private loans and credit score

Does anyone know of someone who had a “low” credit score (below 675 ?) and got approved for a private loan for medical school? It will be another 1-2 years before I apply for such a loan, but my credit score may not be that high by then. Fortunately, the derogatory items on my credit report are 3-4 years old, and have been paid in full, have zero balances, but it still is bringing down my FICO score. Are there lenders who will give you a second look since your balances are all zero? I don’t have a cosigner, so I hope there’s a way! There was a thread here recently where Mary Renard wrote:


“The difference between M.D./D.O. studies and other post-undergrad work is the risk to the lender. Doctors have historically low default rates - they’re eminently employable and easy to find - and so lenders, whether private or government, are much more willing to take risks on someone who’s in those programs”

Mary, (or anyone else) who are some of these lenders? Thanks!!

I’m working on my credit report also. How much time do you have? If you have 6 months or more before having to borrow then make sure of two things: pay everthing on time, reduce or move money around on credit cards to reflect 30-35% of available credit on those cards. Make sure to Despute all inaccurate info. Terri told me they do consider people with credit problems. Hope this helps. Bill P.S. do not close all your credit because this is a negative. Some info at

I just googled “medical school loans” and got a ton of likely answers to your question, Claudette. More than I can list! I know that at my school the financial aid office maintains listings of the lenders they feel have been best for students over the years, and it’s my impression from talking to other medical students that most FA offices do the same. What you need to remember is that your bargaining position for getting such a loan will be much better once you are actually accepted - and people will be willing to go to bat for you to make sure that you can go to school and graduate. Med schools work hard to make sure that their students get the $$$ the need. So for right now, I’d concentrate on what Bill suggests, making sure that you do everything you can to get your credit in as good shape as possible. Then go through the application process and let the schools HELP you find a way to pay for it. They will help, I assure you.
Also are you sure you will need private loans? The limit for Federal Stafford Loans is, what, $38,500 per year for medical school which is enough for virtually all state schools and many private schools. Don’t fret too much about all this just yet.

You can opt for medical loans without cosigner. This is not the case. The problem I see is that would you be able to repay the loans even if you have a bad credit history? I don’t know much about your credit history. But if you have a considerable credit score then go for medical loans for bad credit. Additionally, you have to go under some requirements to be fulfilled in order to get approved for medical school loans. Hope this helps. Thanks.