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.
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 (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

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.

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.