Best Physician Assistant Student Loans

A physician’s assistant (PA) career offers the chance to help people in need and earn a lucrative salary. According to the U.S. Bureau of Labor Statistics, the median income for a PA is $130,020 per year.

Federal and private student loans can help you cover your education costs and move you one step closer to your PA career. Here are the best physician assistant student loans.

Lender	Best for	LendEDU rating
Dept. of Education	Federal student loans	Not rated
College Ave	Private student loans	5/5
Sallie Mae	Cosigners	4.8/5
Earnest	Large loans	4.7/5
SoFi	Member benefits	4.7/5
ELFI	Personalized support	4.5/5

Federal physician assistant school loans

Federal student loans come from the government and are backed by the U.S. Department of Education. These loans have various features and benefits, such as forbearance and deferment options. Federal borrowers may also be eligible for income-driven repayment (IDR) and even student loan forgiveness programs.

Federal student loans have fixed interest rates that are often lower for borrowers who don’t meet a private lender’s credit requirements. This ensures you can borrow the money you need when you need it—possibly at lower fixed rates than private loans.

The two federal student loans to consider for PA school are Direct Unsubsidized Loans and Grad PLUS Loans.

	Direct Unsubsidized	Grad PLUS
Fixed rates (APR)	6.53% or 8.08%	9.08%
Loan fee	1.057% deducted from loan proceeds	4.228% deducted from loan proceeds
Eligibility	Enrolled at least half-time	Graduate or professional students enrolled at least half-time; must have a good credit history & meet general eligibility requirements for federal student loans.
Repayment terms	10 – 25 years	10 – 25 years
Grace periods	First 6 months after leaving school	First 6 months after leaving school

Federal Direct Unsubsidized Loans

Direct Unsubsidized Loans are available to graduate students (including those in PA school), with no requirements to demonstrate financial need. These loans accrue interest while you’re in school—just like a private loan—adding to your overall loan cost.

Direct Unsubsidized Loans come with a fixed interest rate of 8.08%, repayment terms ranging from 10 to 25 years, and a six-month grace period.

Federal Grad PLUS loans

Grad PLUS loans are credit-based, meaning you must meet certain credit history requirements to qualify. These loans accrue interest while you’re in school and during the grace period or other deferment periods, which adds to the overall loan cost.

A Grad PLUS loan lets you borrow up to the full cost of attendance, as certified by your school. This gives you more flexibility to borrow as much as you need for PA school while retaining the benefits of federal loans (including IDR plans and loan forgiveness options).

With Federal Grad PLUS loans, borrowers aren’t required to demonstrate financial need. The fixed interest rate is 9.08%. Repayment terms range from 10 to 25 years, and they come with a six-month grace period.

Physician assistant private student loans

We’ve researched multiple lenders offering graduate and medical school loans to find the best options. Here are five top PA school lenders to consider.

College Ave

Best overall

5.0 _/5

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Why we picked it

College Ave offers physician assistant loans with flexible repayment options, fixed and variable rates, and the ability to defer payments for up to 48 months after leaving school.

You can use College Ave loans for PA school, with no prepayment penalties or origination fees. Borrowers who apply with a cosigner can apply for cosigner release after making consecutive, on-time payments for half of their repayment term. College Ave offers a nine-month grace period after graduation, leaving school, or dropping below half-time attendance.

To help you budget, College Ave provides a slider tool on its website to see your monthly payments using five different repayment terms. 

Health professions loans from College Ave allow you to defer payments until after your required residency program is completed or up to four years after PA school graduation. This benefit, combined with four types of in-school repayment options, makes this loan customizable for your specific needs.

• Deferment is available during residency
• Many repayment options
• Apply in just 3 minutes

Loan details

Rates (APR)	4.17% – 14.47%1
Loan amounts	$1,000 – 100% cost of attendance
Repayment terms	5, 8, 10, 15, or 20 years

Eligibility requirements

Graduate students must be enrolled in an eligible U.S. school at least half-time and have a Social Security number. Borrowers must also meet their school’s guidelines for satisfactory academic progress. Loan approval depends on the borrower’s or cosigner’s credit history and income.

Sallie Mae

Best for cosigners

4.8 _/5

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Why we picked it

Sallie Mae is one of the best-known student lenders, offering various funding options for students in undergraduate, graduate, and healthcare programs. Its Graduate Student Loans for Health Professions allow you to borrow up to 100% of your educational expenses with no maximum limit and a set repayment term of 15 years.

These loans are designed to be flexible to accommodate the unique financial needs of future healthcare professionals. Benefits such as deferred payments while in school and a grace period of six months post-graduation provide essential breathing room for students transitioning into their careers. 

Competitive interest rates and the absence of origination fees further enhance the appeal of Sallie Mae’s financing options for those pursuing a physician assistant degree.

