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 fees
- 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 12 consecutive on-time principal and interest payments2
- You're in control: All disbursements are made directly to you
- Rates are variable, and range from LIBOR + 3% (APR: 3.21%) to LIBOR + 9.75% (APR: 9.62%)1
- Get a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit3
- 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 cosigner who is a U.S. citizen or permanent resident and present U.S. Citizenship and Immigration Service (USCIS) documents. Foreign borrowers must be attending a school located in the U.S.
- You must be enrolled in your final year of study at an allopathic, osteopathic school, or veterinary medicine school.
- You must expect to be awarded the M.D., D.O., D.V.M or V.M.D degree during the same academic program year that you are applying for the Residency & Relocation Loan
- 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 and medical schools are required to be accredited by the Liaison Committee on Medical Education or the American Osteopathic Association's Commission on Osteopathic College Accreditation.
1 Variable rates may increase after consummation. Interest is charged while you are in school and during the applicable separation period of either 36 months after graduation or 9 months after withdraw from school or attendance falling below half-time status. Any interest that remains unpaid when you enter full repayment will be added to your loan balance.
2 Only the borrower may apply for cosigner release. The borrower must provide proof of successful completion of school, be a U.S. citizen or permanent resident, be current and have made 12 consecutive on-time payments of principal and interest immediately before applying, and pass a credit check including income verification when the release request is processed.
3 The rate reduction benefit applies only if the recurring payment is successfully deducted from the designated account and is suspended during forbearances and certain deferments. For multi-party loans, only one party may enroll in auto debit.
Information advertised valid as of 3/25/2014.
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. © 2014 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.