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Medical Residency and Relocation Loan

 

Fifth Third Bank is pleased to offer the Residency and Relocation Loan which is a private loan for students in their final year of medical school. The Residency and Relocation Loan can help with expenses associated with finding a residency, including travel to interviews and relocation costs, which are not covered by federal student loan programs.

Student borrowers - Apply now

Eligibility

  • You must be a U.S. citizen or permanent resident or a foreign borrower applying with a creditworthy U.S. citizen or permanent resident and U.S. Citizenship and Immigration Service (USCIS) documents. Foreign borrowers must be attending U.S. medical schools.
  • You must be enrolled in your final year of study at an allopathic or osteopathic school of medicine and a select group of veterinary schools*
  • You must expect to be awarded the M.D., D.O., or D.V.M. degree during the same academic program year that you are applying for the Residency & Relocation Loan
  • You must have no student loans that are delinquent or in default
  • You must meet current credit and other eligibility criterial.

Benefits

  • Pricing that rewards creditworthy borrowers.
  • Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
  • Borrowers may apply for a cosigner release after successful completion of their education.1
  • A 0.25 percentage point interest rate reduction is available for automatic debit.2

Features

  • Easy online application with fast credit decision and electronic signature ("eSign") available.
  • 24/7 online account management.
  • There is no prepayment penalty.

Loan terms

Loan limits

You may borrow a minimum of $1,000 up to a maximum of $15,000.

Interest rate

  • Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
  • The Residency and Relocation Loan has interest rates that reward good credit. Interest rates are variable and are reset monthly based on the one-month LIBOR Index.

Fees

  • Disbursement fees range from 0% to 4%.
  • No repayment fee.

Repayment

  • Flexible repayment options are available.
  • Prepay your loan at any time without penalty.

Legal

* To participate in the Fifth Third Residency and Relocation Loan program, veterinary medical schools are required to be accredited by the American Veterinary Medical Association.

1To qualify, borrower must make 24 consecutive on-time principle and interest payments, be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed.

2 Recurring payment must be successfully deducted from designated account for rate reduction to apply. Benefit suspended during forbearances and deferments.

Fifth Third Residency & Relocation Loans are intended to cover expenses not included in your school's cost of attendance.

Residency & Relocation Loans are funded by Fifth Third Bank.

Information advertised valid as of 8/27/2012.

FIFTH THIRD BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BORROWER BENEFITS (INCLUDING INTEREST RATE REDUCTIONS), AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE FIFTH THIRD EDUCATION LENDING WEB SITE CLOSE TO THEIR LOAN APPLICATION DATE, AND AGAIN PRIOR TO DISBURSEMENT, TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES, AND BORROWER BENEFITS.

Fifth Third Bank, Member FDIC. Equal Housing Lender