Private Student Loan Options with Sallie Mae
AACOM collaborates with Sallie Mae® to help aspiring and existing medical students achieve their goals. Get ready for your next move in pursuing your medical career with these loan options:
Medical School Loan
For medical school and related expenses as you earn your DO degree.
- Ease into your medical career with an extended 48-month grace period after leaving school.3
- Get up to 48 months of deferment to pause full payments during your residency and fellowship.4
The Medical Residency and Relocation Loan
For board examination fees, travel, and moving expenses for your medical residency.
- Defer payments while enrolled in school at least half-time and for 4 years after graduating3 or make payments while in school to save on the total loan cost.
Ways to Reduce Your Interest Rate
You can receive a 0.50 percentage point interest rate reduction for the life of the loan after making your first 12 on-time payments of the billed principal and interest amounts.
Plus, get an additional 0.25 percentage point interest rate reduction for enrolling in and making monthly payments by automatic debit for a total up to .75 percentage points reduction.1,2
- Apply today for the opportunity to save up to 0.75 percentage points on your interest rate.1,2
- Competitive variable and fixed interest rates.
- No origination fee or prepayment penalty.5
Borrow Responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future before considering a private student loan.
Medical School Loans are for graduate students in a DO program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S. and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.
Residency and Relocation Loans are for students who are pursuing or have received a DO degree. Students must be enrolled at least half-time in their final year of study at a participating osteopathic medicine school or have graduated from one within the past 12 months. This loan is subject to credit approval, identity verification and signed loan documents. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., graduate from or attend school in the U.S. and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000. Residency and Relocation Loans are intended to cover expenses not included in your school’s cost of attendance.
1A 0.50 percentage point interest rate reduction is applied to the loan only if the first 12 payments of the billed principal and interest amounts are paid on time, or if an amount equal to the first 12 principal and interest payments is paid ahead. Although the benefit can be earned by paying ahead, it will not be activated until after the 12th principal and interest payment would have been due. Any period in which the loan is in a forbearance, deferment, or Graduated Repayment Period will not count toward satisfying the on-time principal and interest payment requirement. This benefit will be discontinued if the loan is refinanced or otherwise paid off with another loan.
2 The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
3 Payments may be required during the grace period depending on the in-school repayment option selected by the student or cosigner. Interest is charged starting when funds are sent to the school. Unpaid Interest is added to the loan’s Current Principal at the end of the grace period with the Fixed or Deferred repayment options.
4 To apply for this deferment, customers and an official from the internship, clerkship, fellowship, or residency program must complete and submit a deferment form to us for consideration. If approved, the loan will revert back to the same repayment option that applied during the in-school period for up to 12 months. Customers can apply for and receive a maximum of four 12-month deferment periods. Interest is charged during the deferment period and Unpaid Interest will be added to the Current Principal at the end of each deferment period, which will increase the Total Loan Cost.
5 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
These loans are made by Sallie Mae Bank. AACOM is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
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