Residency · Comparing lenders

Residency relocation loan lenders: how to compare them (and what to try first)

If you are comparing residency relocation loan lenders — Sallie Mae and the others — this guide gives you the framework: what to compare, the red flags to avoid, and the cheaper options to rule out before you borrow a dollar. We do not quote rates, because they change; we show you how to judge any offer.

Written by Brendan, Contributor — refinancing & lending · Reviewed by Andrew ·
Built for new residents · Our methodology
Last updated July 2026

The one-line version: the "best" residency relocation loan is the smallest one you actually need, from the cheapest lender you qualify for — after you have ruled out savings, a program stipend, and a 0% card. Compare on total cost, not the headline rate.

1. First, the honest part

A relocation loan is a private personal loan, and it is usually one of the more expensive ways to bridge the gap between Match Day and your first paycheck. Before you compare lenders at all, rule out the cheaper sources: a leftover federal loan refund from your final term, a residency program relocation stipend or signing bonus, savings, family help, or a 0% intro-APR credit card you are certain you can clear in time. The full case for each is in our residency relocation loans guide. If a loan still makes sense after that, the rest of this page shows you how to compare offers well.

2. What to compare across lenders

Headline rates are marketing. Judge every offer on the same six factors:

APR, fixed vs variable. A fixed APR is predictable; a variable APR can rise. For a short-term loan you will repay quickly, the difference matters less — but know which you are getting.
Term length. A longer term means a lower monthly payment but more total interest. For relocation borrowing, shorter is almost always cheaper overall.
Origination and other fees. A fee rolls into your real cost. Compare APR including fees, not the sticker rate.
Cosigner requirement. New grads with thin credit are often approved only with a cosigner, or at a higher rate without one. Know the trade before you apply.
Deferment and in-school/in-training options. Some products let payments wait until after residency starts. Convenient, but interest usually still accrues.
Maximum amount and prepayment penalty. Borrow only what you need, and make sure you can pay it off early at no cost the moment you have the cash.

3. The best-known providers

Sallie Mae is the name most residents search for — "sallie mae residency relocation loan" is a common query — and it is the best-known provider of medical and dental residency and relocation loans. It is a reasonable starting point, but it should not be your only quote. Banks and credit unions (including ones you already bank with) and general personal-loan lenders also finance moves, sometimes more cheaply for borrowers with good credit or a strong cosigner. Because rates and product availability change constantly, confirm current terms directly with each lender rather than trusting any published number — and always compare at least two offers so a single quote does not anchor you.

4. Red flags to avoid

Walk away from any offer that pressures you to borrow the maximum "while you qualify," buries fees in fine print, charges a prepayment penalty, or pitches refinancing your federal student loans as a way to fund the move. That last one is the costliest mistake in this whole category — see the next section.

5. Never refinance federal loans to pay for a move

A relocation loan is separate from your student loans, and it should stay that way. Refinancing your federal student loans into a private loan permanently ends income-driven repayment and PSLF eligibility — benefits worth far more during your low-income residency years than any relocation loan will ever cost. Keep the two decisions completely separate.

Before you borrow, see the whole picture. Your federal student-loan strategy in residency is the six-figure decision; the relocation loan is a footnote. Model your real numbers free, no login, in the AttendingFi optimizer.

Frequently asked questions

Does Sallie Mae offer a residency relocation loan?

Sallie Mae is the best-known name for medical and dental residency and relocation loans, and is what most people search for. Product availability, rates, and terms change over time, so confirm current details directly with the lender before applying — and compare at least one alternative so you are not anchored to a single quote.

Who has the best residency relocation loans?

There is no single best lender — the best option is the cheapest one you actually qualify for, after you have ruled out non-loan alternatives. Compare APR, term, fees, cosigner requirements, and how much you truly need to borrow. A smaller loan at a slightly higher rate often costs less than a larger loan at a lower rate.

What credit score do I need for a residency relocation loan?

These are private loans, so approval and rate depend on credit history and income. New graduates with thin credit are frequently approved only with a creditworthy cosigner, or at higher rates without one. If a cosigner meaningfully lowers your rate, that is worth weighing against the cheaper alternatives.

How much can I borrow with a relocation loan?

Limits vary by lender, often up to a few tens of thousands of dollars. Borrowing the maximum is almost never wise: interest accrues on every dollar. Borrow only what the move genuinely requires after cheaper sources are used first.

Is a relocation loan better than a 0% credit card?

If you can realistically pay the balance off inside a 0% introductory window, that card is usually cheaper than a relocation loan. The risk is discipline: once the promo ends, credit-card interest is steep. A relocation loan trades a fixed schedule for a higher-but-predictable cost. Match the tool to how confidently you can repay.