Residency Relocation Loans

[toogood1]

Can anyone give any insight about these. I hear the interest rate is pretty high. Do most people take advantage of these?

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[Nerdoscience]

Most places that do student loans also have special deals for these. The rates are higher than federal loans, but lower than most other loans. At least, mine was. It's a one-shot loan. Many schools have deals with certain lenders.

 

[toothless rufus]

Wow, I thought the program paid for your move. I am less stupid now.

 

[Winged Scapula]

Wow, I thought the program paid for your move. I am less stupid now.

NO....things don't start to be paid for until you search for an attending job. THEN your airfare, meals, hotels, etc will be paid for, and when you accept a job they have a relocation allowance.

Until then, all residency and fellowship moves are on YOU.

 

[yaah]

There are a few programs (mostly in certain specialties in certain cities) that provide money for moving expenses (when I was applying, a couple of boston programs did this for path residents), but it isn't that common for just residency and I wouldn't count on it for certain.

 

[Jalopycat]

T.H.E. Loans offers a $12,000 interview/relocation loan for people who already have their student loans with them. It has a 4 year grace period and I think the rate last year was around 8%. I did this last year because I needed some quick money, although now the thought of letting that loan sit for 4 years without payment is starting to bug me. Still though, it's nice they don't come calling for the money right after graduation.

 

[mmed]

There are a few programs (mostly in certain specialties in certain cities) that provide money for moving expenses (when I was applying, a couple of boston programs did this for path residents), but it isn't that common for just residency and I wouldn't count on it for certain.

New Mexico (Pathology) pays you up to $2500 for moving expenses.

 

[VuDOo]

Until then, all residency and fellowship moves are on YOU.

That's not always the case. Most FM programs give a relocation allowance.

 

[TheWowEffect]

I already have a residency loan with TERI which isn't too bad. I am planning to get another one but "TERI will give only one in a lifetime."

Does any one know of any other resources?

Any info on student loan network or gradloans? Are they authentic enough to be trusted?

 

[Winged Scapula]

That's not always the case. Most FM programs give a relocation allowance.

Thank you - I stand corrected. Most SURGICAL residencies and fellowships do not offer relocation allowances.

 

[wadoc]

Here is a pdf my financial aid person (who is awesome) put together for us. I'm not sure if the attachment will work, but it has info on four different loans, including up to $15k. Her opinion was the KeyBank one was best because you can decide how fast you want to pay it off. The pdf has hotlinks on it to each of the financial groups' websites. Hope this helps!

W

 

[Stimulate]

I borrowed from Citibank and although convenient they constantly raise my interest rates. Initially my rate was like 5.5% or something like that, now it is up to 8.75% with no end in sight.

You may want to consider finding a fixed rate loan or at least one with a cap on the interest rate. Mine doesn't have a cap and thus it will be the first loan I pay off once I start rollin'.