Residency and relocation loans are private loans that can assist with fourth-year medical school costs or first-year resident expenses, such as travel to residency interviews and relocation costs. These loans are credit-based, and applicants must be in their final year of medical education or their first year of medical residency. Eligibility requirements will vary by lender.
The Association of American Medical Colleges (AAMC) offers some simple guides to tell you the costs associated with the application process for the residency programs, and to help you determine if borrowing additional funds is in your best interest. Note that your current student budget already includes allowances for miscellaneous expenses such as away rotations, U.S. Medical Licensing Examination (USMLE) expenses, emergencies and other items.
The Cost of Applying for Medical Residency
Residency Relocation Loans: To Borrow or Not to Borrow
Handling Finances During Residency
AAMC MedLoans® Organizer and Calculator
Private Student Loan Resources
Click on the following links to find out more information, apply online or obtain an application.
Other things to consider as you apply to or enter residency programs: