Medical Residency & Relocation Loans
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Advisory Services During Medical Residency
GL Advisor is a division of
Graduate Leverage, LLC
  • Helps medical residents manage student loan debt.
  • Conducts an analysis of a resident's financial status and provides recommendations on how to lower the cost of debt.
  • Assists with understanding and utilizing government programs:
    • Income-Based Repayment
    • Public Service Loan Forgiveness
    • Economic Hardship Deferment
    • Federal Loan Consolidation

Get a free personalized assessment that will outline your student loan history and highlight savings opportunities.

www.glAdvisor.com
877-552-9907

Medical Residency & Relocation Loans

Medical Residency & Relocation Loans are available to those pursuing a career as a health professional in a medical residency program. Medical students and new residents often face costs not traditionally covered by financial aid award packages. Residency & Relocation loans will cover expenses related to medical board exam preparation, participating in residency interviews, relocating for residency or other related expenses (e.g. transportation, housing, groceries).

Standard Medical Residency & Relocation Loan Program Eligibility Requirements and Benefits:

  • You must be in your final year of medical school or starting a residency to be eligible
  • Loan limits range from $15,000 - $20,000
  • Some programs offer a 0.25% interest rate reduction when automatic payments are set up to be withdrawn from a personal bank account
  • You may have the option to apply with a cosigner which could lower your interest rate

Additional Information:

  • Medical residency & relocation loan programs are private loans that can have a wide range of interest rates and fees.
  • Typically the interest rate for these programs is based on either the Prime or LIBOR interest rates.  These rates vary over time and can cause changes to the interest rates of these programs.
  • Prime and LIBOR rates have been at unusually low levels since the financial market changes in late 2007 - each is currently between 2% and 3% below its 10 year average.  With the assumption these rates return to historically normal levels, the effective interest rate for loans based on Prime or LIBOR will increase.
  • Eligibility criteria have recently become more stringent. This may require some applicants to apply with a cosigner to qualify for the program.
  • Frequently, lenders disclose the range of the interest rates an applicant might receive (for example "LIBOR index plus a margin of 4% to 10.75 %").  It's important to understand that the interest rate you receive depends on your credit history; only exceptionally qualified applicants receive the lowest rate advertised.

Free Medical Residency Loan Comparison Analysis

Unfortunately, Graduate Leverage is no longer offering medical residency & relocation loans. However, our team of experts will provide detailed information about lenders that offer medical residency & relocation loans. You can sign up to receive a summary of these programs' rates, fees and published APR's by clicking on the 'Sign up' button.

We encourage students to apply for multiple programs as there are differences in eligibility criteria at different credit levels and credit ratings will not be affected by multiple inquiries for the same loan type within a 60 day time period.

If you receive multiple offers, Graduate Leverage can conduct an in-depth analysis of each offer to provide guidance on which program best fits your needs.