Residency Relocation Loans
Some lenders offer private loans for residency interviewing and relocation costs. While minimizing your student loan debt is important, such loans are generally better alternatives to credit cards. These are consumer, not education loans and therefore do not require certification of financial eligibility by the Office of Financial Aid. Please contact lenders for terms before borrowing.
| | UMassFive College
Federal Credit Union
800-852-8556 | SallieMae
888-272-5543 | Graduate Leverage
Medical Relocation Loan
877-844-9580 |
Loan Limits | Up to $15,000 | Up to $15,000 | Up to $20,000 |
| Interest Rate | Prime + % rate based on credit rating | Monthly Libor Rate + % based on credit rating | 3-mo LIBOR + % rate based on credit rating |
| Fees | 0% | 0% | 0%-6% |
| Interest Capitalization | Annual | Once at deferments and again at repayment | Annual |
| Repayment Terms | Up to 15 years | Up to 20 years Excluding deferment and forbearance periods | Up to 15 years |
Deferment Options | Throughout residency | Up to 36 months | Up to 84 months (while in resident status) |
Borrower Benefits | Eligible for a 0.25% interest rate reduction for automatic payment from a UMass5 draft account | Eligible for a 0.25% interest rate reduction for automatic payment. | Eligible for a 0.25% interest rate reduction for automatic payment. |
All terms and conditions subject to promissory note of each program. Applicants are advised to contact the lender for specific and up-to-date terms and conditions. These loans require a separate application. Please contact the lenders to receive an application or apply online.