Residency Interview and Relocation Loans

Fourth year students may find it necessary to borrow additional loans for residency interview and relocation expenses.  You must pay close attention to the terms of each loan, as some loans have variable interest rates and different repayment terms. Below is a chart of some of the residency relocation loans available.  The Medical College of Wisconsin does not recommend or endorse any of the lenders listed below.  We provide the following list as a source of information.  You may also want to search for other lenders that offer similar programs.

Please view the websites of each loan to verify the terms with the lender prior to borrowing as they are subject to change.

Wells Fargo MedCap-Xtra

https://www.wellsfargo.com/student/loans/professional/medcapxtraloan

Fees:  None

Rates:  Variable APR, based on applicant credit rating

Borrowing Limits:  $1,000 - $15,000

Repayment:  Payments do not begin until up to 60 months after graduation

Sallie Mae

https://www.salliemae.com/student-loans/medical-residency-loan/?dtd_cell=SMSCRRSCCAOTN008001

Fees:  None

Rates:  Variable, based on the LIBOR index plus 3% to 11.88%

Borrowing Limits:  $1,000 - $15,000

Repayment:  Begins 36 months after graduation

PNC Bank

http://www.pnconcampus.com/studentloanguide/privateloans/healthprofessionsresidency/default.html

Fees:  None

Rates:  Variable, based on the LIBOR index plus 3.3% to 11%

Borrowing Limits:  $1,000 - $15,000

Repayment:  Begins nine months after graduation but can be deferred up to four years

Citibank CitiAssist

https://www.studentloan.com/privatestudentloans/citiassistresidencyrelocationandreviewloans.htm

Fees:  None

Rates:  Interest is variable, based on applicant credit rating

Borrowing Limits:  $1,000 - $18,000

Repayment:  Begins after nine month grace period, but deferment and/or forbearance options may be available