Medical School Loans Residency and Relocation Loan
The Medical School Loans Residency and Relocation Loan is a private loan for students in their final year of medical school. Medical School Loans Residency and Relocation Loan can help with expenses associated with finding a residency, including travel to interviews and relocation costs, which are not covered by federal student loan programs.
Eligibility
- You must be a U.S. citizen or permanent resident or a foreign borrower applying with a creditworthy U.S. citizen or permanent resident.
- You must be enrolled in your final year of study at an allopathic or osteopathic school of medicine.
- You must expect to be awarded the M.D. or D.O. degree during the same academic program year that you are applying for the Medical School Loans Residency and Relocation Loan.
- You must meet current credit criteria.
- You must apply between August 1 and June 15 of the academic year in which you are in the final year of medical school.
Benefits
The Sallie Mae Medical School Loans Residency and Relocation Loan offers a 1.00 percentage point interest rate reduction awarded at repayment.1
Features
- No payments are required while you are in school.2
- You can manage your account online 24/7.
- You get life-of-loan servicing from Sallie Mae.
- You get the convenience of combined billing for all of your Sallie Mae-serviced loans.
- There is no prepayment penalty.
Loan terms
Loan limits
- $1,000 minimum loan amount.
- $25,000 maximum aggregate loan amount.
Interest rate
Interest rates are variable and reset monthly.
Fees
There is no disbursement fee or repayment fee.
Repayment
Repayment begins 36 months after graduation or nine months after the borrower's status has dropped to less than half time.
Legal
1 Interest rate reduction of 1.00 percentage point is available during active repayment for as long as the borrower’s monthly payment is successfully deducted from the borrower’s bank account. Loans eligible for the 1.00 percentage point interest rate reduction benefit must be first disbursed June 1, 2008 through May 31, 2009.
2 Deferring payment while in school and in the grace period will increase the overall loan costs. Unpaid interest that accrues while you are in school and in the grace period will be capitalized (added to your loan amount) at repayment.
Sallie Mae Medical School Loans Residency and Relocation Loans are funded by Sallie Mae Bank® or a Sallie Mae lender partner.
Access to Upromise is not limited to Sallie Mae loan customers. Terms and conditions apply.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AND BORROWER BENEFITS AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN DISBURSEMENT DATE TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING LOAN PROGRAMS, INCLUDING BORROWER BENEFITS.
Subject to the above, borrower benefits are effective for Sallie Mae Medical School Loans Residency and Relocation Loans first disbursed June 1, 2008 through May 31, 2009 and serviced by Sallie Mae.