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Medical Resident Loans for Residency
Borrow up to $15,000 to cover expenses of your Medical School Residency program including relocation!
| Resident Loan Program |
Cumulative
Loan Limit |
Limits for each
Academic Year |
|---|---|---|
| Medical Residency and Relocation Loans | $1,500 - $15,000 | One time loan |
| Medicine | $1,500 - $225,000 |
Cost of Attendance
Minus other Aid |
| Medical Boards | $1,500 - $15,000 | One time loan |
| Osteopathic | $1,500 - $130,000 |
Cost of Attendance
Minus other Aid |
Why is the GradLoans Resident Loan for the Residency so unique?
- Fast online approvals
- Low interest rates and fees
- High approval rating
- High annual maximums
- A variety of repayment options (immediate, interest only, or full deferment until you leave school)
- No application fee or out-of-pocket expenses
- You can use this loan to cover any education related expenses, including transportation, computers, books and room and board
- 24/7 online account status access
How do I qualify for a Residency Loan?
- You must be a Medical Resident or in a residency program
- You must be a U.S. Citizen; or Permanent resident with a valid permanent-resident card; or an international student, applying with a U.S. citizen or permanent resident Co-Borrower; or have a U.S. citizen or permanent resident applying on your behalf.
- Be at least 18 years old, or the age of majority in your state;
- Be enrolled at least half time at an eligible institution;
- Meet our criteria for creditworthiness. If you do not meet our criteria, please consider applying with a creditworthy co-borrower.
What is my interest rate going to be?
In school interest rates range:
LIBOR + 4.95% - 7.75%, depending on the credit of you/ your co-signer and the repayment option selected.
Repayment Rates as low as
LIBOR + 5.5% - 7.75%, depending on the credit of you/ your co-signer and the repayment option selected.
Remember, most students need a co-signer. And adding a qualified co-signer usually helps your chances of being approved and receiving the best interest rate.
Choose your reward!
- .25% interest rate reduction if you choose to have your loan payment automatically deducted from your bank account or if you make 48 consecutive on-time payments
What else sets the GradLoans Private Student Loan for Medical Residents apart from the rest?
- Low minimum monthly payment of $50
- Full deferment and forbearance options available while in school, working towards a residency or internship, unemployed or experiencing an economic hardship, serving in the military or needing an administrative forbearance
- 6 month grace period before repayment begins
- Fees as low as 0%
- 20 year repayment for Medical School loan, 15 years for all others
Annual Percentage Rate (APR) and Repayment Example:
If you borrowed $10,000 in a single installment, the 3-month LIBOR remained constant at 3.076% (as of April 1, 2008) and you had a 24-month combined in-school and 6-month grace period with a 240-month repayment period, your possible APR and repayment schedules are shown below. Your annual percentage rate may increase or decrease after consummation.
| Repayment Option | Origination Fee | APR |
In School &
Grace Period |
Repayment Period |
|---|---|---|---|---|
|
Immediate Interest
and Principal Repayment |
0.00% | 8.625% | N/A |
240 payments
of $87.57 |
|
Immediate Interest
and Deferred Principal Repayment |
5.75% | 9.182% |
30 payments
of $70.73 |
240 payments
of $92.92 |
|
Both Deferred
Interest and Principal Repayment |
6.25% | 9.310% | N/A |
240 payments
of $115.97 |
Apply Online or call toll-free 800-926-2716
- Learn more about Stafford loans for Med school by visiting Graduate Stafford Loan information section or you can
- Apply Online - Federal Stafford Loan Application
Federal Consolidation for Medical School Graduates
- Learn more about consolidating your medical school Loans by visiting Student Loan Consolidation Center or you can
- Apply Online - Medical School Consolidation Loan Application
Students Enrolled in Foreign Medical Schools
- International Student Loan Program - www.InternationalStudentLoan.com
- Edvisors Education Directory of Foreign Medical Schools
Edvisors Education Directory of Medical Schools
- Edvisors Education Directory of US Medical Schools
- Edvisors Education Directory of Foreign Medical Schools
Apply Online or call toll-free 800-926-2716
GradLoans Medical School Loans are funded by Doral Bank NY FSB, an Equal Opportunity Lender.
