Medical Residency and Relocation Loan
Cover residency and relocation expenses
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 0.25 percentage points 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 fee.
- No repayment fee.
- No payments required while you're in school.
- No prepayment penalty.
- Repayment begins three years after graduation or nine months after leaving school or dropping to less than half-time status.
- Request to make monthly interest payments for the first two or four years, followed by principal and interest payments for the remainder of the term or make monthly principal and interest payments for the full repayment term.
- 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, 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.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.
Get help deciding which loan is right for you.
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A cosigner can really pay off
Applying with a creditworthy cosigner may result in a lower interest rate.
Cosigner release available
You may apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments and meet certain credit requirements.