Residency Relocation Loans

Some lenders offer private loans for residency interviewing and relocation costs. While minimizing your student loan debt is important, such loans are generally better alternatives to credit cards. These are consumer, not education loans and therefore do not require certification of financial eligibility by the Office of Financial Aid. Please contact lenders for terms before borrowing.

 

UMassFive College
Federal Credit Union
800-852-8556

SallieMae
888-272-5543

Graduate Leverage
Medical Relocation Loan
877-844-9580

Loan Limits

Up to $15,000Up to $20,000Up to $20,000
Interest RatePrime + % rate based on credit ratingMonthly Libor Rate + % based on credit rating3-mo LIBOR + % rate based on credit rating
Fees0%0%0%-6%
Interest CapitalizationAnnualOnce at deferments and again at repaymentAnnual
Repayment TermsUp to 15 yearsUp to 20 years

Excluding deferment and forbearance periods

Up to 15 years

Deferment Options

Throughout residency

Up to 36 months

Up to 84 months (while in resident status)

Borrower Benefits

Eligible for a 0.25% interest rate reduction for automatic payment from a UMass5 draft account

Eligible for a 0.25% interest rate reduction for automatic payment.

 

Eligible for a 0.25% interest rate reduction for automatic payment.

 

All terms and conditions subject to promissory note of each program. Applicants are advised to contact the lender for specific and up-to-date terms and conditions. These loans require a separate application. Please contact the lenders to receive an application or apply online.