• 48-month deferment during internship or fellowship
• Cosigners can be released after making 12 consecutive, on-time payments
• In-school repayment can result in a lower rate

Loan details

Rates (APR)	4.15% – 14.97%
Loan amounts	$1,000 – 100% cost of attendance
Repayment terms	15 years

Eligibility requirements

Students must attend eligible graduate-degree-granting schools and meet the age of majority in their state. Students who aren’t U.S. citizens or permanent residents must live and attend school in the U.S. They must also provide a valid government ID and apply with a cosigner who has good credit and is a U.S. citizen or permanent resident.

Earnest 

Best for large loans

4.7 _/5

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Why we picked it

Earnest offers a graduate student loan you can use to attend PA school in all states except Nevada. Loans have no prepayment, origination, or distribution fees, plus a nine-month grace period for repayment.

Cosigners cannot be released from an Earnest graduate loan without refinancing. However, borrowers can request to skip one repayment every 12 months without penalties, and interest rates on Earnest’s loans are competitive.

Skip 1 payment per year if needed No fees Check your rate without affecting your credit

• Skip 1 payment per year if needed
• No fees
• Check your rate without affecting your credit

Loan details

Rates (APR)	4.17% – 16.85%
Loan amounts	$1,000 – 100% cost of attendance
Repayment terms	5, 7, 10, 12, or 15 years

Eligibility requirements

Students must pursue a graduate degree and attend an eligible Title IV four-year institution at least half-time. Borrowers must live in Washington, D.C., or any state except Nevada and be at least the age of majority (usually 18) in their state of residence. Students must be U.S. citizens or permanent residents or have a cosigner with one of those statuses.

SoFi

Best for member benefits

4.7 _/5

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Why we picked it

SoFi is a lender offering graduate private loans for students in healthcare professions, such as PA school. Four in-school repayment options allow you to use its loans to cover all your certified educational expenses. 

Borrowers can defer repayment until nine months after graduation while they complete a residency or internship program, and cosigners can be released from their financial obligation after 24 on-time consecutive loan payments.

• Defer payments for up to 9 months after graduation for residency or internship
• Check your rate without affecting your credit

Loan details

Fixed Rates (APR)	3.87% – 14.83% with autopay
Loan amounts	$1,000 – 100% cost of attendance
Repayment terms	5, 7, 10, or 15 years

Eligibility requirements

Students must be enrolled at least half-time in a graduate degree-seeking or graduate certificate program at an eligible school. Loans are available to students enrolled less than half-time who have previously borrowed a student loan from SoFi. Students must be U.S. citizens or have other eligible status. Loans may not be available in all states.

ELFI 

Best student loan advisors

4.5 _/5

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Why we picked it

ELFI (Education Loan Finance) offers private healthcare student loans for PA schools. Loans through ELFI come with competitive interest rates and no application or origination fees.

Flexible repayment options are available, with terms ranging from five to 20 years. ELFI also provides a dedicated loan advisor to help you through the loan process. If certain criteria are met, borrowers can further defer payments depending on their program.

• Assigned a student loan advisor
• Check your rate without affecting your credit

Loan details

Rates (APR)	4.50% – 14.22%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5 – 15 years

Eligibility requirements

Borrowers must be enrolled at least half-time in a graduate or doctorate program. They must also be U.S. citizens or permanent alien residents without conditions and have a minimum credit score of 680.

Read More

Best Medical School Loans: Compare Benefits 

Physician assistant student loans vs. graduate student loans

Physician assistant student loans have similarities to graduate school loans. They also may have important differences, as noted in the table below.

Features or requirements	Physician assistant student loans	Federal loans
Income and credit history to qualify	Varies by lender	Good credit history required for Grad PLUS loans; not required for Direct Unsubsidized
Grace period	6 – 9 months, varies by lender	6 months
Repayment terms	Typically 5 – 20 years, varies by lender	10 – 25 years, depending on chosen repayment plan
Interest rate	Fixed or variable, varies by lender	Fixed
No payments due until after you graduate, leave school, or reduce attendance to half-time?	Varies by lender	Yes
Loan forgiveness program?	Not typical	Yes

How much does a physician assistant student loan cost?

According to the Physician Assistant Education Association (PAEA), the median in-state tuition for public PA school programs in 2023 was $56,718. Private PA school students paid a median tuition of about $96,960. The median cost for nonresident students enrolled in public PA programs was about $88,168.

If you plan to pay tuition with a physician assistant student loan, you’ll need to know the total cost of the loan. Below are examples of the total costs of a $70,000 student loan based on the interest rate, monthly payment, and repayment term beginning once the deferral period ends after graduation. Total costs don’t include loan fees.

Fixed rate & term	Monthly payment	Total loan cost
8.29%, 5 yrs.	$2,081	$124,860
8.40%, 7 yrs.	$1,616	$135,744
6.00%, 10 yrs.	$1,034	$124,080
6.99%, 15 yrs.	$871	$156,780

When deciding how much to borrow with a physician assistant student loan, factor in how much you may already owe in student loan debt. That way, you can determine your total monthly payments on all student loan debt.

