Wells Fargo MedCAP Alternative Loan for Medical Students and Health Professionals

Posted by Rohit Mittal

Wells Fargo MedCap Loan is a student loan that covers the cost of education including living expenses, tuition, books, computers, lab supplies, etc.; for medical students and healthcare professionals in the field of nursing, dental, surgery, medical and other health-related programs.


Wells Fargo MedCAP Alternative Loan Features


  • Loan Payments are required to be started 6 months after you finish school, with an exception of allopathic and osteopathic medical students, as they are required to start after 36 months.
  • Zero application or origination fee, and no penalty for paying off your loan earlier than the actual term of the loan.
  • Competitive interest rates, with an option of choosing between Variable interest rate of as low as 4.36% APR (with discount) and Fixed interest rate of as low as 6.66% APR (with discount).
  • You are eligible for a discount of 0.25%, if you are an existing customer of Wells Fargo or if you have enrolled for their automatic payments system.
  • Wells Fargo works with your medical school to help you borrow only the amount you actually need as a loan.
  • It allows the school to verify the amount you need, to accept funds on your behalf and distribute any remaining funds to you.
  • You can borrow up to the cost of your education, subtracting any other financial aid you have received.
  • The total limit to your Wells Fargo debt, including other education related debt, is $250,000 for allopathic and osteopathic medicine and dentistry. $180,000 for nursing, optometry, pharmacy, veterinary, occupational therapy and physical therapy. And $120,000 for other streams.


Wells Fargo MedCAP Loan Interest Rates


You have an option to choose between Variable APR and Fixed APR. Variable Interest rates depend on market conditions, i.e., your monthly payments go up if market rates go up. Fixed Interest rates on the other hand, remain same through the term of your loan.


The Annual Percentage Rate (APR) is determined by several factors, such as, credit history, current employment, bank balance, etc. The interest rate can vary from 4.36% APR to 8.89% APR, in case of Variable Interest Rate. And, 6.66% APR to 10.18% APR, in case of Fixed Interest Rate.


Wells Fargo is flexible as per your convenience. The lender will present you with the interest rate options specific to you, keeping in mind your financial background. You can then choose the best option available based on variable or fixed interest rates.

Wells Fargo MedCAP Loan Eligibility


To be eligible for the Wells Fargo MedCAP Student Loan, you need to meet the following criteria:


  • You must be enrolled as a graduate student in an approved medical school in one of the following programs: allopathic, cardiac perfusion, dentistry, medical technology, nursing, occupational therapy, optometry, osteopathic, pharmacy, physical therapy, physician assistant, podiatry, veterinary medicine program.
  • You must be making satisfactory academic progress in an eligible program.
  • You must have an established, positive credit history.
  • You must be a U.S. citizen or U.S. national, or be a permanent resident alien or an international student who is a temporary resident alien. Temporary resident aliens must have a current U.S. address. Permanent and temporary resident aliens must show proper evidence of eligibility. For temporary resident aliens, a U.S. citizen or U.S. national, or a permanent resident alien cosigner is required.


Wells Fargo MedCAP Loan Benefits


    • Students make no payments until six months after leaving school (36 months for allopathic and osteopathic medical students).
    • You don’t have to pay any application, origination, or early repayment fees.
  • Select a competitive fixed or variable interest rate option.
  • Reduce your loan cost by qualifying for interest rate discounts.
  • Most students can qualify for the loan without a cosigner.
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Check Loan Options

Loans for up to $25,000. No cosigner required. No prepayment penalty.

Final Verdict

Wells Fargo MedCAP is a convenient, easy to access, flexible loan choice for medical students and health professionals across USA. The eligibility for the loan is basic and most students can qualify without a cosigner, though having a cosigner makes interest rates much lower.


It allows you a buffer of six months, before you start repaying the loan. The amount and term of the Wells Fargo MedCAP loan is flexible. The application process is easy, with an option of automatic payment system. You can also seek interest rate discounts. All in all, it’s a favorable student loan.

About Stilt:

Stilt provides loans to international students and working professionals in the U.S. (F-1, OPT, H-1B, O-1, L-1, TN visa holders) at rates lower than any other lender. Stilt is committed to helping immigrants build a better financial future.

We take a holistic underwriting approach to determine your interest rates and make sure you get the lowest rate possible.

Learn what others are saying about us on GoogleYelp, and Facebook or visit us at https://www.stilt.com. If you have any questions, send us an email at [email protected].

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