Apply for a residency and relocation loan today and keep the best residencies within reach. The Medical Residency & Relocation Loan can help with expenses associated with finding a residency, including travel to interviews and relocation costs that are not covered by federal student loan programs.*
- Competitive rates
- Prepay your loan at any time without penalty
- No payments required while you're in school1
- No origination or repayment fees2
- Generous loan limits: Students can borrow from $1,000 up to $20,000
- Convenience of 24/7 online account management
- Students may apply for cosigner release after successful completion of their education and making 24 consecutive on-time principal and interest payments3
- You're in control: All disbursements made directly to you
- Rates are variable, and range from LIBOR + 3.00% (3.21% APR) to LIBOR + 11.88% (11.56% APR)4
- Get a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit5
- Repayment begins three years after graduation or nine months after leaving school or dropping to less than half-time status1
- You must be a U.S. citizen or permanent resident or a foreign borrower applying with a creditworthy U.S. citizen or permanent resident and U.S. Citizenship and Immigration Service (USCIS) documents. Foreign borrowers must be attending U.S. medical schools.
- You must be enrolled in your final year of study at an allopathic or osteopathic school of medicine and a select group of veterinary schools*
- You must expect to be awarded the M.D., D.O., or D.V.M. degree during the same academic program year that you are applying for the Residency & Relocation Loan
- You must have no student loans that are delinquent or in default
- You must meet current credit and other eligibility criteria
Medical Residency and Relocation Loans are funded by Fifth Third Bank.
Residency & Relocation Loans are intended to cover expenses not included in your school's cost of attendance.
* To participate in the Fifth Third Residency and Relocation Loan program, veterinary medical schools are required to be accredited by the American Veterinary Medical Association.
1 Interest is charged while you are in school and during the 36-month grace period. Any interest that remains unpaid when you enter full repayment will be added to your loan balance.
2 Origination fees mean application or disbursement fees.
3 To qualify, borrower must make 24 consecutive on-time principal and interest payments, be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed.
4 Variable rates may increase after consummation.
5 Recurring payment must be successfully deducted from designated account for rate reduction to apply. Benefit suspended during forbearances and certain deferments.
Fifth Third Residency & Relocation Loans are intended to cover expenses not included in your school's cost of attendance.
Information advertised valid as of 6/25/2013.
Residency & Relocation Loan is a registered service mark of Sallie Mae, Inc. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America. © 2013 Sallie Mae, Inc. All rights reserved.
FIFTH THIRD BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BORROWER BENEFITS AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK www.53studentloans.com CLOSE TO THEIR LOAN APPLICATION DATE AND AGAIN PRIOR TO DISBURSEMENT TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES, AND BORROWER BENEFITS.