The Eligibility Requirements of Medical Board Exam Loans

Medical board exam loans help cover the cost to study for, travel to and take a medical board exam. These costs can amount to upwards of $5,000, so the loans are often necessary for recent medical school graduates not yet possessing a salary. Before moving into residency, a future doctor can take a medical board exam loan in order to handle some or all of the costs during this stressful period. To qualify for the loan, a student must meet the following requirements:

Loans in Good Standing

Individuals looking to take a medical board exam loan likely have other student loans, including potential undergraduate loans and medical school loans. Having missed payments on any of these loans can be grounds to be disqualified from achieving an exam loan. Late payments on other debts, like car loans and credit cards, can also be hurdles on the route to a medical board exam loan. While it is normal for a person graduating medical school to have a lot of debt, having high credit card bills or additional pricey personal loans can be a red flag to a lender.

Good Credit Score

A good credit score comes from borrowing responsibly; so, if all loans are in good standing, a borrower should have a decent credit score. Unfortunately, it is possible for your credit score to drop if a borrower have previous defaults up to 10 years old or other negative debt history. With a bad credit score, it is even more important to make all debt payments on loans for the year leading up to taking medical board exam loan to qualify for the new debt.

Strong Application

An application for a medical board exam loan is evaluated on different criteria than another form of loan. The lender is not concerned with the borrower's existing salary since it is typically non-existent; instead, the lender is more concerned with the borrowers potential future salary. An applicant who can boast a high GPA through medical school or a high class rank is more likely to match with a residency program at a top medical facility. As such, these individuals are also more likely to earn a high future salary. Lenders are somewhat similar to acceptance boards in this way. They will evaluate your academic and personal qualifications as much as they do your financial qualifications.

On Schedule for Graduation

A borrower who is unsure about whether or not he or she will be graduating a medical school on time is not a good applicant for a medical board exam loan. The medical board exam is taken before or near graduation from medical school, and some borrowers will not yet have a diploma in hand. If those borrowers have already met graduation requirements, then they are more likely to move forward immediately into residency and begin paying off the loans. Borrowers who still need a lot of credits to graduate may have to remain in school for some time, leading them to a position where they cannot match with a residency program and begin paying off loans after they take their board exam.

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