Relocating For Residency: Laurel Road And Loan Options

Laurel Road offers personal loans to help cover the cost of interviewing for and relocating to a residency program. The transition to residency can be costly, and Laurel Road's loans can be used to finance moving expenses. Laurel Road works specifically with physician customers and understands their particular needs, which is why it is willing to extend loan offers that other banks may not.

Laurel Road offers residency relocation loans of up to $15,000

The transition to residency can be costly, and residency relocation loans can help cover the expenses associated with moving. Laurel Road offers residency relocation loans of up to $15,000. These loans are specifically designed for medical professionals and are based on their earning potential after residency.

Laurel Road is an FDIC-insured digital banking platform that offers a range of customised lending solutions. The company provides competitive student loan refinancing rates, and its personal loans are unsecured. Laurel Road's residency relocation loans can be used to cover various expenses, including interviewing costs, travel, and accommodation.

The eligibility and rates offered by Laurel Road depend on the applicant's credit profile, total monthly debt payments, and income projections post-training. The loan application process can be completed online, and applicants can receive conditional rates in as little as two minutes. Laurel Road also offers a 0.25% rate discount for borrowers who sign up for automatic payments, and special repayment options during training.

Laurel Road was one of the first companies to offer student loan refinancing to medical school graduates during residency or fellowship training. The company is a preferred provider of the American Medical Association (AMA) for student loan refinancing and works closely with physician customers to understand their unique needs.

Relocation loans can be paid at a low rate during residency

Relocation loans can be a great way to finance your move to a new city for your residency. Laurel Road, for instance, offers personal loans that are tailored specifically for medical professionals and can be used for relocation purposes. These loans are designed to recognize the investment you've made in your future, and you can borrow up to $45,000.

One of the benefits of relocation loans is that they often come with low-interest rates and flexible repayment options. For example, Laurel Road offers a 0.25% autopay discount and reduced payments of as low as $25 per month during residency for up to 60 months. This can be extremely helpful when you're just starting out in your residency and may not have a steady income yet.

Additionally, relocation loans from private lenders are often preferable to credit cards, which tend to have higher interest rates, especially after the introductory period. With a relocation loan, you can benefit from fixed rates for a longer period, providing peace of mind and flexibility in repayment.

It's important to note that eligibility and rates for relocation loans will depend on your credit profile, income projections, and other factors. Before applying, be sure to check the borrowing interest rate, the length of deferment during residency, and any associated fees.

Overall, relocation loans can be a great option to cover the costs of moving to a new city for your residency, offering low-interest rates and flexible repayment options to help you manage your finances during this transition.

Laurel Road is a preferred provider of the AMA for refinancing

Laurel Road is a preferred provider of the American Medical Association (AMA) for refinancing. It offers competitive refinancing rates for student loans, custom digital mortgages, and low rates for AMA members.

Laurel Road's student loan refinancing options include federal forgiveness and Income-Driven Repayment (IDR) plans. Residents are eligible for $100 monthly payments throughout their training, and Laurel Road's experts can help borrowers qualify for federal student loan forgiveness. However, refinancing federal student loans with Laurel Road may result in the loss of certain federal benefits, such as Public Service Loan Forgiveness, Income-Driven Repayment plans, forbearance, or loan forgiveness.

Laurel Road also provides personal loans of up to $45,000 for medical residents, with the option to pay as little as $25 per month during training. These loans can be used for various purposes, including debt consolidation, home improvements, or major family purchases.

Additionally, Laurel Road offers a range of customized lending solutions for physicians and residents, such as term loans and lines of credit, to help them run and maintain their practices. Active AMA members receive a 0.25% rate discount on practice loans with Laurel Road, making it a preferred choice for refinancing among AMA members.

Laurel Road offers a 0.25% discount for automatic payments

Laurel Road offers a range of loans for medical residents, including residency relocation loans. These loans can be used to cover the costs of interviewing for and relocating to a residency program.

The automatic payment option is not the only discount offered by Laurel Road. For example, AMA student members receive an additional 0.25% rate discount when taking out a residency interview loan. Additionally, residents or fellows with signed contracts to practice may qualify for standard rate offerings, and those who request a partially deferred payment period will have their interest rate based on the nearest term offered that includes the entire term of their loan.

Laurel Road also provides competitive student loan refinancing rates, and borrowers can check their eligibility with no impact on their credit score. The entire application process can be completed online, and borrowers can receive conditional rates in as little as two minutes. Laurel Road's lending solutions are designed to recognize the investment that medical professionals have made in their future, and the company is committed to helping them manage their finances and prepare for their future.

Laurel Road offers a $100/month payment plan for residents

Laurel Road offers a range of financial services for medical residents, including personal loans and student loan refinancing. One notable feature of their offering is the option for residents to make $100 monthly payments during their training. This payment plan can provide much-needed financial flexibility for residents who are managing medical school debt while also covering their living expenses.

The $100/month payment plan is available to medical and dental residents who refinance their student loans with Laurel Road. This plan allows residents to make low monthly payments during their residency or fellowship before transitioning to a standard repayment term. It's important to note that refinancing federal student loans with Laurel Road may result in the loss of certain federal benefits, such as income-driven repayment plans and loan forgiveness programs.

Laurel Road's $100/month payment plan can be particularly beneficial for residents who are accruing interest on their student loans. During the reduced payment period, interest will capitalize, and residents will be responsible for paying it off when they start their standard repayment term. This option can provide residents with some breathing room in their monthly budget while they are still in training.

In addition to the $100/month payment plan, Laurel Road offers other financial solutions tailored to the needs of medical residents. They provide low-interest loans, flexible plans, and expert financial support. Residents can borrow up to $45,000, depending on their year of residency, and take advantage of an automatic payment discount of 0.25% when monthly payments are made automatically from a bank account.

Overall, Laurel Road's $100/month payment plan and other financial services can provide medical residents with the financial flexibility and support they need during their training. It allows residents to focus on their studies and patient care while managing their student loan debt effectively.

Frequently asked questions