Originally posted on https://www.hospitalcareers.com/blog/student-loans-for-healthcare-degrees/

 

Healthcare is quite an attractive industry to get into for a variety of reasons, and students are pursuing healthcare degrees more than ever. Some of the more appealing of these reasons are that you’ll be able to see quite a large amount of job satisfaction depending on which position you obtain in addition to the number of job opportunities you will have access to. Alongside this is the fact that some healthcare jobs can offer quite a large salary. The healthcare talent shortage is so significant that employers are assisting job seekers and healthcare professionals with student loan payment benefits and assistance, in addition to loan forgiveness for certain roles. We’ve taken the time to outline some of the best student loan options for you to evaluate as you consider going back to school to pursue a future healthcare career.

To be able to work in the medical industry, you’ll need to obtain healthcare degrees. While the qualifications you’ll need will vary from role to role, you should still expect to go through college for several years when you’re pursuing a healthcare degree. In many cases, this means taking out student loans as the cost of education continues to rise, which can often be quite expensive.

Naturally, this will lead to many people wondering which healthcare student loans they should consider. There will be a variety of things that will play a role in selecting which student loan is best for you, such as interest rates, when you’ll need to start paying them back, and much more.

As a result of what can be involved in choosing the best student loans in healthcare, many people can become quite overwhelmed. Alongside the complexity of these loans is the fact that there are a variety of student loans for healthcare degrees that you’ll be able to take advantage of.

However, there are a few lenders that can be in contention for the title of best student loans for medical students. Much of this is driven by the fact that there are quite a large number of financial institutions to choose from as more lenders seek to provide student loan solutions to students before they go to school, with each offering terms that you may want to take advantage of.

With how vital the choice between healthcare student loans can be, it’s worth looking at which ones can be beneficial for you. Personal circumstances can drive much of this. As such, when you’re comparing some of the best student loans on the market, you should first look at your specific details.

Doing so should mean that you’ll be able to make the right decision for you.

1. Credible

While Credible itself isn’t a lender, it offers quite an efficient and effective way to find healthcare student loans based on your needs. The majority of this is done through the company’s platform, which will allow you to apply through the firm and receive the rates of up to eight student lenders.

This can provide a host of benefits, with one of the more notable being that it’s a user-friendly and time-saving way of applying for a student loan and then offer you real-time results on potential rates, terms, and offerings that you can evaluate instantly based on your credit and submission details. As a result, you should be able to spend less time shopping around for lenders while still being able to take advantage of a variety of decent rates. You won’t have to spend countless hours trying to negotiate with several different lenders when instead you can receive real-time information on what they’re willing to offer.

However, it should also be noted that there can be a wide range of rates that will be offered to you during the application process. While some of these rates may be attractive, there could be a few of them that you might want to avoid. Typically, the majority of these loans will range from 3.47% to 13.99%.

There are quite a large number of lenders that you’ll be able to take advantage of while browsing Credible’s marketplace, so you shouldn’t get bogged down by some of the more outrageous rates that you’ll be offered, as you’ll almost be guaranteed to receive some attractive rate offers. As such, you should be able to access a variety of private lenders through the platform.

2. Sallie Mae

Sallie Mae has become one of the best student loans providers over the past few years. This success has lead to the company becoming one of the biggest lenders in the country when it comes to student loan offers. The majority of this has been driven by the fact that the company offers quite a large number of benefits, with much of this being focused on flexibility in their terms.

This can primarily be seen in the fact that it offers both variable and fixed interest rates, which could prove to be a large advantage for many borrowers and students as they evaluate their loan offers. Alongside this is the fact that there aren’t any pre-payment penalties or origination fees, which many people will want to look for.

Alongside this is the fact that applying for the loans with Sallie Mae can be quite straightforward compared to other lending options that students might consider.

For undergraduates, variable interest rates range between 4.37% and 11.23% while fixed rates can vary between 5.74% and 11.85% APR.

3. LendKey

LendKey has become increasingly popular for community-backed student loans, which is what the company specializes in. While the company itself doesn’t offer the loans, it’s partnered with quite a large number of banks and credit unions to do so.

There are a few things that you should know about the company before applying for a student loan with them, however. One of the most notable is that they don’t offer parent loans, and deal directly with students, with this being done across all subjects.

Alongside this is the fact that the credit union or bank that provides the loan isn’t made known to the borrower, which could be an issue for many people. For those students who eventually need to declare who is providing them with a student loan later on in life or if they need to declare it for when they get an auto loan or something else, they will be unable to do so through this service. Another concern is that LendKey also doesn’t offer as much flexibility as you may see with other lenders, which is another large issue.

However, they do offer quite competitive rates, with this typically ranging from 4.27 to 5.36% APR. There are also some attractive interest rates, which you may want to take advantage of.

LendKey also doesn’t have any prepayment or origination fees, which can be quite beneficial for many people. The company can offer such affordable rates thanks primarily to its relationship with a significant number of credit unions. These are typically non-profit institutions, so LendKey can work with them to keep rates low for students and users.

4. CommonBond

CommonBond has been gaining quite a notable reputation in the past few years, with its low interest rates in addition to other benefits. Since the firm was founded, it’s aimed to do as much social good as it can, much of which has been done through its partnership with Pencils of Promise.

