Students enrolled in dental, medical, pharmacy and certain other disciplines may be eligible for a Residency/Relocation Loan.
- Residency loans are private or alternative student loans that are for expenses related to travel, interviews and relocating for a residency or internship.
- Students can generally apply one year prior to graduation and up to one year after graduation.
- Please note that students are not limited to the lenders listed on this page.
- Students are encouraged to refer to their lender for specific eligibility requirements and terms.
What is a private student loan?
- A private or alternative student loan is a credit-based supplemental education loan made by private lenders to help “fill the gap” between your cost of attendance (COA) and what the Financial Aid Office can award.
- Students may be required to apply with a creditworthy co-borrower.
- The interest rate is generally variable and based on the student's credit (and co-borrower's credit if required). Therefore, the student's interest rate could be higher than for federal student loans.
- Most alternative student loans require certification by the Financial Aid Office so that students do not borrow more than their cost of attendance.
- The Financial Aid Office can help students determine the amount of alternative student loan that they could request.
Will my credit be considered?
- Yes, students and co-borrowers (if required) must meet the lender’s established minimum credit criteria.
- Lenders may consider a number of factors when determining loan eligibility such as credit-worthiness and debt-to-income ratio.
- Students and co-borrowers can obtain a copy of their credit report from any of these major credit reporting agencies:
How to Evaluate and Choose a Lender
Choosing a good lender will ensure that the entire loan process goes more smoothly, from application to that final payment. You'll want to compare the following aspects of lender services when deciding which lender to choose:
Interest rates, fees and terms:
- How is the interest rate calculated?
- Can I get a better interest rate by applying with a co-signer?
- Are there any additional fees for this loan?
- What are the terms of the loan?
Customer service:
- Can I reach a live operator quickly to check on the status of my loan during hours convenient for me?
Loan application processes:
- Can I apply online?
- Is instant loan approval offered?
Repaying your loan:
- How soon after graduation or dropping below half-time status do I have to start repaying the loan?
- Does the lender offer deferment or forbearance options while I’m in school and after graduation?
Early payment:
- Are there any penalties for paying off the loan early?
Repayment plans:
- What repayment plans and options are available?
Repayment incentives:
- What incentives does the lender offer for borrowers who pay on time or make loan payments electronically?
Lenders:
- Students seeking a loan to cover residency, relocation or board exams must initiate the process by contacting the lender of their choice.
- If the lender requires the school to certify enrollment or expected participation in a residency or internship program, please contact the Financial Aid Office.
- Funds will be sent directly to the student.
Below is a list of Residency and Relocation Loan lenders used by students at the univesity over the past academic year. We encourage you to utilize the information in the "How To Evaluate And Choose A Lender" section above when selecting your lender. Please note that you are not limited to the lenders listed below. Contact your lender for specific eligibility requirements and terms and use the university school code 004508-00 on your application.