Medical Residency and Relocation Loan
The Residency and Relocation Loan is a private loan for students in the final year of medical school. The Residency and Relocation Loan can help with expenses associated with finding a residency, including travel to interviews and relocation costs, which are not covered by federal student loan programs.
Eligibility
- International students are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and U.S. Citizenship & Immigration Service (USCIS) documents.
- You must be enrolled in your final year of study at an allopathic or osteopathic school of medicine.
- You must expect to be awarded the M.D. or D.O. degree during the same academic program year that you are applying for
the Residency and Relocation Loan.
- You must have no student loans that are delinquent or in default.
- You must meet current credit and other eligibility criteria.
Benefits
- Pricing that rewards creditworthy borrowers.
- A creditworthy cosigner may help you receive a lower interest rate.
- A 0.25 percentage point interest rate reduction is available for automatic debit.
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Features
- No payments are required while you are in school.2
- 24/7 online account management.
- Combined billing is available for Sallie Mae-serviced student loans.
- There is no prepayment penalty.
Loan terms
Loan limits
You may borrow only one Residency and Relocation Loan; a minimum of $1,000 up to a maximum of $15,000.
Interest rate
- The Residency and Relocation Loan has interest rates that reward good credit. Interest rates are variable and are reset monthly based on the one-month LIBOR Index.
Fees
Repayment
- Flexible repayment options are available.
- Prepay your loan at any time without penalty.
- Repayment begins three years after graduation or nine months after leaving school or dropping to less than half-time
status.2
If you do not have an Social Security Number, download an application for the Medical Residency and Relocation loan:
Is your school in Iowa?
Borrowers who are attending medical school in Iowa should download and print the important notice about your loan below.
Iowa: Instructions for completing the Medical R&R application
Learn how to earn these benefits
Apply for a - Medical Residency and Relocation Loan