For the tens of thousands of students about to graduate from medical
school, months of anxiety-filled waiting will end today in “Match Day”
ceremonies. That’s when the National Resident Matching Program reveals
its 2015 results and students at medical schools across the country find
out where they will be spending their residencies.
Some of these students will be assigned to residencies that are close to
home, but others will need to move hundreds or thousands of miles away.
Since most residencies begin in June or July, those who need to relocate
will have only a few months to find housing, make arrangements to move,
and figure out how to pay for the associated costs.
Available to health profession students in their final year of medical,
dental, or veterinary school, the Residency
and Relocation Loan by Sallie Mae can be used to help pay for
travel, moving, board examinations and other related expenses which may
not be covered by federal student loan programs. The Residency and
Relocation Loan has no origination or disbursement fees and offers a
variable rate, which ranges from 3.21 percent to 9.62 percent APR based
on the one month LIBOR index.
“The intense pressures on new medical residents are compounded by the
stress of having to relocate and adjust to new surroundings in a very
short timeframe,” said Charlie Rocha, senior vice president, Sallie Mae.
“The competitive rates and attractive features of a Residency and
Relocation Loan from Sallie Mae can help our future doctors have one
less thing to worry about as they begin this next phase of their
training.”
In addition to competitive interest rates and no origination or
disbursement fees, the Residency and Relocation Loan by Sallie Mae
offers the following benefits:
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Free credit score: Customers have free access to their FICO®
Credit Score on a quarterly basis, along with information about
factors that affect credit scores and why monitoring credit scores is
important. Sallie Mae is the only national private student lender to
offer this benefit.
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Immediate access to funds: Funds are disbursed directly to
students upon loan approval.
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Payment flexibility: Students may defer
payments while they are in school, as long as they are enrolled at
least half time. Repayment begins three years after graduation, or
nine months after the student leaves school, or when the student drops
to less than half-time status. In addition, there are no prepayment
penalties.
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A better rate with auto-pay:
Customers can reduce their interest rate by 0.25 percentage points by
enrolling in the automatic electronic payment option. Customers can
also join Upromise
by Sallie Mae, a free service that applies rewards from eligible
everyday purchases toward paying down a student loan.
When it comes to paying for college, Sallie Mae recommends that families
follow its 1-2-3 approach: first, maximize money that does not need to
be repaid, such as scholarships and grants; second, explore federal
student loans; and third, consider a responsible private education loan.
For more information on the Residency and Relocation Loan by Sallie Mae
visit www.salliemae.com/medical.
Sallie Mae (NASDAQ: SLM) is the nation’s saving, planning, and
paying for college company. Whether college is a long way off or just
around the corner, Sallie Mae offers products that promote responsible
personal finance including private education loans, Upromise rewards,
scholarship search, college financial planning tools, insurance, and
online retail banking. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.
Copyright Business Wire 2015