NEWARK, Del.--(BUSINESS WIRE)--Months of suspense will end for more than 43,000 medical students across the country this Friday — Match Day 2018 — when they find out from the National Resident Matching Program where they will spend their residency. For some, this next step in their training will require a move, and for students who need help covering the associated costs, 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 residency-related expenses that may not be covered by federal student loan programs. This loan offers variable interest rates ranging from 4.55 to 10.88 percent annual percentage rate, and a repayment term of up to 20 years. There are no origination fees, disbursement fees, or prepayment penalties.
In addition, Sallie Mae’s Medical Residency and Relocation Loan offers the following benefits:
- Immediate access to funds. Amounts from $1,000 to $20,000 may be borrowed, and funds are disbursed directly to students upon loan approval.
- A lower interest rate with auto-debit. Students can reduce their interest rate by 0.25 percentage points when they enroll to make their scheduled monthly payments electronically.
- Payment options. Students are not required to make full principal and interest payments until their grace period ends, which is 36 months after graduation for students enrolled at least half time, and nine months for students who leave school or attend less than half time. Students can reduce the overall cost of their loan by choosing to make payments while in school or during the grace period.
- Budget flexibility. Customers may request to make interest-only payments during the first 24 or 48 months of the repayment period, which begins when the grace period ends.
- Free credit score. Customers have free access to their quarterly FICO® Credit Scores, along with information about factors that affect credit scores.
“While Match Day answers one big question, it can raise others. If the resident-to-be now faces the prospect of finding a new place to live, moving, and incurring unplanned-for expenses, Sallie Mae can help,” said Kelly Christiano senior vice president, Sallie Mae. “The Sallie Mae Medical Residency and Relocation Loan offers competitive rates, attractive features, and responsible financing that can alleviate ‘how will I pay for all of this’ pressures and let the student focus on adjusting to and meeting the demands of this new phase of his or her training.”
In addition to the Medical Residency and Relocation Loan, Sallie Mae offers competitively-priced financing for graduate school students, including the Sallie Mae Medical School Loan and the Sallie Mae Dental School Loan. Both loans offer a 20-year repayment term, an additional 48 months of deferment during residency or fellowship, and generous grace periods. There are no origination or pre-payment penalties, and financing is available for up to 100 percent of the school-certified cost of attendance.
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 information about Sallie Mae’s graduate school loans, 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.