Student Loans for Medical School in the Caribbean

According to the Association of American Medical Colleges, just 46% of applicants were accepted into medical school during the 2023 – 2024 school year. If you’re among the majority who weren’t accepted, one popular option is to attend medical school in the Caribbean.

Depending on your circumstances, you may be able to use student loans for medical school in the Caribbean. However, the process isn’t as straightforward as it is in the U.S. Here’s what you need to know. 

Lender	Best for	LendEDU rating
Dept. of Education	Federal student loans	No rating
Sallie Mae	Cosigners	4.8/5

Can you use federal student loans for Caribbean medical school?

If you’re a U.S. citizen, you may be able to use federal student loans, even if you get your entire degree overseas.  

If you’re not a U.S. citizen, check with your government or the Caribbean medical school you’re interested in attending to see what financial aid you can get. 

According to the U.S. Department of Education, the Caribbean universities where you, as a U.S. citizen, might be able to use your federal student loans include:

• American University of Antigua
• American University of the Caribbean
• Medical University of the Americas
• Ross University 
• St. George’s University
• St. Matthew’s University

Here are the two main federal student loan types U.S. citizens might be able to use for an overseas medical degree:

Federal loan type	Loan limits	Interest rate
Direct Unsubsidized Loans	$20,500 annually, $138,500 total	8.08%
Direct PLUS Loans for Graduates	Cost of attendance minus any other financial aid	9.08%

Direct Unsubsidized Loans are available to undergraduate and graduate students, and Direct PLUS Loans for Graduates are reserved for advanced-degree seekers. Direct PLUS Loans also require a credit check for approval; Direct Unsubsidized Loans don’t.

Notice we’re couching our language—you can, you may be able to use federal student loans at a particular school. The final answer may change, but it’s easy to find out anytime. Before you make any final decisions, always check two places: the Student Aid website and your school’s medical program. 

International schools must follow certain guidelines each year to remain eligible for federal student loan money. You can’t use your federal student loans there if your school lapses. 

An international school is sometimes eligible to accept federal student loans, but its medical program isn’t. So, it’s best to contact the school’s medical program to ensure it’s eligible to accept federal student loan money.

Can you use private student loans for Caribbean medical school?

If you’ve exhausted all your options for federal student loans, scholarships, and grants, private student loans for Caribbean medical schools may help bridge the gap. 

It’s up to each private lender whether it allows you to use the funds for Caribbean medical school, so check with lenders you’re considering. Sallie Mae is one lender that may provide funding for medical schools in the Caribbean. It has partnered with the University of Medicine and Health Sciences, a boutique medical school with a location in St. Kitts.

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What to know

Sallie Mae is a strong option for students looking to finance their medical education in the Caribbean. Its private student loans may cover attendance at Caribbean medical schools. Sallie Mae has a partnership with the University of Medicine and Health Sciences in St. Kitts, which indicates its willingness to work with international institutions. This partnership could benefit students who want to ensure their loan will cover tuition, fees, and other educational expenses while studying abroad.

Sallie Mae’s loans offer flexible repayment options, such as deferred, fixed, or interest-only payments while in school. Sallie Mae provides competitive interest rates, which can vary based on your creditworthiness and choice of repayment plan. This flexibility allows borrowers to tailor their loans to their financial situation, making Sallie Mae a viable choice for those pursuing a medical degree outside the United States.

• Borrow up to 100% of certified costs
• Choose your repayment terms
• Students enrolled less than half-time are eligible
• Multi-Year Peace of Mind™ increases your approval odds for future loans
• Cosigners can be released faster than most other lenders
• Borrowers get free credit score tracking

Loan details

Rates (APR)	4.15% – 15.70%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	10 – 15 years

You can check our list of the best medical school student loans and contact the lenders to determine whether they offer private loans for the Caribbean school you’re interested in. 

It’s best to consider federal student loans first. Federal student loans come with a much longer list of borrower protections, such as student loan forgiveness and income-driven repayment plans. You might not think you’ll need them now, but they may prove useful considering the limitations associated with medical school in the Caribbean.

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How to use student loans for a U.S.-based school vs. in the Caribbean

If you plan to attend medical school in the Caribbean, securing financing will be more difficult. Only six universities in the Caribbean are eligible for federal student loans, and most private lenders only extend medical school loans to students pursuing their education in the U.S. 

