Residency Loans
What are Student Aid Centers residency loans?
Student Aid Centers recognizes that medical school is expensive. They also recognize that, when you're in medical school, you have other costs - including those associated with your internship and residency. Residency loans help you to finance the costs associated with traveling for interviews and relocation - costs that are not covered with traditional medical school funding.
What are the benefits of residency loans from Student Aid Centers?
When you apply for residency loans from the Student Aid Centers, you will be able to appreciate all of the same benefits that apply to our medical school loans. You'll find competitive interest rates that ensure you get the money you need at the best rate possible. You'll find that there are no hidden fees. And, of course, you'll be able to take advantage of a simple application process, fast approval and fast financing.
Who can apply for residency loans?
In order to apply for residency loans from Student Aid Centers, you must be in your last year of medical school - a graduate student in a degree program. You must be enrolled in school at least half-time and attend an approved school. Call one of your student loan counselors to determine whether or not you are enrolled at an eligible school.
Need Help? Have Questions?
Contact one of our Private Residency Loan
Counselors now at 1-888-9-GRADLOAN
or 1-888-947-2356
How much can you borrow in residency loans?
| Degree
Program
|
Cumulative
Loan Amount |
Limits for
Each Academic Year |
| Medical
School |
$1,500 -
$225,000 |
Cost of
attendance minus other aid |
| Residency
Loans |
$1,500 -
$15,000 |
A one-time
loan |
| All
Others |
$1,500 -
$120,000 |
Cost of
attendance minus other
aid |
How does your credit rating affects residency loans.
Your credit rating does have an affect on your residency loans. Those borrowers with the highest credit ratings will find that there are lower costs associated with their loans - as will less qualified applicants who apply with a qualified co-signer.
In order to be approved for residency loans, you must be a credit-ready or credit-worthy applicant. Credit-ready applicants will need to meet certain credit requirements and be either a US citizen or permanent resident who has lived in the United States for the past two years.
Credit-worthy applicants (and co-signers)must:
Have been employed for at least two years or have been self-employed or in business for at least 2 years;
Have proof of their current income;
Have established at least 21 months of a satisfactory credit history;
Meet US residency requirements - be U.S. citizens or permanent residents who have lived in the United States for the past 2 years; and,
Have lived in their current resident for at least one year.
Need Help? Have Questions?
Contact one of our Private Residency Loan
Counselors now at 1-888-9-GRADLOAN
or 1-888-947-2356
Can international students apply for residency loans?
International students
are able to apply for residency loans from Student Aid Centers, but they must apply with a qualified co-signer. In addition, international students must be able to provide student visas or other required documentation along with their application.
Repaying your residency loans.
Though repaying your residency loans might be on your mind, Student Aid Centers doesn't want it to be your priority. As a result, while you are in school and while you are in your residency, both the principal and interest payments on your residency loans will be deferred.
And, to make repaying your residency loans even easier, you will find that you can prepay without penalty, make low monthly payments and extend your repayment period for your residency and medical school loans up to 20 years.
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