Medical School Private Student Loans – MedCAP Loan | Wells Fargo

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MedCAP Medical School Loans

Read before applying

Wells Fargo is exiting the student loan business – we are selling and transferring our student loans

Last day to apply is January 28, 2021 for customers with an outstanding Wells Fargo Private Student Loan balance. Learn more
A Wells Fargo MedCAP® Alternative Loan for Health Professionals is designed for graduate students in medical, nursing, dental, and other health-related programs.

The Wells Fargo loans for medical school cover the cost of education, including tuition, books, lab supplies, computers or living expenses.


  • Students make no payments until six months after leaving school (36 months for allopathic and osteopathic medical students).
  • No application, origination, or late fees, and no penalty for paying off your loan early.
  • Select a competitive fixed or variable interest rate option.
  • Lower your private student loan interest rates with a qualifying relationship discount.

Most students can qualify on their own without a cosigner. However, a cosigner may help you get a lower interest rate.

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

If you are an undergraduate student enrolled in a medical or health related program please 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 Student Loan Consultant at 1-800-378-5526
Easy Online Application Process


No payments are required until six months after you leave school (36 months for allopathic and osteopathic medical students). You can also choose to make early payments at any time during school, which can help to reduce the amount of interest you pay over the life of your loan. There is no penalty for early repayment.


There are no application, origination, or late fees, and no penalty for paying off your loan early.

Competitive annual percentage rate (APR)

  • Variable rates range from 3.17% APR (with discount) to 8.01% APR (without discount).
  • Fixed rates range from 4.82% APR (with discount) to 9.54% APR (without discount).

See examples of today's rates

Two great ways to lower your interest rate

  • Customer Discount: Receive a 0.50% interest rate discount with a Portfolio by Wells Fargo® relationship, a 0.25% interest rate discount with a qualified Wells Fargo consumer checking account, or a 0.25% interest rate discount for a prior or existing Wells Fargo student loan.
  • Automatic Payment Discount: Receive a 0.25% interest rate discount for enrolling in automatic payments during repayment.

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

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 graduate nursing, occupational therapy, optometry, pharmacy, physical therapy, physician assistant, podiatry, and veterinary medicine
  • $120,000 for all other eligible disciplines


Estimate how much you may need to borrow for college:
Student Loan Calculator

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 are in school for 48 months (four years).
  • First required payment will be due six months after you graduate or leave school (Select disciplines allow for 36 months).
  • You pay back the interest and amount borrowed in 15 years (Select disciplines allow for 20 years).

Monthly payment could be:

  • $96.88 if variable APR is 4.81%
  • $118.20 if fixed APR is 6.63%
  • $155.83 if fixed APR is 9.25%
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 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 as a graduate student in an approved medical school in one of the following programs: allopathic, cardiac perfusion, dentistry, medical technology, nursing, occupational therapy, optometry, osteopathic, pharmacy, physical therapy, physician assistant, podiatry, veterinary medicine program.
  • You must be making satisfactory academic progress in an eligible program.
  • You must have an established, positive credit history.
  • You must be a U.S. citizen or U.S. national, or be a permanent resident alien or an international student who is a temporary resident alien with proper evidence of residency, or a Deferred Action for Childhood Arrivals (DACA) individual with proper evidence of deferred action status. Temporary resident aliens and DACA individuals must have a current U.S. address and are required to apply with a cosigner who is a U.S. citizen or U.S. national, or a permanent resident alien.

Easy Online Application Process

  • Apply from your smartphone, computer, tablet, or over the phone.
  • Get help if you need it from your own Student Loan Consultant.
  • Receive email or text status updates along the way.
  • Upload any required documents online.