Residency/Relocation Loans

Residency/Relocation Loans

Take advice from prior medical students - The Match process can be very expensive!  You may need to consider an additional loan to cover miscellaneous costs such as airline travel, gas, hotels, dry-cleaning, airport food, etc.  These residency/relocation loans are considered a private loan for students in their final year of medical school to help with expenses associated with finding a residency, including travel to interviews and relocation costs that is not covered by a federal student loan.

Many private lenders offer additional loans for residency interviewing and relocation costs. While minimizing your student loan debt is important, such loans are generally preferable to credit cards. These loans do not require certification of financial eligibility.

If you have not exhausted all of your Federal loan eligibility it is recommended that you do so before borrowing from the Residency/Relocation Loan.  


Loan Program

Phone Number

Minimum/Maximum Loan Amount

Sallie Mae

Medical School Loans and Relocation


$1000 - $20,000

Wells Fargo


MedCap – XTRA Loan


$1000 - $15,000

Things to consider when selecting a loan program:

  • Loan Availability
  • Interest index:  PRIME or LIBOR rate
  • Length of deferment during residency
  • Origination and supplemental fees
  • Length of repayment
  • Whether you have a prior borrowing relationship with the lender already

Things to know about a residency/relocation loan:

  • Credit-based – require clean credit
  • Charge higher interest rates than Stafford loans
  • Interest rates change quarterly, typically with high or no interest rate caps
  • Typically have higher origination and processing fees than federal loans
  • Accrue interest immediately, although payments can be delayed for 3-5 years after graduation.