
  • You must have an established, positive credit history.
  • You must be a U.S. citizen, U.S. national, permanent resident alien without conditions, or international student who is a temporary resident alien with a current U.S. address and proper evidence of eligibility.
  • You must have a U.S. citizen cosigner if you are a permanent or temporary resident alien, first-year undergraduate, nutrition student, or seeking an associate degree.

Call Us

1-800-378-5526
Mon – Fri: 7 am - 8 pm
Central Time

Important Information and Footnotes

Wells Fargo private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable self-certification form, school certification of loan amount, and student’s enrollment at a Wells Fargo-participating school.

Allopathic and osteopathic medical students have a grace period of 36 months designed for residency completion that may be followed by up to 24 months of internship/residency forbearance, for a total deferment period of up to 60 months after graduation. All other students begin repayment six months after leaving school, or five to seven years after the first disbursement date (depending on discipline), whichever comes first. Interest continues to accrue during any deferment periods and is capitalized to the account upon entering repayment.

Interest Rate Discounts:
Discounts eligible at time of application: You may qualify for an interest rate discount if you or your cosigner has any of the following Wells Fargo products prior to your Final Loan Disclosure being issued:

  • A Wells Fargo PMA® Package — 0.50% discount
  • A qualifying Wells Fargo Checking Package® — 0.25% discount
  • A prior federal or private student loan made by Wells Fargo — 0.25% discount [prior Wachovia federal student loans are not eligible]. 

Only one qualifying relationship discount will apply. You will automatically receive the highest applicable discount. For variable interest rate loans, if the qualifying relationship ends, the interest rate may be reset to reflect the removal of the discount.

Discount eligible during repayment: Interest rate discount is effective once you qualify for the discount – your monthly payment amount is adjusted at a later time.

  • Automatically withdrawn payment discount (“ACH”) — 0.25% interest rate reduction to borrowers who have their payments automatically withdrawn from a personal checking or savings account. This discount does not apply to automatic bill payments set up solely by you. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. Discount does not apply during any deferment or forbearance period.

Wells Fargo reserves the right to modify or discontinue interest rate discount program(s) for future loans or to discontinue loan programs at any time without notice. For details, including eligibility requirements, visit us at wellsfargo.com/student or call 1-800-378-5526.

The quoted APR includes a 0.25% discount for having a prior student loan with Wells Fargo or a qualified Wells Fargo Checking Package®. Variable interest rates are based on an Index, plus a margin. The Index is equal to the Prime rate published in the Wall Street Journal "Money Rates" section on the last business day of the preceding month, effective the first day of the following month through the last day of the month. If the Prime rate changes, it will change monthly on the first day of each month. However, the Index is subject to a contractual minimum of 3.25%.

The annual loan limit for temporary resident aliens is $35,000.

Annual Percentage Rates and payments are representative samples for educational purposes only, and do not reflect current or actual loan rate offers or available percentage rates.

Disclosures

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.