Profession-Specific Private Student Loans

Profession-specific private student loans are good sources of funding for your education, once other sources have been exhausted. These loans are not based financial need, they are available to credit worthy students. The funds from these loans may be used to pay for all education needs, including books, computers and even education related travel. Often, no payments are required until the student has graduated. There are profession related loans available, and these loans are tailored to meet the specific needs of students based on their chosen profession. The terms for these loans may vary widely, so it is important to do a thorough comparison before agreeing to a term. Overall, they are loans with attractive rates and terms to help fill in the gaps in your education funding.

Loans for Medical Students

Medical students have a high earning potential once they graduate, and relatively few of these students leave medical school before obtaining their MD. This makes medical students good candidates for private student loans. The aggregate loan limit of $189,500 for the federally funded Stafford loan is quite often met well before the med student has completed school, so private loans have become popular and even critical for med students. It is sometimes even possible to defer payment on these loans until after completion of residency.

Law School Loans

Completing law school is an expensive undertaking, and there are private loans tailored for the law profession. These loans are credit based, and repayment can be deferred sometimes up to three years after graduation. There are also bar loans, loans to bridge the gap between graduation and passing the bar exam. You must be registered for the bar exam in order to qualify for a bar loan. These plans have options to allow for deferment of repayment for up to six months after you pass the bar exam, allowing for time to find employment before your repayment obligations begin.

Other Professions and Eligibility Requirements

There are numerous other professions in which private student loans are available. Dental and Veterinary School students will find specific loans for their programs, and loans to cover the residency programs after they graduate. Business students are also able to find loans specific to their programs of study. To find out more about loans for specific degrees, visit the websites of schools offering such degrees, and you will be able to find information regarding private student loans.

Eligibility requirements are usually fairly standard, regardless of the profession. Credit requirements apply, and sometimes a co-signer will be required. U.S. citizenship is a standard requirement, and you must be enrolled in an approved school. There are also attractive loan consolidation packages available once you graduate. In this way, you can combine any federal and private loans and lower the interest rates in order to get them repaid more quickly.

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