Medical Residency & Relocation Loan®

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.

Key Benefits
Rates & Terms
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  • 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

Interest rates

  • 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 Terms

  • Repayment begins three years after graduation or nine months after leaving school or dropping to less than half-time status1

Eligibility

  • 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.

To apply for a student loan:

Fill out our easy and secure online application. It will only take about 15 minutes to complete.

Or call:
Fifth Third Education Hotline: 1-800-222-7192

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Medical Residency and Relocation Loans are funded by Fifth Third Bank. Loans are subject to credit review and approval.

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 grace period of either 36 months after graduation or 9 months after withdrawl 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, provide proof of income and pass a credit check when the release request is processed.

3 Borrower or cosigner must enroll in auto debit through Sallie Mae. 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 9/25/2014.

Residency & Relocation Loan is a service mark or registered service mark of Sallie Mae Bank. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America. © 2014 Sallie Mae Bank. 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.