Residency and Relocation Expenses

Residency and Relocation Loans

Residency and relocation loans can be utilized to help pay for travel costs associated with residency interviews, and relocation-related expenses.

Residency and relocation loans do not require school certification, Therefore,  you no longer need to submit Cost of Attendance appeals, save receipts, and compile expenses to increase your cost of attendance to apply for additional loan funds.

Below is a chart of residency/relocation loans you may select. Further information about each loan can be found on the ELM Select portal.

Sallie Mae Residency and Relocation Loan 

 

 Fees:
None

Rates:
6.52%-12% (Fixed)
3.03%-9.92% (Variable)

Borrowing Limits:
$1,000 – $20,000

Repayment:
Begins 36 months after graduation.

Aggregate Borrowing Limits:
Sallie Mae Residency and Relocation Loan has no aggregate borrowing limit.
Discover Residency Loan

Fees:
None

Rates:
6.74%-8.74% (Fixed)
5.24%-7.99% (Variable)

Borrowing Limits:
$1,000 – $18,000

Repayment:
Payments are deferred while attending school,
up to 5 years during residency or during your nine month grace period.

Aggregate Borrowing Limits:
Students can apply for the Discover Residency Loan if they have already borrowed less than $325,000 from all educational loan sources.
Citizens Bank Student Loan for Medical Residency

Fees:
None

Rates:
6.74%-8.74% (Fixed)
5.24%-7.99% (Variable)

Borrowing Limits:
$1,000 – $20,000

Repayment:
Payments are deferred while attending school. Repayment of 5 or 10 years, after six month grace period.

Aggregate Borrowing Limits:
Students can apply for the Citizens Bank Student Loan for Medical Residency Loan if they have already borrowed less than $350,000 from all educational loan sources.
PNC Solution Loan for Health Professions Residency

Fees:
None

Rates:
4.90%-10.90% (Fixed)
6.29%-12.29% (Variable)

Borrowing Limits:
$1,000 – $15,000

Repayment:
Repayment may begin immediately or can be deferred during residency (up to four years).

Aggregate Borrowing Limits:
Students can apply for the PNC Solution Loan for Health Professions Residency if they have already borrowed less than $225,000 from all educational loan sources.

 

Should you borrow a residency and relocation loan for your expenses?

The AAMC’s Residency and Relocation Loan: Borrow or Not to Borrow article is a great resource to help aid in your decision.

 

Low Cost Interview Accommodation Options

The Host-A-Student Program is a great way for students to save money when traveling for residency interviews and the Step 2 exam. Visit their website to apply for the program

Airbnb and 9Flats are possible options to find lower cost accommodations while traveling.

 

Student Financial Services and Housing Resources provides accommodation information solely as a courtesy. Boston University does not endorse any companies and accepts no responsibility for the accuracy or reliability of listings. Contact with the persons and companies must be conducted independently, and at your own risk

 

Once in Residency

Should you take residency loan deferral options? Please review the AAMC’s Postponing Loan Repayments During Residency article for helpful tips.