Residency cost loans

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joaquin13

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I wanted to know how everyone was going about financing their the residency interview costs, etc. I checked out the Medloans, and am a little concerned b/c it says that the loan requires you to show proof all funds go toward residency costs. Sounds a little time-consuming to me. Anyone know anything about this?

Thanks for your help!

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joaquin13 said:
I wanted to know how everyone was going about financing their the residency interview costs, etc. I checked out the Medloans, and am a little concerned b/c it says that the loan requires you to show proof all funds go toward residency costs. Sounds a little time-consuming to me. Anyone know anything about this?

Thanks for your help!


I was considering applying for the loan through T.H.E. and I didn't notice any proof required. If it does I won't apply for it since I plan on using the $$ as a down payment on a house!
 
jeff2005 said:
I was considering applying for the loan through T.H.E. and I didn't notice any proof required. If it does I won't apply for it since I plan on using the $$ as a down payment on a house!


I got the THE residency relocation loan (10K) earlier this year and have already blown most of it (vacation, golf clubs, casino, etc.) Never saw anywhere about proof of where you use it and dont really care...I dont think that is a high priority crime if you know what I mean, at least I hope not. Iam also about to get another 5K or so through medfunds resiency relocation loan, **** it, whats another 5K on top of 130K?
 
At our school we use the Medloans MedEx loans to finance extra money -- although application and processing are done outside of the school...

anyway, the interest rate is pretty good for an unsecured loan -- and although the loan specifies it is to be used for residency application, interview and relocation expenses, they do not require any proof of how you used the funds.h
 
Yeah, I was looking at the medex loan and it has a part that says certification, and it requires proof that you used the money on residency costs?!

Anyone had to deal with that?
What about the BankOne Education loan?
 
according to the terms of Medex "You will be required to certify that you will use the funds only for expenses associated with interviewing for residency programs and relocating to the area in which you will undergo training." This certification statement is a part of the promissary note that you sign -- there is no documentation required other than your signature. From my reading of the terms of the agreement, you just need to promise that is what you are using it for. Obviously everyone can read it differently, but, I have spoken to others who have used it and you don't need documents - just to certify...but please fund yourself however you want (just not using a credit card please!)
 
oh ok...i didn't know you only had to sign something. i was going to use it MAINLy for residency costs...but if I had extra, I do have some credit card debt I would like to pay off....

Anyone know anything about the T.H.E. loan vs Medex? I am horrible with loans and that type of thing...just wanted advice.
 
I took out Medex last year in March of my 4th year and used the $$$ (12k)for a down payment on a house, moving and having a little extra green in the bank account until residency paychecks started coming in - which can be the end of July (If you're like me, the loan money from med school ran out in mid May).

If you go this route, get the $$$ earllier than later, as if you're using it for a house purchase, it needs to be in the bank for at least 60 days to "season" - so get it and forget about it (easier said than done!).
 
So there's no rule against taking out two relocation loans? Say Medloans and T.H.E.?
 
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