What Are Your Residency Relocation Loan Options?
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Cost of Relocating for a Medical Residency
Electronic Residency Application Service Fees: You can apply for as many as 10 programs for $99 National Resident Matching Program Standard Applicant Fee: $85 United States Medical Licensing Examination Transcript Access Fee: $70 for 5 transcripts plus $5 for each additional transcript ordered at the same time
What Is a Residency Relocation Loan?
Options for Residency Relocation Loans
Private Student Loans
How Can You Get a Residency Relocation Loan?
If you decide to apply for a private residency and relocation loan, you’ll need to prove that you’re in your final year of medical school or that you’ve graduated in the last 12 months. Typically you must also be a U.S. citizen or a permanent resident. Whether you’re applying for a personal loan or a private residency relocation loan, you will need to meet the lender’s specific requirements. Check the eligibility requirements of any loan you’re considering to make sure you qualify. For any loan you apply for, lenders will do a hard pull on your credit. So beforehand, review your credit report and check for errors. Report any mistakes you find to the credit bureaus. If your credit is not strong, you might want to consider adding a cosigner to your application. A cosigner is a creditworthy person who will assume responsibility for the loan if you fail to make the payments. Having a cosigner could help you qualify and get better interest rates on a loan. Shop around for the best loan rates and terms.
Residency Relocation Loan Payments
Pros of Residency Relocation Loans
Provides funds for securing a medical residency Pays traveling and application expenses May give you access to quick funding Personal loans typically have higher borrowing limits and lower interest rates than credit cards Some private residency relocation loans offered deferred payment options
Cons of Residency Relocation Loans
Increases the amount of debt a borrower has May require a cosigner Monthly payments may be hard to manage, especially if there is no deferment period There may be fees on the loan, such as an origination fee
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