Discover Student Loans
Discover Student Loans

Residency Loans

Get a student loan for your post-graduate medical residency and internship expenses.

Variable Rates xxx - xxx APR

Fixed Rates  xxx - xxx APR

Residency students outside van window Residency students outside van window Residency students outside van window

Residency costs covered

With our private student loan for residency candidates in medical school, you can cover the cost of your residency, internship, relocation, and board exam review. Our residency and relocation loan can also cover expenses related to veterinary, dental, and other medical residency programs.

 

Discover® Student Loans has you covered

Zero Fees

Zero Fees

That means no application, origination, or late fees.
Auto Debit Reward

Auto Debit Reward

Get a 0.25% interest rate reduction while enrolled in automatic payments.
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Repayment Options

Repayment Options

Choose from in-school or deferred repayment options, and there is never a penalty for prepayment.
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Relax, we make student loans simple

1

Apply in minutes

Start your application on a computer, smartphone or other device, or call us at 1-800-STUDENT.

2

Add a cosigner

Applying with a creditworthy cosigner can improve the likelihood for loan approval and may lower the interest rate.

3

Set your own terms

Choose a fixed or variable interest rate, and select in-school or deferred repayment.

4

Sign and accept

Sign your loan documents electronically and accept your loan terms.

Common Questions

Residency Loan Features

To qualify, you must:

  • Have graduated from medical school within the past 12 months, or be enrolled in your final year of study in a graduate health professions program.
  • Be a US citizen, permanent resident, or international student (International students require a cosigner who is a US Citizen or permanent resident).
  • Be 16 years or older at the time you apply.
  • Pass a credit check.

  • You can borrow up to $18,000 for Allopathy, Dentistry, Optometry, Osteopathy, Pharmacy, Podiatry, and Veterinary Medicine. Aggregate loan limits apply.
  • You can borrow up to $5,000 for Nursing, Occupational Therapy, Physical Therapy, and Physician Assistant. Aggregate loan limits apply.
  • The minimum amount is $1,000 for each loan.
  • We will send funds directly to you via check or electronic deposit to your bank account.

Private student loans are credit based. Students with no credit history or a low credit score may find it difficult to qualify for a private student loan on their own. Students may have the option to apply for a Discover student loan with a creditworthy cosigner. By applying with a creditworthy cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate.

  • A fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts.
  • A variable interest rate may change quarterly during the life of the loan if the rate index changes. This may cause the monthly payment to increase, the number of payments to increase, or both.

The variable rate for student loan applications received on or after November 14, 2021 is based on 3-Month CME Term SOFR index. 3-Month CME Term SOFR (Secured Overnight Financing Rate) is a rate index based on what the market expects rates to be over the next three-month time period. You can find more information on 3-Month CME Term SOFR at CME Group.

Get a 0.25% interest rate reduction while enrolled in automatic payments. To enroll, log in to your secure account or call us at 1‑800‑STUDENT.
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Residency Loan Repayment

If you are in school at least half-time, on active military duty, serving a public service organization, or in a medical residency, you may qualify for a deferment. A deferment period is a period of time when a borrower is not required to make any payments. During deferment, interest will continue to accrue. At the end of a deferment period, any unpaid interest will be added to your principal balance. This may increase the amount of your monthly payments and the total cost of your loan(s).
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A repayment period is the period of time during which scheduled payments are required to be made to repay the principal balance and interest on a loan. Your repayment period is 20 years after the deferment period ends.

APR examples

  • In-School Interest-Only - Required to make interest-only monthly payments while you are in school and during your grace period to lower your overall loan cost and receive a 0.35% interest rate discount. You must still be attending school at least half-time at the time you submit your application to be eligible for the interest-only repayment option and discount.
  • In-School Fixed - Required to make $25 fixed, monthly payments while you are in school and during your grace period to lower your overall loan cost. You must still be attending school at least half-time at the time you submit your application to be eligible for the fixed monthly repayment option.
  • Deferred - Monthly payments are not required until 9 months after you graduate or your enrollment drops below half-time.

You can make payments anytime to help reduce the overall cost of your loan and there is never a penalty for prepaying. If you're not receiving monthly billing statements, we will send you quarterly statements showing you how much interest is accruing and how to make optional payments while you are in school.

APR examples

If you are experiencing financial difficulties and you are unable to make your student loan payments, we have options to help. To learn more and determine if you qualify, please call our Repayment Assistance Department at 1-800-STUDENT.
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Resources for students and parents

Scholarships

Find College Scholarships

Calculators

Student Loan Calculators

Sign Up for Tips & Advice

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  1. The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is X as of X. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates.

Borrow responsibly. 1. Maximize grants, scholarships, and other free financial aid. 2. Compare federal and private student loans. 3. Choose the loans that best fit your needs.