Acceptance into medical school is an arduous process, and it is the beginning of an intensive period of education that will lead to a well-respected position in the healthcare field. Once new medical students have had their applications approved, passed their interviews successfully, and submitted strong recommendation letters, the next step is planning how to pay for medical schooling. A private med school loan is well worth considering in terms of repayment plan flexibility and the ability to establish strong credit history with timely payments.

Despite students' efforts to save for college, attending higher learning institutions carries a significant amount of higher tuition as well as the costs of books and supplies. Private loans are designed to fill in the gaps in financing that are left when other forms of aid have already been applied. Students have a variety of options when it comes to applying for a private student loan, and many lenders are willing to give them higher principal amounts due to the higher earning potential of a successful medical school graduate.

When applying for a med school loan, students have higher chances of approval if they apply with a co-signer who has good credit. Several loans now have an option to release the co-signer from this obligation once a certain number of payments have been made during the time in medical school. Offered interest rates also vary depending on new med students' existing credit, so it is advisable to pay down any existing debts as much as possible before applying for any type of student loan.

The exact amount that can be borrowed for a med school loan varies, though some lenders allow a maximum that equals the full cost of attendance with any other financial aid amounts subtracted. Once a medical program of study has been completed, some loan terms give graduates a grace period in which to secure a full-time position before repayments need to start. Forbearance terms are also offered in case of unforeseen hardships such as periods of unemployment. Med school graduates who are completing an internship or serving in the military can often take advantage of these options as well.

With the rising costs of both living and college tuition, saving for college requires more strategy than in the past for most students. This is especially true for those accepted into medical school, though the short-term sacrifices are worth the long-term gain. When amounts set aside to save for college do not cover the increased expenses, a carefully-managed loan can have just as many long-term benefits as the education itself.