NEWARK, Del.--(BUSINESS WIRE)--For the tens of thousands of students about to graduate from medical school, months of anxiety-filled waiting will end today in “Match Day” ceremonies. That’s when the National Resident Matching Program reveals its 2015 results and students at medical schools across the country find out where they will be spending their residencies.
Some of these students will be assigned to residencies that are close to home, but others will need to move hundreds or thousands of miles away. Since most residencies begin in June or July, those who need to relocate will have only a few months to find housing, make arrangements to move, and figure out how to pay for the associated costs.
Available to health profession students in their final year of medical, dental, or veterinary school, the Residency and Relocation Loan by Sallie Mae 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. The Residency and Relocation Loan has no origination or disbursement fees and offers a variable rate, which ranges from 3.21 percent to 9.62 percent APR based on the one month LIBOR index.
“The intense pressures on new medical residents are compounded by the stress of having to relocate and adjust to new surroundings in a very short timeframe,” said Charlie Rocha, senior vice president, Sallie Mae. “The competitive rates and attractive features of a Residency and Relocation Loan from Sallie Mae can help our future doctors have one less thing to worry about as they begin this next phase of their training.”
In addition to competitive interest rates and no origination or disbursement fees, the Residency and Relocation Loan by Sallie Mae offers the following benefits:
- Free credit score: Customers have free access to their FICO® Credit Score on a quarterly basis, along with information about factors that affect credit scores and why monitoring credit scores is important. Sallie Mae is the only national private student lender to offer this benefit.
- Immediate access to funds: Funds are disbursed directly to students upon loan approval.
- Payment flexibility: Students may defer payments while they are in school, as long as they are enrolled at least half time. Repayment begins three years after graduation, or nine months after the student leaves school, or when the student drops to less than half-time status. In addition, there are no prepayment penalties.
- A better rate with auto-pay: Customers can reduce their interest rate by 0.25 percentage points by enrolling in the automatic electronic payment option. Customers can also join Upromise by Sallie Mae, a free service that applies rewards from eligible everyday purchases toward paying down a student loan.
When it comes to paying for college, Sallie Mae recommends that families follow its 1-2-3 approach: first, maximize money that does not need to be repaid, such as scholarships and grants; second, explore federal student loans; and third, consider a responsible private education loan.
For more information on the Residency and Relocation Loan by Sallie Mae visit www.salliemae.com/medical.
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, insurance, 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.