American citizen, foreign medical graduate

[joeeey]

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Hello, everyone it is good to be part of this group.

I had a question, about financial aid, i am recent medical graduate from the far east, i had paid all of my med school on my own, have cleared my usmle step1, my question is, am i eligble for any federal loans or any other type of loans? i am going for the 2005 match and i will need some finacial assitance for all the travel and lodging expenses during interviews, i have a very good credit standing and have previous under graduate loans which are in good standing as well. Could some one please guide me in the right direction. My Med school does not have financail aid office like they do here in the US.

 

[mpp]

There are no federal loans that I know of for what you describe, but most of the major lenders for students (which include the major American banks like Bank of America, Citibank, Wells Fargo, etc.) offer residency loans that you can take out usually 9 months before you graduate to help pay for these expenses. Check their websites for details and applications.

 

[joeeey]

thanks alot mpp, there has to be some federal aid for students who are in the same situation as i am. what citi bank and american express people offer is credit cards if i had the money i wouldn't need a credit card, as you know that you have to make payments to the credit card people which i can not afford to make rightnow. Can you give me some web site or contact so i can call them myself and inquire more about?

I thank you so much mpp, you are of great help

 

[mpp]

No, I don't mean credit cards. For example, Bank of America has the Maximizer Loan for Residency and other banks have similar loans for up-and-coming medical school graduates.

There is no federal aid that I know of for anything except tuition and associated living expenses.

 

[zoolander]

Access Group had a good one for $10K, one time before residency (called relocation or something like that) and not requiring a co-signer. I got it fall of 4th year for apps (which were $$) and needed most.

The amt might have gone up by now- the only downside is the interest rate. Not particularly bad, maybe 7% or so based on the LIBOR, but definitely higher than consolidation loans at around 3%. Payments were based on 10-year terms, w/ forebearance options and all that. It's been fine but I can't wait to get rid of it.