Alternative loans sometimes referred to as private loans, can cover educational expenses when federal aid and scholarships do not meet your needs. Alternative loans are offered as an alternative to government-backed loans and work much like consumer loans. Because they are regulated by the U.S. government as consumer loans, which are more flexible, interest rates, repayment terms and other options vary; therefore, it pays to shop around for the best loan.
Most lenders will offer standard repayment, graduated repayment, loan consolidation, and income-sensitive repayment loans. Some will offer incentives if you pay on time or choose to pay electronically. Be sure to check if there are penalties for prepaying your loans. Keep track of who holds your loans and be aware that your lender may sell your loan to another company. Ask your financial aid office which lenders they recommend who have a reputation of catering to medical student needs.
Alternative Loans (Private Loans)
Government Loans
