GradLoans.com Medical Residency/Relocation Loan

What are the benefits of Medical Residency/Relocation Loan program?

After basic schooling you choose your career by choosing any specific field according to your interest and make the professional career in it. The Graduation plays the most important role in it as after graduation, the student is eligible to go for various kinds of competitive examinations and interviews. Those who chosen their career in the field of medicals need finance to do health profession studies. To do this studies student need to get the Graduate Leverage Medical Residency/Relocation Loan.

The Medical Residency/Relocation Loan is made to provide the coverage on expenses related to medical board exam preparation. The traditional financial aid and awards does not generally cover the cost of medical students and new residents. With this loan program you can be the health professional in an allopathic or osteopathic residency program.

The benefits of Medical Residency/Relocation Loan program are:

  1. You can take up to $20,000
  2. 1% interest rate reduction at repayment
  3. 0.25% interest rate reduction for using Automatic repayment deduction from bank account
  4. Up to 15 years repayment term with no pre-payment penalties
  5. Defer payments up to 7 years during residency program
  6. Cosigner release option after 48 consecutive payments
  7. All loans serviced by Graduate Leverage Servicing
  8. You have 24x7 account access with electronic application capacity

Eligibility for Medical Residency/Relocation Loan is:

  1. It is available for all those who pursuing a career as health professional in their final year of medical school and for six months following graduation
  2. If the student is U.S. Citizen then it’s good but if not then he or she must need to have a cosigner who is U.S citizen or permanent resident of U.S.
  3. If you are applying for the loan, your age must be 18 years for all states except Alabama and Nebraska (19 yrs.) and Puerto Rico (21 yrs.). If they don’t match the age that is required then they need a cosigner to help them

The Medical Residency/Relocation Loan is currently taking the interest about LIBOR + 5.0% to 8% i.e. variable rate with the origination fee as 0 to 6% and the APR of 4.27% to 7.66%. GradLoans is the lender who are providing this loan program to all the medical aspirants and making their career on the better way.