Residency Loans

Cover the cost of residency, internship, relocation, and board exam review.

Variable Interest Rates

5.74% APR - 8.74% APR

(3-Month LIBOR + 3.49% to 3-Month LIBOR + 6.49%)

Fixed Interest Rates

6.99% APR - 9.49% APR

View APR Examples

Bar Exam Loans

Cover the cost of your bar study prep classes and living expenses.

Variable Interest Rates

5.74% APR - 10.74% APR

(3-Month LIBOR + 3.49% to 3-Month LIBOR + 8.49%)

Fixed Interest Rates

6.99% APR - 11.49% APR

View APR Examples

Rewards

Get a 0.25% interest rate reduction when you enroll in auto debit payments during repayment.9

NO FEES REQUIRED

That means you will not be required to pay any fees, including application, origination or late fees.

Repayment Options

Choose in-school or deferred repayment option and there is never a penalty for prepayment.

Details

Interest Rates

You have a choice of either a fixed or variable interest rate.

  • Variable interest rates range from:
    • 5.74% APR to 8.74% APR6 (3-Month LIBOR + 3.49% to 3-Month LIBOR + 6.49%) for Residency Loans
    • 5.74% APR to 10.74% APR7 (3-Month LIBOR + 3.49% to 3-Month LIBOR + 8.49%) for Bar Exam Loans
  • Fixed interest rates range from:
    • 6.99% APR to 9.49% APR6 for Residency Loans
    • 6.99% APR to 11.49% APR7 for Bar Exam Loans

Private student loans are credit based. Students with no credit history or a low credit score may find it difficult to qualify for a private student loan on their own. Students have the option to apply for a Discover student loan with a cosigner. By applying with a creditworthy cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate.

Loan Limits

  • Minimum loan amount: $1,000
  • Maximum student loan limit:
    • Up to $18,000 for Allopathy, Dentistry, Optometry, Osteopathy, Pharmacy, Podiatry, and Veterinary Medicine
    • Up to $5,000 for Nursing, Occupational Therapy, Physical Therapy, and Physician Assistant
    • Up to $16,000 for Bar Exam study
    • Aggregate loan limits apply

Rewards

  • Get a 0.25% interest rate reduction when you enroll in auto debit payments.9

Repayment Options

Discover Student Loans offers two different repayment options to help you manage your payments.

  • In-School: Required to make $25 fixed, monthly payments while you are in-school and during your grace period to lower your overall cost.
  • Deferred: Monthly payments are not required until 9 months after you graduate or your enrollment drops below half-time.

Payments can be made anytime to help reduce the overall cost of the loan and there is never a penalty for prepaying.

Repayment Term

  • 20 years standard repayment

Payments can be made anytime to help reduce the overall cost of the loan and there is never a penalty for prepaying.

Eligibility Requirements

To qualify, you must:

  • For Residency Loan: Have graduated from medical school within the past 12 months, or be enrolled at least half-time and making satisfactory academic progress in your final year of study in a graduate health professions program.
  • For Bar Exam Loan: Have graduated from law school within the past 6 months, or be enrolled at least half-time and making satisfactory academic progress in your final year of study in a graduate law degree program.
  • Be a US citizen, permanent resident or international student (International students require a cosigner who is a US Citizen or permanent resident).
  • Be 16 years or older at the time you apply.
  • Pass a credit check.

Apply for a Residency or Bar Exam Loan

Cover the cost of your post-graduate medical residency and internship expenses, or your bar exam preparation after law school.