Private Loans for Health Professions Residency
The PNC Solution Loan for Health Professions Residency can help you get the money you need to pay for residency interviews and relocation.
The PNC Solution Loan for Health Professions Residency is a private loan offering a convenient way to pay for expenses related to your medical residency program including interview, relocation and living expenses.
Who It's For: MD and DO residents
- Choose your interest rate option: variable or fixed rate
- No application or origination fees
- Borrow up to $15,000
- Apply up to a year before your residency begins
- Get 0.50% off your rate with automated payments from your checking or savings account1
- A co-signer release option is available after the initial 48 consecutive on-time monthly payments2
- Variable rate loan interest rates range from 3.50% to 10.45%
(APRs from 3.43% to 10.45%)3 - Fixed rate loan interest rates range from 6.49% to 12.99%
(APRs from 6.26% to 12.99%)3 - Receive a preliminary decision within minutes of applying online
- Take up to 15 years to repay3
- Payments can be deferred during your residency (up to 4 years) and six months after your residency ends, or you can choose to begin repayment immediately to save on interest expense4
- One-time capitalization of interest at repayment
- Funds are sent directly to you
- Interest may be tax deductible; consult your tax advisor
- View loan application and solicitation disclosure
Eligibility
You must:
- be participating in an approved MD or DO residency program, or planning to participate in a residency program within a year
You and your co-signer, if any, must:
- be U.S. citizens or permanent residents
- have lived in the U.S. for the previous two years
- meet the credit guidelines listed below
Credit Guidelines
There are two credit options available for this program: creditworthy and credit ready.
If applying as creditworthy or with a creditworthy co-signer, you or your co-signer need:
- two years of satisfactory credit history, and two years of continuous income and/or employment history
- proof of current income
- if self-employed, to have been in business for at least two years
If you are applying as a credit ready applicant on your own signature, you need:
- a satisfactory credit history of two years
Considering Applying With a Co-signer?
- Applying with a creditworthy co-signer may increase your chances of approval.
Deferment and Repayment
You may choose from immediate repayment, interest-only payments or full deferral while enrolled. Full principal and interest payments begin 180 days after you cease to be enrolled in a medical residency or internship. Interest will continue to accrue through any deferment and is capitalized at repayment.
If you have any questions, please contact our customer service center to speak with a student loan specialist at
1If automatic payment is discontinued, you will no longer receive an automatic payment discount. A federal regulation limits the number of transfers that may be made from a savings or money market account. Please contact your financial institution for more information on transfer limitations on savings accounts. 2To release a co-signer, the borrower must request a co-signer release and pass a credit check. 3View important disclosure and repayment information for the PNC Solution Loan for Health Professions Residency. Residency loan range: $1,000 to $15,000. Maximum aggregate educational debt (including both federal and private student loans): $225,000. Interest will continue to accrue during periods of deferment. Applicants may call the PNC Education Loan Center to confirm school eligibility. 4Interest will continue to accrue during periods of deferment. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment period.
PNC reserves the right to modify or discontinue any or all terms of this program at any time without notice. Loans may be sold to other financial organizations; however, the interest rate and term of the loan will not change if a loan is sold. PNC Solution Loans are subject to credit approval.
