How do I qualify for a medical residency and relocation loan?

This loan is available to students enrolled at least half-time in their final year of study at a participating institution or who have graduated from one in the last 12 months. To qualify for a medical residency and relocation loan, you’ll need to provide proof of residency or internship, such as a match letter

Sallie Mae® Medical Residency and Relocation Loan

Borrow up to $30,000 to cover board examination fees, travel, and moving expenses for your medical residency

Apply for this loan

Fixed rates

6.40% APR

to 11.89% APR^{footnote 1}

Variable rates

7.23% APR

to 12.67% APR^{footnote 1}

Lowest rate shown includes the auto debit discount. Only the most credit-worthy applicants may receive the lowest rate.

When you have expenses that may not be covered by federal student loans, get the money you need to help pay for your medical, podiatry, or veterinary residency.

Understanding residency loan payments

Fixed rates: 6.40% – 11.89% APR^{footnote 1}
Lowest rate shown includes auto debit discount. Get predictable monthly payments with a rate that doesn’t change over time.

Variable rates: 7.23% – 12.67% APR^{footnote 1}
Lowest rate shown includes auto debit discount. Your variable interest rate can rise or fall as the market index changes, so your Medical Residency and Relocation Loan payments may vary over time.

Deferred repayment
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).^{footnote 1} While you're in school and in grace, you can still make payments to help lower the total loan cost.

Get budget flexibility

You can request to make lower, interest-only payments for the first two or four years of the repayment period.^{footnote 2} After that, you'll make principal and interest payments for the rest of the loan's repayment term.

Benefit from these Medical Residency and Relocation Loan features

Borrow up to $30,000; the money is sent directly to you.
Lower your total loan cost—get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.^{footnote 3}

Pay no origination fee or penalty for paying off your medical residency loan before its due date.^{footnote 4}
Track your credit health with quarterly FICO® Credit Scores, available online for free to you and your cosigner.^{footnote 5}

Get the money you need for your medical residency

Consider adding a cosigner

Last year, 63% of Residency and Relocation Loan applicants who applied without a cosigner were approved.^{footnote 6} However, consider adding a cosigner if you think you might need help getting approved.Consider a cosigner

You can apply for a cosigner release

You can apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments, and meet certain credit requirements.^{footnote 7}

Find out about cosigner release

If you need money for medical school

A Sallie Mae® Medical School Loan can help you get the money you need to continue your education. Choose a fixed or variable rate type and a repayment option that works best for you.

Learn about the Medical School Loan

Easily apply in 3 steps

Provide some basic info

Give some details about yourself and your school.

Choose the number of disbursements

During the application process you can decide whether you want to receive funds in one disbursement or two.

Choose a delivery date for your funds

You can decide which date in the future you would like us to send you the funds.

Apply for this loan

Frequently asked questions about the Sallie Mae® Residency and Relocation Loan

This loan is available to students enrolled at least half-time in their final year of study at a participating institution or who have graduated from one in the last 12 months. Students must have been awarded, or expect to be awarded, their degree during the same academic year they apply.

Students who are not U.S. citizens or permanent residents must reside 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 to verify their identity.

Residency and relocation loans help cover expenses associated with taking board examinations, traveling for interviews, and moving for residency. This can include airline travel, relocation costs, gas, hotels, dry cleaning, airport food, etc.

Yes, you can apply for additional loans for residency interviewing and relocation costs if you have existing student loan debt. These loans do not require proof of financial eligibility. They are credit-based, meaning the higher your credit score, the lower your rate.

To apply for a medical residency and relocation loan, you’ll need to provide proof of residency or internship, such as a match letter.

The Medical Residency and Relocation Loan can be used for your medical, dental, veterinary, or podiatry residency. There are loan options available for different medical specialties, including the Medical School Loan, Dental School Loan, Health Professionals Graduate Loan, Dental Residency and Relocation Loan, and nursing school loans.

Have questions or need help applying?

Call us at

877-279-7172

Didn't find what you were looking for?

See all graduate student loans

footnote Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

footnote Residency Loans are intended to cover expenses not included in your school's cost of attendance.

footnote To participate in the Residency and Relocation Loan program, 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. Podiatric schools are required to be accredited by the Council on Podiatric Medical Education. Veterinary medical schools are required to be accredited by the American Veterinary Medical Association.

footnote 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.

footnote 1. 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.

footnote 2. Must request interest payments in writing. Choosing this option does not extend the loan term but does increase the Total Loan Cost and the monthly payment amount following the interest-only period.

footnote 3. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. 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. It may be suspended during forbearance or deferment.

footnote 4. 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.

footnote 5. Borrowers and cosigners with an available FICO® Score and a Sallie Mae-serviced loan with a current balance greater than $0, may receive their score monthly after the first loan disbursement. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

footnote 6. Based on a rolling 12-month period from October 1, 2022 through September 30, 2023.

footnote 7. Only the borrower may apply for cosigner release. To do so, they must first meet the age of majority in their state and provide proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if their status has changed since they applied). In the last 12 months, the borrower can’t have been past due on any loans serviced by Sallie Mae for 30 or more days or enrolled in any hardship forbearances or modified repayment programs. In addition, the borrower must have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. The loan can’t be past due when the cosigner release application is processed. The borrower must also demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review when the cosigner release application is processed that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default or 90-day delinquencies in the last 24 months. Requirements are subject to change.

footnote Sallie Mae loans are made by Sallie Mae Bank.

footnote Information advertised valid as of 12/26/2024.

footnote SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.