{"id":12283,"date":"2019-06-12T13:34:17","date_gmt":"2019-06-12T17:34:17","guid":{"rendered":"https:\/\/www.bumc.bu.edu\/osfs\/?page_id=12283"},"modified":"2026-04-16T10:31:39","modified_gmt":"2026-04-16T14:31:39","slug":"residency-and-relocation-expenses","status":"publish","type":"page","link":"https:\/\/www.bumc.bu.edu\/osfs\/applying-for-aid\/residency-and-relocation-expenses\/","title":{"rendered":"Residency and Relocation Expenses"},"content":{"rendered":"

Residency and Relocation Loans<\/strong><\/h3>\n

Residency and relocation loans can be utilized to help pay for travel costs associated with residency interviews, and relocation-related expenses.<\/p>\n

Residency and relocation loans do not require school certification. For these expenses, you will not submit a Cost of Attendance appeal in order to be eligible for additional loan funds. You will instead apply directly to the private lenders offering these loans.<\/span><\/span><\/p>\n

Below is a chart of residency\/relocation loans you may select. Further information about each loan can be found on the\u00a0Credible portal<\/a>.<\/p>\n\n\n\n\n\n\n
Sallie Mae Residency and Relocation Loan\u00a0<\/strong><\/a><\/p>\n

 <\/td>\n

Rates:<\/strong><\/span>
\n6.52%-12.00% (Fixed)
\n3.03%-9.62% (Variable)<\/p>\n

Borrowing Limits:<\/strong><\/span>
\n$1,000 – $30,000<\/p>\n

Repayment:<\/strong><\/span>
\nBegins 48 months after graduation.<\/p>\n

Aggregate Borrowing Limits:<\/strong><\/span>
\n$30,000<\/td>\n<\/tr>\n

Panacea PRN Personal Loans for 4th Year Medical Students<\/a><\/strong><\/td>\nRates:<\/strong><\/span>
\n12.36%-13.37% (Fixed)<\/p>\n

Borrowing Limits:<\/strong><\/span>
\n$1,000 \u2013 $15,000<\/p>\n

Repayment:<\/strong><\/span>
\nRepayment begins one year after borrowing. Reduced payments during training. No cosigner needed. Soft credit pull that will not affect credit score. Only available for U.S. citizens and permanent residents.\u00a0<\/em><\/span><\/p>\n

Aggregate Borrowing Limits:<\/strong><\/span>
\nNo aggregate borrowing limits.<\/td>\n<\/tr>\n

Panacea PRN Personal Loans for Dental Students<\/a><\/strong><\/td>\nRates:<\/strong><\/span>
\n12.36%-13.37% (Fixed) \u2013 4th year Dental Students
\n12.00%-14.00% (Fixed) \u2013\u00a0 Dental Residents & Grad Students<\/p>\n

Borrowing Limits:<\/strong><\/span>
\n$1,000 \u2013 $15,000 \u2013 4th year Dental Students<\/p>\n

$1,000 \u2013 $30,000 \u2013\u00a0 Dental Residents & Grad Students<\/p>\n

Repayment:<\/strong><\/span>
\nRepayment begins one year after borrowing. Reduced payments during training. No cosigner needed. Soft credit pull that will not affect credit score. Only available for U.S. citizens and permanent residents.\u00a0<\/em><\/span><\/p>\n

Aggregate Borrowing Limits:<\/strong><\/span>
\nNo aggregate borrowing limits.<\/td>\n<\/tr>\n

ADA Credit Union DentaFlex Line of Credit<\/strong><\/a><\/td>\nRates:
\n<\/strong><\/span><\/span>8.00-18.00% (Fixed)<\/p>\n

Borrowing Limits:<\/strong><\/span>
\n$500 \u2013 $25,000\u00a0 – Third and Fourth Year Dental Students<\/p>\n

Repayment:<\/strong><\/span>
\nDuring the first 24 months following account opening, monthly payments will consist of interest only. After the promotional period ends, monthly payments will be calculated as 1.5% of the outstanding balance or $25, whichever is greater. Payment amounts may vary based on changes in the account balance and applicable interest rate.<\/span><\/p>\n

Aggregate Borrowing Limits:<\/strong><\/span>
\n$25,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/h3>\n

Should you borrow a residency and relocation loan for your expenses?<\/h3>\n

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

 <\/p>\n

Low Cost Interview Accommodation\u00a0Options<\/h3>\n

The Host-A-Student Program<\/a> 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<\/span><\/p>\n

Airbnb<\/a> and 9Flats<\/a> are possible options to find lower cost accommodations while traveling.<\/p>\n

 <\/p>\n

Student Financial Support 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<\/em><\/p>\n

 <\/p>\n

Once in Residency<\/h3>\n

Should you take residency loan deferral options? Please review the AAMC’s Postponing Loan Repayments During Residency<\/a> article for helpful tips.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. For these expenses, you will not submit a Cost of Attendance appeal in order to be eligible for additional loan funds. You […]<\/p>\n","protected":false},"author":13751,"featured_media":0,"parent":11379,"menu_order":8,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/pages\/12283"}],"collection":[{"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/users\/13751"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/comments?post=12283"}],"version-history":[{"count":50,"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/pages\/12283\/revisions"}],"predecessor-version":[{"id":16044,"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/pages\/12283\/revisions\/16044"}],"up":[{"embeddable":true,"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/pages\/11379"}],"wp:attachment":[{"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/media?parent=12283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}