When looking for ways in which to pay for your medical hospital stay, you will quickly find that traditional educational loans are not of much help to you.
While completing a residency is required to become a doctor, technically it is not considered an educational expense. Therefore, fourth year medical students may need to seek out medical residency and relocation loans to help fund this chapter of their education.
The good news is that you can find many medical residence and moving loan options. But where should you start your quest to make sure you are getting a good deal? We’ll take a closer look at this in the following article.
What is a medical residence and moving loan?
First, let’s define what medical stay and relocation loans are. This is a unique type of private student loan that can help you cover the cost of becoming a doctor beyond your tuition costs.
You can use the funds received from a medical residence and relocation loan to cover the following costs:
- Residence application fees
- Interview travel expenses
- Moving and shipping costs
- Internship costs
- Textbooks and study guides
- Board Exam Courses and Fees
Most student loan providers do not allow you to borrow money beyond the cost of your traditional schooling. However, it’s easy to see how the outside of the classroom costs can quickly add up on your way to the doctor.
Suppose you’re looking at the upcoming costs of pursuing a residence and wondering how on earth are you going to pay for everything. In that case, a medical residence loan and moving house could be the answer. After all, by the beginning of the next chapter, most medical students don’t have thousands of dollars to cover travel and relocation expenses.
Instead of letting your minimal resources hold you back at this critical point in your career, a medical residence loan and move can help you move forward safely.
Where to find medical residence and moving loans
Convinced that medical stay and relocation loans are worth looking into? Here are the main options that you can use to find a competitive loan that will suit your needs.
Sallie Mae Medical Residency and Moving Loans
Sallie Mae is a recognizable name in the private student loan room. It is therefore not surprising that they would offer loans for medical stays and relocation.
You can borrow up to $ 30,000 through Sallie Mae. The funds can be used to cover many expenses related to your medical stay, including moving expenses, travel expenses, and board examination fees.
These loans can be used for three different types of residences – medicine, podiatry, and veterinary medicine. It will enable many students to find the resources they need through this loan.
Sallie Mae offers competitive pricing. If you choose this loan, you will receive a deferred repayment. You do not have to make any payments during your school days if you are at least halfway enrolled. There is also a grace period of three years after graduation or nine months if you leave school or fall into less than half-time status.
Read our full Sallie Mae review here.
Explore Residency Loans
Discover Residency Loans offer students a no-fee option, which means no application, origin, or late fees get in the way.
This option allows you to borrow up to $ 18,000 for various types of stays including allopathy, dentistry, optometry, osteopathic pharmacy, podiatry, and veterinary medicine. Other students while they are in nursing, occupational therapy, physical therapy, or medical assistants can borrow up to $ 5,000.
To apply, you must be currently enrolled in your senior year of a graduate program or have graduated from medical school in the previous 12 months. Once you take out the loan, you can use it to cover your stay, internship, moving expenses, and board exam fees.
You don’t have to make any payments until nine months after you graduate. The standard repayment period is 20 years.
Read our full report on Discover Student Loans here.
Citizens Medical Residency Loans
Citizens Bank enables students who are mid-term enrolled in their sophomore or later year of medical school to take out medical residency loans. You will also qualify if you graduated within the last 12 months. However, you need to plan to attend a residence after graduation.
The permitted stays include medicine, dentistry, podiatry, veterinary medicine, osteopathy or optometry. You can borrow up to $ 20,000 to cover your living expenses.
Taking out this loan will allow you to defer repayment while you are in school. In addition, you can request an extension of the deferral period by up to 48 months while you are completing your residency program.
Read our full Citizens Bank review here.
Laurel Road personal loans for residents and fellows
Laurel Road offers a unique twist to residential loans. If you are a doctor or dentist within 12 months of completing your education and have a completed contract to practice after graduation, you can borrow up to $ 80,000.
If you don’t have a signed contract during your apprenticeship, you can only borrow between $ 30,000 and $ 45,000, depending on the year of your apprenticeship. For example, if you’re a scholarship holder, you can borrow up to $ 45,000. If you are in your freshman year of education, you can only borrow up to $ 30,000.
When you take out this personal loan as a resident or fellow, you can use the money on almost anything. As a personal loan, you don’t have to use the funds solely for your subsistence expenses. Instead, the funds can also be used for do-it-yourself work or to finance major expenses.
The repayment terms for these loans are between 5 and 7 years. And payments can go up to $ 25 per month. The low monthly payment is a nod to the investment you are making in your financial future.
Check out our full Laurel Road student loan review here.
Should you apply?
As you near the final leg of your medical education, spending may be on the horizon. If you can’t cover these expenses out of pocket, you may need to consider resident medical and moving loans as an option.
Of course, you should do everything in your power to avoid incurring more debt. However, in some cases this may be inevitable.
If you choose to apply for a residence and relocation loan, don’t ask for more than you really need. Take some time to determine the likely cost of your home and move before you decide on an amount to borrow. You won’t want to be prevented from getting a larger loan than you need.
Medical residency and relocation loans can help medical school graduates meet the cost of an important item in their educational trips. If you think taking out any of these loans is right for you, please take the time to research the best rates and terms before signing on the dotted line.