Residency Loans

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

Variable Interest Rates

5.12% APR - 8.87% APR

(3-Month LIBOR + 2.74% to 3-Month LIBOR + 6.49%)

Fixed Interest Rates

6.49% APR - 9.99% APR

Lowest rates shown include an interest-only repayment discount, an Auto Debit Reward and are applicable for applications submitted before 8/2/2018

View APR Examples

Bar Exam Loans

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

Variable Interest Rates

5.12% APR - 12.12% APR

(3-Month LIBOR + 2.74% to 3-Month LIBOR + 9.74%)

Fixed Interest Rates

6.99% APR - 12.99% APR

Lowest rates shown include an interest-only repayment discount, an Auto Debit Reward and are applicable for applications submitted before 8/2/2018

View APR Examples

Rewards

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

Zero Fees

No loan application fees. No origination fees. No late fees.

Repayment Options

Choose from in-school or deferred repayment options 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:
    • 5.12% APR to 8.87% APR6 (3-Month LIBOR + 2.74% to 3-Month LIBOR + 6.49%) for Residency Loans
    • 5.12% APR to 12.12% APR7 (3-Month LIBOR + 2.74% to 3-Month LIBOR + 9.74%) for Bar Exam Loans
  • Fixed interest rates range from:
    • 6.49% APR to 9.99% APR6 for Residency Loans
    • 6.99% APR to 12.99% APR7 for Bar Exam Loans

Lowest rates shown include an interest-only repayment discount, an Auto Debit Reward and are applicable for applications submitted before 8/2/2018

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 three different repayment options to help you manage your payments.

  • In-School Interest-Only: Required to make interest-only monthly payments while you are in school and during your grace period to lower your overall loan cost and receive a 0.35% interest rate discount.
  • In-School Fixed: Required to make $25 fixed, monthly payments while you are in school and during your grace period to lower your overall loan 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.