Medical Residency and Relocation Loan
Cover residency and relocation expenses with medical school loans
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 may not be 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 a 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.
- Rates are variable, and range from % APR to % 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 a permanent resident or a Non-U.S. citizen borrower who is attending or has attended a school located in the U.S. applying with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation.
- You must be enrolled in your final year of study at an allopathic, osteopathic, dental, veterinary medicine, or podiatric school 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 for the Residency and Relocation Loan.
- You must meet current credit and other eligibility criteria. Applications are subject to a requested minimum loan amount of $1,000.
Get help deciding which loan is right for you.
Call us at (877) 279-7172(877) 279-7172
Manage your loan
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.
Cosigner release available
After graduation a borrower may apply for their cosigner to be released from the loan once they have made 12 consecutive, on-time principal and interest payments and meet certain credit requirements.