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The Residency and Relocation Loan® from Sallie Mae®

With the Residency and Relocation Loan from Sallie Mae®, you can finance the costs associated with finding a medical, dental, veterinary or podiatry residency.

Special Features/Benefits

  • Competitive starting variable interest rates — 5.51% APR - 11.78% APR
  • No origination fee and no prepayment penalty
  • Pay now or later — The Residency and Relocation Loan gives you the flexibility to defer payments while you are in school at least half the time and for three years after graduation
  • Free financial literacy tools and resources, including access to quarterly FICO® Credit Scores for both borrowers and cosigners
  • Benefit: Earn a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit

Applying with a creditworthy cosigner may help you qualify. Borrowers may apply to release their cosigner from the loan after they graduate, make 12 on-time principal and interest payments, and meet certain credit requirements. Releasing the cosigner will not adversely impact the rate on your loan.


  • You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents who are attending or have attended participating schools located outside the U.S. are also eligible.
  • You must be enrolled at least half time in your final year of study at a participating allopathic, osteopathic, dental, veterinary medicine, or podiatric school located in the U.S., or have graduated from one within the past 12 months.
  • You must have been awarded or expect to be awarded the M.D., D.O., D.D.S., D.M.D., D.V.M., V.M.D., or D.P.M. degree during the same academic program year that you are applying.
  • Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Interest is charged starting at disbursement, while in school and during the applicable grace period of either 36 months after graduation or nine months after withdrawal from school or attendance falling below half-time status. When you start paying principal and interest, any Unpaid Interest will be added to Current Principal, increasing your Total Loan Cost. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $20,000 loan disbursed at the time of student's graduation from school.

Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

Borrowers and cosigners who have an available FICO® Score and a Sallie Mae loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data, and is the same score that Sallie Mae uses, along with other information, to manage your account. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

Borrower or cosigner must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month, and may therefore be suspended during a forbearance or deferment period.

Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually, and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: open bankruptcy, open foreclosure, student loan(s) in default or 90 day delinquencies in the last 24 months. Requirements are subject to change.

To participate in the Sallie Mae Residency and Relocation Loan program, veterinary medical schools are required to be accredited by the American Veterinary Medical Association, dental schools are required to be accredited by the American Dental Association, medical schools are required to be accredited by the Liaison Committee on Medical Education or the American Osteopathic Association's Commission on Osteopathic College Accreditation, and podiatric schools are required to be accredited by the Council on Podiatric Medical Education..


Information advertised valid as of 1/10/2019.

Sallie Mae Residency and Relocation Loans are intended to cover expenses not included in your school's cost of attendance.

Residency and Relocation Loans are made by Sallie Mae Bank or a lender partner.