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Residency/Residency Relocation Loans

Residency/Residency Relocation loan programs give graduating School of Medicine and School of Dentistry students access to low cost private funds to help finance residency interview expenses and residency relocation. Per federal regulations, these expenses are not included in your financial aid budget and are not aid eligible expenses.  

Listed below are three lenders with residency loan programs. Please consider these programs before using credit cards to finance residency relocation. These loans have much better interest rates and repayment options. Apply for these loans before accumulating credit card debt.

NOTE: You must provide the lender a letter from the School of Medicine, Office of Admissions and Student Affairs (AA-2040) stating your projected graduation date and your intent to pursue a residency.

Residency Loan - Citibank - for residency and residency relocation expenses

• no fees
• Interest rate: Prime  plus 0.50% interest rate -  variable rate loan
• $12,000 max
• up to 4 years of in-school deferment
• up to 4 years of residency deferment
• terms: up to 25 years 
• web site to apply:
  http://studentloan.citibank.com/slcsite/citiassist/chealth.asp

Residency & Relocation Loan - Nellie Mae - for residency and residency relocation expenses

• Fees:
  - Guarantee fee without a co-borrower 6%
  - Guarantee fee with a co-borrower 2%
• Interest rate: Prime  minus  0.50% interest rate -  monthly variable rate loan
• $10,000 max
• terms: up to 20 years 
• in-school deferment
• residency deferment possible
• web site to apply:
  http://www.nelliemae.com/loancenter/

Medex Loans – MedLoans

• Fees:
  - Origination Fee 1.5%
  - Supplemental fee at repayment 0% to 6%
• Interest rate:
  - Before Repayment: Prime + 0%
  - In Repayment: Prime + .025% up to Prime 1%
• $10,000 max
• terms: up to 20 years
• repayment begins 3 years after graduation
• web site to apply:
  http://www.aamc.org/students/medloans/start.htm

Terms subject to change by lenders. Be sure to read the terms before signing the note. Other lenders may also have "Residency Loans" or similar products. Please feel free to research all lenders on the internet.  Using lenders you have Stafford loans with can improve your chances for approval of these types of alternative loans.
 

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Information for Current Students | Medical College of Georgia
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osfa@mcg.edu

June 28, 2007