Skip Navigation
School Search Form
After Navigation
Home Student Loans Graduate Student Loans Dental Residency and Relocation Loans

Dental Residency and Relocation Loans

Dental students often face costs not traditionally covered by financial aid. Federal education loans, for example, are available only to students who are still enrolled in dental school and are limited to expenses listed in the school’s cost of attendance. Since dental school graduates have to pay for a residency (which can include relocation expenses), it is common to borrow private loans to cover it. Private lenders can help you cover expenses related to dental board exam preparation, participating in residency interviews, the cost of relocating for a residency or an internship and other related expenses (e.g. housing, transportation, groceries).

Dental Residency Relocation Loan Features

  • Borrow up to $15,000 or $30,000, depending on the lender
  • Up to a 15-year repayment term, with no prepayment penalties
  • Payments may be deferred for up to 7 years during the residency
  • Cosigner release option may be available after 12 to 48 consecutive, on-time payments
  • Fixed or variable interest rates are available

Best Private Student Loans for Dental Residency and Relocation

Dental Residency Relocation Loan Eligibility Requirements

Dental Residency and Relocation loans are available to students in their final year of dental school and for twelve months following graduation.

Since residency and relocation loans are private student loans, they have the same eligibility requirements you may have encountered with in-school private loans:

  • If the borrower is not a U.S. citizen or permanent resident, a creditworthy cosigner who is a U.S. citizen or permanent resident will be required.
  • If the borrower is the sole applicant, they must have reached the age of majority in his/her state of residence. The borrower must be at least 18 years old in all states with the exception of age 19 in Alabama and Nebraska and age 21 in Indiana, Mississippi, New York and Puerto Rico. If a borrower does not meet the age of majority requirements in their state, a creditworthy cosigner will be required.
  • The borrower must satisfy credit criteria. If the borrower does not have satisfactory credit, a creditworthy cosigner will be required.

Is There a Credit Check for a Dental Residency Relocation Loan?

The credit history of both the borrower and cosigner will be checked, regardless of whether the cosigner is optional or required. Eligibility and interest rates and fees may be based on the higher of the two credit scores. So, even if a borrower could qualify for a private student loan on his or her own, adding a cosigner may yield a lower interest rate.

What Will My Interest Rate Be?

The interest rate may be fixed or variable. A fixed rate remains unchanged for the life of the loan. A variable rate changes periodically, typically on a monthly or quarterly basis, meaning your payment amount may fluctuate as well.

You will not know what your interest rate will be until you contact your lender of choice and begin the application process. In general, the stronger your credit or your cosigner’s, the lower your interest rate will be. 

Dental Residency and Relocation FAQs

Who is eligible for a dental residency and relocation loan?

Eligible borrowers are those who are enrolled in their final year of school or have recently graduated from medical or dental school, typically within the past twelve months. Check with your prospective lender for other eligibility requirements.

Is there a federal loan option to cover my residency and relocation costs?

No. There is no federal loan program in place to cover these types of expenses. However, if you already have unused federal student loan funds, those funds may be used toward relocation for your residency.

Can I borrow a dental residency and relocation loan with bad credit?

It will be difficult to get approved for a residency and relocation loan with bad credit. However, you always have the option of applying with a creditworthy cosigner. Even if you qualify without a cosigner, getting a cosigner may give you a better interest rate.

Is there a limit to how much I can borrow?

Typical limits for this type of loan are $15,000 to $30,000 depending on the lender you choose.

Can I defer my payments during residency?

You may have the option to postpone your loan payments during your residency. Reach out to your lender(s) to determine your eligibility for loan postponement. Interest will likely accrue during this time, so we recommend making payments if possible.

Do you have to pay back loans during residency?

Because you can defer payments during your residency, you do not have to pay back loans during that time. However, remember that interest will accrue throughout the life of the loan.

Can I use a cosigner for a dental residency and relocation loan?

Absolutely. In fact, using a creditworthy cosigner may help you qualify and get a better interest rate.

What are the repayment terms for a dental residency and relocation loan?

You should expect a repayment term of up-to 15 years with no prepayment penalties. This means you will not be charged any additional fees for paying your loan off early. Note, the earlier you pay your loan off, the less you will pay in interest.

How are residency and relocation loans disbursed?

Unlike student loans, a residency and relocation loan is disbursed directly to you in the form of a check or direct deposit.

Medical Residency and Relocation Loans

How to Pay for Medical School

Student Loan Refinance

How Does Student Loan Interest Work

Financial Aid for Graduate School



Email This Article

Related Content