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Residency and Relocation Loan |
The Residency Loan is a private loan designed to assist you with the expenses associated with your interview and relocation process. Most lenders require similar criteria for student eligibility:
- be enrolled in the final year of medical school at an eligible school and will receive their graduate medical degree during the same academic school year as the loan;
- acknowledges that the funds from the loan will only be used to cover the expenses associated with their residency program, including the cost of interviewing for their residency program and the cost of relocating to the area where their residency training will occur;
- is a citizen or national of the U.S. or a permanent resident without conditions and with proper evidence of eligibility;
- a cosigner may be required;
- is not currently or has not been in default on any of their educational loans;
- meets the lender’s established credit criteria for the Residency and Relocation Loan;
- agrees to the terms of the Application and Promissory Note;
- total education debt, including this type of loan, does not exceed the lender’s current program limits;
- has not and will not receive other loan funds from any other similar loan program for the purpose of covering expenses associated with their residency and relocation.
Some lenders also require a student to have a current or existing borrowing relationship through the lender already established.
Depending on the lender, some Residency and Relocation Loans have a 36 to 57 month grace period before repayment must begin.
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Below is information on Residency & Relocation Loans used by some QCOM students:
Sallie Mae - minimum of $1,000 up to a maximum of $20,000
Wells Fargo - MedCAP Xtra Loan - $1,000 - $15,000 for residency interview and relocation expenses (up to $5,000 for interview travel and $10,000 for relocation)
General Information:
Students interested in applying for these loans should read the fine print, making sure they want to sign a 20-year repayment agreement with the lender. Students should follow the instructions listed by their lender. The QCOM Registrar must verify 4th-year enrollment before submitting an application to your lender. Once approved, funds will be mailed directly to the address listed the application. The Office of Financial Services is not directly involved in this particular loan process. Any questions should be directed to your lender of choice.