It is always better to get a scholarship for the medical course, but not mandatory at all. Moreover, scholarships do not cover all the expenses incurred during the course. For an overseas medical graduate, medical school loans are generally needed in addition to the scholarships.

In the US, the medical student can apply for the Free Application for Federal Student Aid or FAFS. School loan consolidation programs are also available. In this country, medical school loans are offered by some government sponsorship program like National Health Service Corps (NHSC). NHSC is a good choice for overseas as well as original US students as it covers all expenses incurred during the entire medical degree program. This mission is funded by the US department of Health and Public Health Services.

There are certain criteria in order to get these federal aided medical school loans. But even if you do not stand right for those criteria, you can still get private educational loans.

The cumulative amount of the medical school loan depends according to the lender. In most of the cases, these loans cover the full amount of tuition fees, medical books, hostel fees and other personal expenses. The rate of interest is also higher for the private funding system than the federal loans. The student has to repay the amount after he or she finishes the training program for which the loan is being sanctioned. The duration of repayment also varies from lender to lender.