NEWARK, Del.--(BUSINESS WIRE)--September marks the beginning of the 2019 residency application cycle, where thousands of fourth-year medical students travel hundreds of miles and collectively spend millions of dollars to interview for a coveted residency position. For those aspiring doctors who need assistance covering the various residency interview-related costs, the Sallie Mae® Medical Residency and Relocation Loan can be a responsible and affordable option.
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 residency interview applications, United States Medical Licensing Examination (USMLE) transcripts, and travel expenses including airfare, hotel and transportation, trip delays and cancellation fees, interview attire and other residency-related expenses that may not be covered by federal student loan programs.
The loan offers competitive, variable interest rates and a repayment term of up to 20 years. There are no origination fees, disbursement fees, or prepayment penalties. Additionally, this loan is not tied to cost of attendance and is disbursed directly to the customer.
Customers 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.
In addition, Sallie Mae’s Medical Residency and Relocation Loan offers the following benefits:
Fast access to funds. Amounts from $1,000 to $20,000 may be borrowed, and funds are disbursed directly to customers upon loan approval.
Repayment 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.
“Residency interviews are a hallmark of the match process, however, the costs associated with applying to residency programs and traveling around the country for interviews can add up quickly,” said Kelly Christiano, senior vice president, Sallie Mae. “The Sallie Mae Medical Residency and Relocation Loan can be a responsible and cost-effective option for future doctors to cover a variety of expenses.”
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, generous grace periods, and no origination fees or prepayment penalties.
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) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to help make college happen and offer products and resources to help customers make new goals and experiences, beyond college, possible. 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.