Medical Board Exam Loans Explained

A medical board exam loan may be distributed to cover the cost of either a medical school entrance exam or a medical licensing exam. Depending on which exam you need financial assistance for; the process will be slightly different. These tests can be extremely costly, so financing is available from a number of different sources and usually at low rates.

Cost of Medical School Entrance Exam

The medical school entrance exam is called the MCAT, or Medical College Admission Test. It is taken during the final year of undergraduate education or after graduating from an undergraduate program. The MCAT is administered at hundreds of test sites, so you should be able to take the test close to home. The cost of taking the MCAT is about $200 to $225. This cost can be put on a credit card easily through the MCAT registration program. Most applicants will choose this option. However, the cost for preparing for the exam, including purchasing study materials or taking an MCAT class can make the actual cost of the exam much higher.

Medical School Entrance Exam Loan

To help cover the cost of the MCAT, some borrowers apply the sum to a graduate school loan. Since you will not know the exact cost of your medical college when you take the MCAT exam, this will only be the first part of the loan process. These loans almost always require a cosigner until the full tuition cost is known. At that point, you can apply for a loan for each semester of graduate school with the same lender. Upon graduation, you will be able to consolidate these loans into one monthly payment. The federal loan program offers easy consolidation of all student loans. 

Cost of Medical Licensing Exam

Once you have completed your medical education, you will have to take a separate test in order to become a licensed physician. This test is called the United States Medical Licensing Exam; it costs much more, $1,200 in 2009. The test is three parts, and the second part is only administered in 5 regional centers. This means you will have to cover the cost of traveling to one of the destinations in order to complete your licensing. This expense can be very large for individuals not near one of the regional centers. 

Medical Licensing Exam Loan

A medical licensing exam loan can cover the cost of travel to a test site and registration for the exam. These loans are typically offered at low interest rates and have flexible repayment options. Lenders have experience working with doctors, and they are aware most doctors are able to pay off these loans within a reasonable amount of time. This makes the loans "low risk" for lenders; in return, the lenders will offer favorable terms to you. You may even have the option of taking the expenses for this exam onto your existing medical school loans. This option can be preferable because you do not have to worry about multiple loans to repay in the future. 

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