You may need to consider other ways to finance your Caribbean medical school, such as grants and scholarships. It’s wise to contact the university you’re interested in to find out whether it has recommendations for U.S. students who wish to attend their school.

Should you take out student loans to attend medical school in the Caribbean?

So now you know you can take out student loans for medical school in the Caribbean if your lender and your school agree. But is it wise?

If you’re set on becoming a doctor, unable to attend school in the U.S., and can afford the potentially higher costs of a Caribbean medical education, it may be worth it. Caribbean medical schools have a higher acceptance rate than U.S. medical schools, and living and studying in the Caribbean as a local can be exciting. 

However, that’s where the main benefits end. Graduates of Caribbean medical schools may face the following: 

• Higher dropout rates
• A tougher time paying for school
• Higher debt levels upon graduating
• Lower residency matching rates

Here’s how American medical school students fare compared with American students who attended Caribbean medical schools:

	On-time grad. rates	Match rates	Avg. debt
American medical schools	84%	94%	$200,000
American Univ. of Antigua	69%	98%	$267,958
Ross Univ. School of Medicine	16%	97%	$395,320
St. George’s Univ. School of Medicine	67%	93%	$355,801

It’s essential to research the school you want to attend. The Federal Trade Commission has recently cracked down on at least one Caribbean medical school (Saint James School of Medicine) for deceptive advertising in overstating its program statistics, including an inflated residency match rate. 

How to apply for student loans for Caribbean medical school

If you’re thinking about using funds to pay for Caribbean medical school, it’s important to consider how you’ll pay. 

Unlike your compatriots at American medical schools, student loans for medical school in the Caribbean are less plentiful. And of the available loans, it can take longer to get funds.

Here’s how to apply for student loans if you’re attending a Caribbean medical school:

1. Verify that your school participates in federal student loan programs: Check with your college’s medical school, not the general office. Some colleges participate in the federal student loan program but not for medical school. 
2. Complete the Free Application for Federal Student Aid (FAFSA). The FAFSA will help you determine how much federal student loan money or grants you have available. Do this as soon as possible—the earliest you can fill out the FAFSA is October 1 for the next school year. 
3. Shop for private student loans: If you still have a balance left over on your account after you’ve exhausted your free financial aid and federal student loans—or if you’re eligible for federal Grad PLUS loans, which have higher rates and origination fees than Direct Unsubsidized Loans, check your eligibility and interest rate with as many private student loan lenders as possible.
4. Apply for a private student loan: Once you’ve found the loan with the best features and the lowest rate, apply. Sometimes, you may need a cosigner if you have poor or insufficient credit—two common scenarios for medical students.

In general, the process to apply for student loans for medical school in the Caribbean is the same as for an American medical school, except you’ll want to start the process as early as possible and verify your eligibility more carefully.

FAQ

How much does it cost to study medicine in the Caribbean?

The cost of studying medicine in the Caribbean can vary depending on the school and program. On average, tuition fees range from $15,000 to $25,000 per semester, with the program’s total cost often spanning four to five years, ranging from $80,000 to $250,000. 

In addition to tuition, students must budget for additional costs such as books and supplies, which can amount to $3,000 per year, housing that ranges from $500 to $2,000 per month, and other living expenses estimated at $300 to $1,000 per month.

Can I get a private loan to study abroad?

Yes, it is possible to obtain private loans to study abroad. Sallie Mae is our top-rated lender that offers loans for Caribbean medical school. 

Some lenders require a U.S. cosigner, but others may offer loans without one. Interest rates and terms can vary based on the lender and the borrower’s creditworthiness, with terms ranging from five to 20 years. The application process often involves providing proof of enrollment, the cost of attendance, and possibly a credit check.

Do you need private loans for medical school?

Whether you need private loans for medical school depends on several factors, including your personal financial situation. You might not need a loan if you have significant savings or financial support from your family. It’s also important to look for scholarships and grants to reduce the need for loans. 

U.S. students may be eligible for federal loans with fixed interest rates and better repayment terms than private loans. Comparing the total cost of attendance, including tuition, and living expenses, with your available resources will help determine whether a loan is necessary.

Recap of student loans for medical school in the Caribbean  

Lender	Best for	LendEDU rating
Sallie Mae	Cosigners	4.8/5