Residency and Relocation Loans | Office of Financial Aid & Scholarships

Residency and relocation can be expensive, with costs like travel, hotel stays, interview fees, and moving expenses adding up quickly. Residency and relocation loans are private loans specifically designed for medical students in their final year to cover these types of expenses. Learn more about these from the AAMC on their website. Key points to consider:

Private Loan Characteristics

These loans do not require certification of financial need from your school, meaning they are strictly between you and the lender. Your eligibility and interest rates depend on your creditworthiness or that of your co-signer.

Recommendation

Exhaust all federal loan options before considering a private residency and relocation loan, as federal loans typically offer more favorable terms, including fixed interest rates and flexible repayment options.

Comparison Shopping

Compare different lenders’ loan terms, interest rates, fees, and repayment options before deciding. This will help you make an informed decision and avoid unexpected costs in the future.