Residency Loans

Get a student loan with no required fees for your post-graduate medical residency and internship expenses.

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Loans for Medical Residency and Relocation

With our zero fees required private student loan for residency candidates in medical school, you can cover the cost of your residency, internship, relocation and board exam review.

Variable Interest Rates

APR - APR

(3-Month LIBOR + to 3-Month LIBOR + )

Fixed Interest Rates

APR - APR

View APR Examples APRs reflect interest rates as of

Lowest rates shown include an interest-only repayment discount and Auto Debit Reward.

Your Student Loan Simplified

  • Step 1

    Apply in 15 minutes or less

    Apply from your computer, smartphone or other mobile device, or call us at 1-800-STUDENT.

  • Step 2

    Add a Cosigner, if needed

    Students may have the option to apply with a creditworthy cosigner. Adding a creditworthy cosigner may improve your likelihood for loan approval and you may receive a lower interest rate.

  • Step 3

    Select Your Interest Rate Type and Repayment Option

    Choose from a fixed or variable interest rate and an in-school or deferred repayment option to best fit your needs.

  • Step 4

    Sign and Accept your Loan

    Sign your loan documents electronically and accept your loan terms.

Common Questions

Residency Loan Features

1. Am I eligible for a Discover Residency Loan?

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.

2. How much can I borrow?

  • 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.

3. Do I need a cosigner?

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 cosignercreditworthy cosigner. By applying with a creditworthy cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate.

4. What is the difference between a fixed interest rate and variable interest rate?

  • A fixed interest rate is set during the time of application and does not change during the life of the loan.
  • A variable interest rate may change quarterly during the life of the loan, if the 3-Month LIBOR changes. This may cause the monthly payment to increase, the number of payments to increase, or both.

5. What is an Auto Debit Reward?

Get a 0.25% interest rate reduction when you are enrolled in automatic payments during repayment. To enroll for automatic payments, complete the enrollment form online or call us at 1-800-STUDENT to request a copy of the enrollment form, complete it and mail it back to the address on the form.

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Residency Loan Repayment

1. What is a deferment period?

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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2. What is my repayment period?

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.

3. What are my repayment options?

  • 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.
  • 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.
  • 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.

4. What if I need help making my monthly payments?

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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Student loan resources for students and parents