Graduation Loans

For Fourth Year Medical Students and First Years Residents (Within 12 Months of Graduation)

A 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 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 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 by getting 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).2 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. 3

- No Payments required for 36 months after graduation2
- 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

       

Want to know more?

Call 855-209-7465 or Apply Now

       

Rates & Terms

Interest Rates

  • - Variable rates: 5.69% APR to 11.22% APR.2
  • - Fixed rates: 5.93% APR to 10.19% APR.2
  • - Lowest rates shown include the auto debit discount.

Loan Limits

  • - Students can borrow from $1,000 up to $30,000

Fees

  • - No origination fee
  • - No repayment fee

Repayment Terms

  • - No payments required while you're in school 2
  • - No prepayment penalty1
  • - Repayment begins three years after graduation or nine months after leaving school or dropping to less than half-time status 2
  • - 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.3

       

Eligibility

Residency and Relocation Loans are for students 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. Students 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. This loan is subject to credit approval, identity verification, and signed loan documents. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., graduate from, or attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

       

Borrowing 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.

       

Want to know more?

Call 855-209-7465 or Apply Now

       

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.

Residency and Relocation Loans are for students 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. Students 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. This loan is subject to credit approval, identity verification, and signed loan documents. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., graduate from, or attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

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. Advertised APRs for Residency and Relocation Loans assume a $30,000 loan disbursed at the time of student's graduation from school. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when the funds are sent to you. For those who graduate, the grace period is 36 months. For those who withdrawal or whose attendance falls below half-time status, the grace period is 9 months. Once principal and interest repayment begins, any Unpaid Interest will be added to Current Principal, increasing the Total Loan Cost. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount 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. It may be suspended during forbearance or deferment.

3. 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  October 25, 2022. 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.

© 2022 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.      

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