Global Health Residency & Relocation Loan®
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A cosigner can really pay off
A cosigner can help you qualify
Applying with a creditworthy cosigner may give you a better chance of approval.
Easier cosigner release
You can apply to release your cosigner after you graduate and make 12 consecutive, on-time principal and interest payments.
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With the Residency and Relocation Loan from Sallie Mae, you can finance the costs associated with finding a medical residency, including travel to interviews and relocation costs, which are not covered by federal student loan programs. You can also use the loan to cover board examination expenses.
Defer Payments Until After School
- The Residency and Relocation Loan gives you the flexibility to defer payments while you are enrolled at least half time and for three years after graduating school.
Lower Your Interest Rate
- When you enter repayment, you can lower your interest rate by 0.25 percentage point while enrolled to make your scheduled monthly payments by automatic debit.
Cover the Cost of Finding a Residency
- You can borrow as little as $1,000 or as much as $20,000.
Be In Control of Your Funds
- All disbursements are made directly to you.
Enjoy Total Convenience
- 24/7 online account management.
- Easy online application—about 15 minutes is all you need.
Encouraging Responsible Borrowing
Sallie Mae has helped more than 30 million Americans pay for college since 1972. We encourage students and families to supplement their savings by exploring grants, scholarships, federal and state student loans, and to consider the anticipated monthly payments on their total student loan debt and their expected future earnings before considering a private education loan.
- Rates are variable, and range from LIBOR + % (% APR) to LIBOR + % (% APR).
- Get a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.
- Students can borrow from $1,000 up to $20,000.
- No origination fees.
- No repayment fees.
- No payments required while you're in school.
- Flexible repayment options are available.
- No prepayment penalty.
- Repayment begins three years after graduation or nine months after leaving school or dropping to less than half-time status.
- You must be a U.S. citizen or permanent resident or a foreign borrower applying with a creditworthy cosigner who is a U.S. citizen or permanent resident and present U.S. Citizenship and Immigration Service (USCIS) documents. Foreign borrowers must be attending a school located in the U.S.
- You must be enrolled in your final year of study at an allopathic or veterinary medicine school.
- You must expect to be awarded the M.D., V.M.D. or D.V.M. degree during the same academic program year that you are applying for the Residency & Relocation Loan.
- You must meet current credit and other eligibility criteria.