Is a physician assistant school loan worth it?

Consider the scenarios below if you’re considering a PA school loan.

A PA loan may be for you if…	Reconsider a PA loan if you…
Plan to make being a physician assistant a full-time, long-term career	Won’t be enrolled or attending school at least half-time
Are enrolled or attending a graduate school degree program at least half-time	Already have a substantial amount of undergraduate student loan debt to repay and can’t afford a higher amount of monthly payments
Prefer flexible repayment terms	Don’t plan to earn a full-time income as a physician assistant to pay off student loan debt faster

If a physician assistant student loan isn’t for you, you may be able to pay for school with scholarships, grants, or work-study programs. Exploring those options before applying for a physician assistant student loan may reduce the amount you need to borrow. 

Ensure you also fill out the FAFSA to see whether you qualify for federal student financial aid.

How to get physician assistant student loans

1. Use free money first. The first place to look for financial aid is from sources that allow you to avoid taking on student loan debt. For example, physician assistant scholarships and grants can help you pay for tuition, fees, and other costs of attending PA school without acquiring student debt.
2. Tap your own savings or income. Another option is to tap into the financial resources you already have or could create to minimize your need for loans. Your parents may be able to help out with money set aside in a college savings fund, for example. You could supplement that with personal savings or take on a part-time or full-time job to help cover PA school costs.
3. Apply for federal student aid. Federal student loans can help with paying for PA school. Consider these before turning to private loan options because federal loans have fixed interest rates and offer more flexible repayment plans. The first step to applying for federal loans is completing the Free Application for Federal Student Aid (FAFSA).
4. Consider private PA school loans. Federal student loans have borrowing limits, but private PA school loans could make up the difference if your education costs exceed the maximum amount you can borrow. Your physician assistant student, loan repayment options, will likely be less flexible than federal loans but don’t count them out.
5. Compare loan options. Before choosing a private loan, it’s wise to shop around and compare available options. Lenders offer different rates, repayment options, loan terms, and deferment periods. For this reason, one lender might be a better fit for you.

FAQ

Which PA school loan is the best?

The best physician assistant school loan for you is the one that meets your financial needs. Federal Direct Unsubsidized student loans are generally the best place to start because they offer many protections, features, and fixed interest rates.

Private PA school loans or Grad PLUS loans can fill the gap if you still need funding. It’s best to shop around to find the loan with the best terms and lowest rates, allowing you to reduce your borrowing costs as much as possible.

Do I need a cosigner for PA school loans?

Depending on your credit history, credit score, and income, a lender may request that you have a cosigner when taking out a private PA school loan. This cosigner could be any trusted, creditworthy adult, such as a parent, grandparent, sibling, or spouse. While adding a cosigner can boost your chances of approval—and often get you better loan terms—most lenders also allow cosigners to be released from their financial obligation after a certain number of on-time payments.

Do PA school loans cover living expenses?

Most private lenders will allow you to take out a PA school loan that helps cover eligible living expenses. You can usually borrow up to 100% of your school-certified expenses, which may include housing and transportation.

How much can I borrow with PA student loans?

With a private loan, you can generally borrow as much as you need for PA school. Federal student loans have maximum limits, but private loans let you borrow up to 100% of your necessary expenses. Some lenders have aggregate limits, which may also consider any loans you acquired from the same lender for your undergraduate degree.

When does repayment on PA school loans start?

Most PA school loans offer a grace period of six to 12 months. Once you graduate, this grace period extends the time before full principal and interest repayment begins. Beyond that, most lenders allow an additional grace period while you’re in a PA fellowship or internship program. Depending on the lender, this additional grace period can range from 36 to 60 months.

Can physician assistant school loans be forgiven?

Yes, physician assistant (PA) school loans can be forgiven through several programs. Public Service Loan Forgiveness (PSLF) allows PAs working full-time for qualifying employers, such as government or nonprofit organizations, to have their loans forgiven after 120 qualifying payments. 

Income-Driven Repayment (IDR) plans offer forgiveness after 20 to 25 years of payments, though the forgiven amount may be taxable. Many states also have their own loan repayment programs for PAs working in underserved areas, with varying amounts and requirements. The military offers significant loan repayment assistance for PAs serving as commissioned officers, and some healthcare employers provide loan repayment as part of their benefits package. By exploring these options, PAs can significantly reduce their student loan debt.

How we selected the best physician assistant student loans

LendEDU evaluates student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of the best PA school loans

Lender	Best for	LendEDU rating
College Ave	Private student loans	5/5
Sallie Mae	Cosigners	4.8/5
Earnest	Large loans	4.7/5
SoFi	Member benefits	4.7/5
ELFI	Personalized support	4.5/5