Fourth year students may find it necessary to borrow additional loans for residency relocation and travel expenses. Residency Relocation loans are available to fourth year medical students to borrow 180 days before or up to 180 days after graduation and do not have to be certified by the financial aid office.
There are many different loan programs and options to choose from. However, you must pay close attention to the terms of each loan, as some loans have variable interest rates and different repayment terms. Below is a chart of some of the residency relocation loans available to fourth year students.
Please view the websites of each loan to verify the terms with the lender prior to borrowing as they are subject to change.
| Loan | Fees | Rates | Borrowing Limits | Repayment |
|---|---|---|---|---|
| Sallie Mae Residency/Relocation Loan | None | 4.91% - 11.22% APR | $1,000 - $20,000 | Begins 36 months after graduation. |
| Discover Medical Residency and Relocation Loan | None | 4.99% - 8.74% (Variable) 6.49% - 9.99% (Fixed) | $1,000 - $18,000 | Payments are deferred while attending school, up to 5 years during residency or during your nine month grace period. |
| Wells Fargo MedCAP-XTRA Loan | None | 8.85% - 9.07% (Variable) 9.53%- 9.76% (Fixed) | $1,000 - $15,000 for residency interview and relocation. | 6 months after you leave medical school. |
| The PNC Solution Loan for Health Professions Residency | None | 4.9% - 10.9% (Variable) 6.29% - 12.29% (Fixed) Fixed interest rates range from 7.39%-13.79% | $1,000 - $15,000 | Repayment may begin immediately or can be deferred during residency (up to four years). |