NEWARK, Del.--(BUSINESS WIRE)--This year, medical students will have another reason to celebrate on St. Patrick’s Day, because March 17 is also “Match Day,” when future doctors learn which hospitals officially accepted them into their residency programs. For those students who may need to cover costs associated with residency, including relocation, Sallie Mae – the nation’s saving, planning, and paying for college company – offers a Medical Residency and Relocation Loan.
Available to students in their final year of medical, dental, podiatry, or veterinary school, Sallie Mae’s Medical Residency and Relocation Loan can be used to help pay for travel, moving, board examinations, and other related expenses which may not be covered by federal student loan programs. This loan has no origination or disbursement fees, no prepayment penalties, and offers a variable interest rate, with starting rates ranging from 3.82 to 10.19 percent APR.
In addition, the Medical Residency and Relocation Loan offers the following benefits:
- Immediate access to funds. Funds are disbursed directly to students upon loan approval.
- A better rate with auto-debit. Students can reduce their interest rate by 0.25 percentage points by making scheduled monthly payments via Sallie Mae’s automatic electronic payment option.
- Payment flexibility. Students may defer principal and interest payments while enrolled in school at least half-time and during the grace period, which is three years after a student graduates or nine months if a student leaves school or drops to less than half-time status. Once in repayment, students can also request lower, interest-only payments for the first two or four years.
- Free credit score. Students have free access to their FICO® Credit Score on a quarterly basis, along with information about factors that affect credit scores.
“Med students may be wearing green and hoping for a little extra luck this ‘Match Day,’ but when it comes to financing a potentially costly relocation, Sallie Mae has what could be their pot of gold,” said Kelly Christiano, senior vice president, Sallie Mae. “The Sallie Mae Medical Residency and Relocation Loan offers competitive rates and responsible financing for students to help alleviate the pressure of a move as they make the pivotal transition from student to doctor.”
In addition to the Medical Residency and Relocation Loan, Sallie Mae offers competitive financing options for all graduate students. The Smart Option Student Loan for Graduate Students is available for students seeking a medical degree or other graduate program, such as a master’s, doctorate, legal, dental, or veterinary degree. Sallie Mae’s Smart Option Student Loan for Graduate Students offers fixed and variable interest rates, choice of repayment options, and no origination fees or prepayment penalties. Graduate students may qualify for variable rates starting from 2.87 to 7.86 percent APR or fixed rates of 5.74 to 8.56 percent APR.
For more information or to apply online for Sallie Mae’s Medical Residency and Relocation Loan, visit salliemae.com/medical, or start the application process by calling Sallie Mae at 877-279-7172.
For more tips, tools, and resources that can help students and families save, plan, and pay for college, visit SallieMae.com.
Sallie Mae (Nasdaq: SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.