Loan Programs
PAL Residency & Relocation (R & R) Loan
The PAL Residency and Relocation Loan is a no-fee, private loan for fourth-year medical, dental, or pharmacy students.
Select each of the options below to learn more:
This loan is used to cover the costs of residency interviews and relocation. The loan funds will be mailed directly to you.
To apply for this loan, simply download and complete a PAL Residency and Relocation Loan Application.
Eligibility Requirements
To be eligible for this loan, you must:
- Be a fourth year student that is creditworthy or able to supply a creditworthy cosigner. Cosigners can download and complete a Cosigner Application.
- Be in good standing with other education loans
- Be a U.S. citizen or permanent resident
- Receive $20,500 or maximum eligibility in Stafford loans for the year from South Carolina Student Loan.
Current Maximum Loan Amounts
The maximum yearly amount is $10,000: $4,000 for the interview and $6,000 for relocation; once approved, the check is sent directly to you.
Repayment Information
Monthly payments begin immediately following completion of your residency or at the end of your fourth (4th) year of residency, whichever is earlier. You have three (3) repayment options, each with a maximum twenty (20) year term:
- Standard Repayment Plan
This plan provides for substantially equal payments of principal and interest for up to twenty (20) years. - Interest-only payments
You can make interest payments for three (3) years and then level payments of principal and interest for seventeen (17) years - Graduated payments
This plan allows for an increase in your payments every 24 months, providing the greatest relief from the 'cash crunch' of starting your career.
Interest Rate
Loan applications received on or after June 1, 2008 will bear interest at a variable rate, indexed off of the 3-month LIBOR rate published by Bloomberg, L.P.®, adjusted each calendar quarter. The LIBOR (London Inter-Bank Offered Rate) rate is defined as the quoted 3-month rate two business days prior to the end of each calendar quarter. The current interest rate is the 3-month LIBOR + 4.5%, adjusted quarterly.
Loan applications received prior to June 1, 2008 will bear interest at a variable rate, indexed off of the Prime Rate published by Bloomberg, L.P.®, adjusted each calendar quarter. The Prime Rate is defined by the “bank prime loan” interest rate as reported on the last business day prior to the beginning of each calendar quarter.
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