Residency Loans

Started by ys
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ys

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I was wondering if loans were available for residents that did not have to be repaid till after residency. Any input would be greatly appreciated. I had posted this on the FA thread, did not get any response.
 
How do you plan on using this loan? Med school allowed loans, because the loan was for education... I think if you don't have tuition to pay, the kind of loan you're looking for is credit card loan...or mortgage, or home equity loan...
 
ys said:
I was wondering if loans were available for residents that did not have to be repaid till after residency. Any input would be greatly appreciated. I had posted this on the FA thread, did not get any response.
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There are private loans available, do a search on the web - sallie mae will allow consolidation of private loans beginning at the end of May with the postponed repayment option.
 
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ys said:
I was wondering if loans were available for residents that did not have to be repaid till after residency. Any input would be greatly appreciated. I had posted this on the FA thread, did not get any response.
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Yes. Here are the list of institutions that hook you up with loans up to 15K that are deferred thru residency.

Keybank (up to 15K): http://www.key.com/html/H-1.33.b7.html

Citibank (up to 12K): http://www.studentloan.com/slcsite/fr_chealth.asp

Salliemae(up to 12K) (also known as medex residency relocation loan):
http://www.aamc.org/students/medloans/students/medex.htm

All these cats will lend you a combined 39K even though you already matched. You can borrow from more than one bank and do whatever you please with the cash. They don't care even though they say they do.

Beware the interest rates can be high as in 8% but if you are smart, you ain't gonna way until the end of residency to pay them back.


Hope that helps,

Happy borrowing.
 
toughlife said:
Beware the interest rates can be high as in 8% but if you are smart, you ain't gonna way until the end of residency to pay them back.


Hope that helps,

Happy borrowing.
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Or even higher! I unfortunately didn't shop around enough and got one at 9.5%. Needless to say, it's the one I'm paying off first, and I've learned my lesson. It's worth it to put a little extra time into research before you commit!
 
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