These types of Private Medical School Loans tend to have higher interest rates, so you’ll need to be able to afford the increased monthly payments. When taking out a Private Medical School Loans, it’s important to consider all of the costs involved, not just the interest rate and monthly payments. Hidden fees such as origination charges, late payment penalties, prepayment penalties, and more can significantly inflate the cost of borrowing, so it’s essential to understand them before signing an agreement.