There are quite a significant number of benefits to take advantage of when borrowing from CommonBond. The first of these is that the interest rates can be quite competitive and range between 3.69% and 9.74%. Alongside this is the fact that there aren’t any pre-payment or application fees.

There is one notable drawback for medical students, however, as you’ll be expected to pay a 2% origination fee. This is also the case for MBA courses and dental schools, although these are the only niches where these seem to apply.

5. College Ave

College Ave offers some of the best student loans in healthcare for a variety of reasons, with some of the more notable being because the company is a full-service lender. As such, it can provide a much more personalized service to each of its borrowers than some of the other options on our list or ones that you might be considering.

Alongside this is the fact that the interest rates that College Ave offers can be quite appealing. Typically, its variable interest rates will vary from 3.94% to 11.19% while its fixed interest rates range between 5.29% and 12.78%.

The company is online-only, which means that applying for a student loan with the firm is quite easy and straightforward. You won’t have to worry about endless phone calls back and forth with traditional lenders. There are a few other benefits with the company, such as a co-signer release option in addition to a certain amount of flexibility with the loans.

One notable aspect of borrowing from College Ave is that it doesn’t have a uniform forbearance option. This can be either a good thing or bad thing, depending on your outlook. It does mean that there’s a large amount of personalization with the loans, especially if you run into some financial difficulties in the future.

6. Discover

Discover is well-known as a credit card company, although many people might not know that it also offers loans for students. There are a variety of benefits to borrowing from the company, with its competitive rates being one of the more notable reasons.

Alongside this is the fact that Discover doesn’t charge any fees, which extends to late fees. This is something that many other firms don’t offer and can be quite a large benefit to students who are evaluating their student loan options. The company student loan interest rates range from 4.74% to 12.99% while its variable rates are typically between 3.37% and 11.87%.

There are also a variety of additional benefits for students who achieve good grades, with Discover offering a 1% cash reward for new applicants who have a GPA of 3.0 or higher. This is something that the majority of other lenders don’t provide.

Unfortunately, the company doesn’t offer much flexibility with its loans, which could be off-putting to many potential loan seekers.

7. Citizens Bank

Though Citizens Bank has been operating for quite a long time, but it’s only recently entered the student loan market. However, this lack of expertise in the student niche doesn’t mean that it lacks in benefits, as the firm more than makes up for this with its experience in the overall marketplace with its offerings to potential students.

As a result of this, there is a range of benefits to borrowing from the firm, with some of the most notable benefits being low fees, competitive interest rates, and a broad range of personalized terms. While there aren’t many differences between Citizens Bank’s fixed and variable interest rates, they can still be more attractive than other lenders.

Fixed rates typically vary between 6.45% and 12.05% while variable rates range between 6.42% and 12.02% APR. Citizens Bank also doesn’t have any additional fees, which is something that you might want to look for when getting a student loan.

8. Ascent

Student loans from Ascent haven’t been well-known among many college applicants, even though it’s been steadily growing in popularity for the past several years as students look for more student loan options. Much of this has been driven by the fact that it offers competitive rates, which you might want to take advantage of.

The more attractive of these competitive rates will be seen in its variable interest rates, which range from 5.72% to 13.01%, although Ascent’s fixed APR rates can also be appealing. If you apply for the loan with a co-signer, there’s also the option for a co-signer release after a certain amount of time which is a unique benefit that not many other student loan providers will offer.

Loans with Ascent typically range between five and fifteen years, with there being no origination or application fees. In addition, you shouldn’t have to worry about any prepayment penalties. As a bonus, the company also offers 1% cash back once you graduate, which is something that few other lenders offer.

Conclusion

Choosing between the best student loans in healthcare can often mean looking at your specific circumstances when you’re doing so. Much of this can depend on eligibility criteria, how much you’ll be able to pay back in the future, and much more.

This means that you’ll need to pay a significant amount of attention to the details of the student loans to see what you can and can’t do during the course of your loan and the repayment options you’ll have. In the majority of cases, it’s recommended that you speak to companies offering student loans for healthcare degrees. By doing so, you should be able to ensure that you reach terms that are amicable to you and the lender.

This can often be a long and overwhelming process, which is why it’s worth starting early when you’re considering them and evaluating your options to go to school. The choice of which healthcare student loans you choose can have far-reaching consequences, which is why you’ll need to spend a significant amount of time on it when considering all of your options.

While the majority of the repercussions might not be felt until you begin your career in the industry, it doesn’t mean that you shouldn’t put the work into it now to make sure that you set yourself up for success as you’re getting ready to graduate instead of drowning in student loan debt you have no hope of paying off. This means that you shouldn’t put the time and effort into making sure that you have the best deal for your future now.

In many cases, there may be additional student loans for healthcare degrees offered by companies that specialize in the niche, which could be worth a consideration when you’re conducting additional research. Alongside this is the fact that there may be local institutions that offer terms that will be much better than those provided by larger firms.

You’ll need to spend a significant amount of time comparing the loans offered by a substantial number of companies in order to ensure that you get the best student loan options for you and your goals. When it comes to finding the best student loans in healthcare, you should leave no stone unturned.