News Release Details

NEWARK, Del.--(BUSINESS WIRE)--Today is Match Day, the day when tens of thousands of medical students experience their own form of “March Madness,” as they learn where they will spend their residency. For those future doctors who may be relocating for their residency and need assistance paying for it, Sallie Mae offers a Medical Residency and Relocation Loan.

Available to students in their final year of medical, dental, podiatry, or veterinary school, Sallie Mae’s Medical Residency and Relocation Loan can be used to help pay for travel, moving, board examinations, and other residency-related expenses that may not be covered by federal student loan programs. This loan offers competitive, variable interest rates and a repayment term of up to 20 years. There are no origination fees, disbursement fees, or prepayment penalties.

In addition, Sallie Mae’s Medical Residency and Relocation Loan offers the following benefits:

• Fast access to funds. Amounts from $1,000 to $20,000 may be borrowed, and funds are disbursed directly to customers upon loan approval.
• Multiple repayment options. Customers are not required to make full principal and interest payments until their grace period ends, which is 36 months after graduation for students enrolled at least half time, and nine months for students who leave school or attend less than half time. Students can reduce the overall cost of their loan by choosing to make payments while in school or during the grace period.
• Budget flexibility. Customers may request to make interest-only payments during the first 24 or 48 months of the repayment period, which begins when the grace period ends.
• Free credit score. Customers have free access to their quarterly FICO^® Credit Scores, along with information about factors that affect credit scores.

“Match Day is arguably one of the most important and life-defining days for our future doctors. Whether they match in their hometown or a different time zone, the journey to residency can be both exciting and stressful,” said Kelly Christiano, senior vice president, Sallie Mae. “The Sallie Mae Medical Residency and Relocation Loan offers an easy and responsible option for handling costs associated with residency.”

In addition to the Medical Residency and Relocation Loan, Sallie Mae offers competitively priced financing for graduate school students, including the Sallie Mae Medical School Loan and the Sallie Mae Dental School Loan. Both loans offer a 20-year repayment term, an additional 48 months of deferment during residency or fellowship, and generous grace periods, and no origination fees or prepayment penalties.

For more information or to apply online for Sallie Mae’s Medical Residency and Relocation Loan, visit SallieMae.com/Medical, or start the application process by calling Sallie Mae at 877-279-7172.

For more information about Sallie Mae’s graduate school loans, visit SallieMae.com.

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, free scholarship search tools, free college financial planning tools, 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.