A Personal Loan of Up To $30,000 for 4th Year Medical Students and 1st Year Residents*
The Sallie Mae® Medical Residency and Relocation Loan
IMPORTANT – PLEASE READ
This personal loan is a loan of up to $30,000 that is available to 4th year medical students and 1st year residents.*
This loan can be used to cover costs associated with taking board examinations, traveling or interview, and moving for your residency.
If you are past 1st year residency and are in need of a personal loan – we have other programs available. Request to learn about other loan options here.
If you are about to graduate and think you may need additional funds during the summer between graduation and your first residency paycheck, this loan provides a great solution. You can take control of your money; the loan is sent directly to you. There is no origination fee or penalty for paying off your loan before its due date.1 You can also lower your total student loan cost; get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.2
As a first year resident, you may realize the expense of relocation and setting up in a new city has depleted your resources. With this loan, you can defer your principal and interest payments while you’re enrolled at least half-time and during your grace period (three years after you graduate or nine months if you leave school or drop to less than half-time status).3 You can also request lower, interest-only payments for the first two or four years of repayment. After that, you’ll make principal and interest payments for the rest of the loan repayment term. 4
- No Payments required for 36 months after graduation3
- Competitive Interest Rates
- You're in control of your funds — all disbursements are made directly to you
- No Application Fee - No Origination Fee - No Disbursement Fee
- Prepay your loan at any time without penalty1
- Easy online application—about 15 minutes is all you need
Rates & Terms
- Variable rates: 2.90% APR to 9.51% APR.3
- Fixed rates: 6.52% APR to 12.00% APR.3
- Lowest rates shown include the auto debit discount.
- Students can borrow from $1,000 up to $30,000
- No origination fee
- No repayment fee
- No payments required while you’re in school 3
- No prepayment penalty1
- Repayment begins three years after graduation or nine months after leaving school or dropping to less than half-time status 3
- Request to make monthly interest payments for the first two or four years of repayment, followed by principal and interest payments for the remainder of the term or make monthly principal and interest payments for the full repayment term.4
This information is for borrowers who are pursuing or have received a M.D., D.O., D.D.S., D.M.D., D.P.M., D.V.M., or V.M.D. degree. Borrowers must be enrolled at least half time in their final year of study at a participating allopathic, osteopathic, podiatric, dental or veterinary medicine school, or have graduated from one within the past 12 months. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo I.D. to verify identity. Applications are subject to a requested minimum amount of $1,000. Current credit and other eligibility criteria apply.
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.
TERMS & CONDITIONS
To participate in the 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 in Podiatric Medical Education.
*This information is for borrowers who are pursuing or have received a M.D., D.O., D.D.S., D.M.D., D.P.M., D.V.M., or V.M.D. degree. Borrowers must be enrolled at least half time in their final year of study at a participating allopathic, osteopathic, podiatric, dental or veterinary medicine school, or have graduated from one within the past 12 months. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who
must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo I.D. to verify identity. Applications are subject to a requested minimum amount of $1,000. Current credit and other eligibility criteria apply.
1. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note – first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
2. Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction. This 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 be suspended during periods of forbearance or deferment, if available for the loan.
3. Interest charged throughout the life of the loan – beginning with disbursement, during school, throughout the applicable grace period, and ending when the loan is paid in full. For those who graduate, the grace period is 36 months. For those who withdraw or whose attendance falls below half-time status, the grace period is 9 months. Once principal and interest interest repayment begins, any Unpaid Interest will be added to Current Principal, increasing the 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.
4. Requests must be received in writing. Interest Only payments will not extend the loan term, but they will increase the Total Loan Cost. Plus, monthly payments following the Interest Only ones will be higher than they would have been otherwise.
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.
Information advertised valid as of February 25, 2021.
PhysicianLoans is not the creditor for these loans and is compensated by Sallie Mae for the referral of Residency and Relocation Loan customers.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
© 2021 Sallie Mae Bank. All rights reserved.
Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.