Veterinary Internship/Relocation Loan
The Graduate Leverage Veterinary Internship/Relocation Loan is available to those pursuing a career in veterinary medicine.
Veterinary students and new residents often face costs not traditionally covered by financial aid award packages.
The Veterinary Internship/Relocation loan will cover expenses related to board exam preparation, relocating for an internship
or other related expenses (e.g. housing, transportation).
Benefits:
- Borrow up to $20,000
- 1.0% interest rate reduction at repayment*
- 0.25% interest rate reduction for using ACH**
- Up to 15 year repayment term with no prepayment penalties
- Defer payments up to 7 years during internship/residency program
- Cosigner release option available after 48 consecutive, on-time payments, if applicable
- All loans serviced by Graduate Leverage Servicing
- 24/7 account access.
Eligibility Requirements:
- Available to those pursuing a career in veterinary medicine in their final year of veterinary school and for six months following graduation.
- If the borrower is not a U.S. citizen or permanent resident, a cosigner who is a U.S. citizen or permanent resident will be required.
- If the borrower is the sole applicant, they must be at least 18 years old in all states with the exception of 19 in Alabama & Nebraska and 21 in Puerto Rico. If they do not meet age of majority requirements in their state, a cosigner will be required.
Additional qualifications apply.
Veterinary Internship/Relocation Loan details for the 2009-2010 academic year:
| Loan Type |
Interest Rate |
Fees |
APR |
| Veterinary Internship/Relocation |
LIBOR + 5.0% to 9.0%
(variable rate***) |
0% to 6.0%
Origination Fee*** |
4.39% to 9.33%*** |
Notes and Assumptions
* A 1.0% reduction of the variable rate margin will take effect when the repayment period starts if the borrower continues
to satisfy the credit requirements that he or she met when the loan was approved. However, the variable rate margin reduction
will not apply to periods of deferment or forbearance. The variable rate margin reduction will be permanently forfeited and the
loan will return to the original variable rate margin if the account becomes 30 days past due.
** A 0.25% interest rate reduction is available to borrowers who elect to have monthly principal and interest payments transferred
electronically from a savings or checking account. The interest rate reduction will begin when the automatic principal and interest
payments start, and will remain in effect as long as automatic payments continue without interruptions. This reduced interest rate
will return to contractual interest rate if automatic payments are cancelled, rejected or returned for any reason.
*** APR ranges from 4.39% to 9.33% and is based on the following example: $12,000 disbursement amount, 15.5 months of deferment
(3.5 months of in school deferment followed by 1 year of residency/internship deferment), a 10 year repayment term following the
deferment, a 1% repayment benefit, a constant 1 month LIBOR of .43% as listed on 1/5/09. The 1 month LIBOR is a variable index,
as a result the actual APR of this loan can increase if the LIBOR index increases. Loan program details are subject to change.
Availability, rates and fees may vary based on borrower’s and/or cosigner’s (if applicable) credit history and school.