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Financial Aid

Information For Graduate Students

Checklist for Graduating Students with Federal Student Loans

Now that you are leaving Penn, you need to make important decisions on how to repay your federal student loan(s). The information below will help you begin the repayment process.

If you have specific questions about any of the processes mentioned in this section or whether certain provisions apply to you, you should contact your lender.

Residency Relocation Loan

The Residency and Relocation Loan is a private loan for students in the final year of medical school. The Residency and Relocation Loan can help with expenses associated with finding a residency, including travel to interviews and relocation costs, which are not covered by federal student loan programs.

Please note that the interest rate and fees charged are based on the applicants' credit score. If you do not have an established credit history, you may want to apply with a qualified co-signer to increase your chances for approval and potentially receive a lower interest rate.

The lenders listed below are in alphabetical order.

Please note you are not required to use any of the listed lenders and will not be penalized or disadvantaged if you choose to borrow from another lender.  Be sure to compare the fees and terms of all student loan products to determine which are best suited to your needs.

CitiAssist® Residency, Relocation and Review Loans

PNC Residency and Relocation Loan

Sallie Mae

Wells Fargo MedCAP-XTRA® Loan

FIRST for Medical Education

Financial Information, Resources, Services, and Tools


FIRST Facts are short, informational sheets on a variety of financial aid related topics. Facts are designed to reduce often confusing or complex topics to the basics. For more information regarding FIRST Facts topics contact, or consult the SOM Financial Aid Office.

The following documents are all in PDF format.


FIRST Factsheets

FIRST Resources

Loan Repayment

Checklist for Public Service Loan Forgiveness
A list of criteria required for PSLF to determine basic eligibility for this program.

Repayment Options
Commissioned Corps and U.S. Civil Service Scholarships and Loan Repayment Options

Sample Repayment Examples
Sample repayment examples based on $160,000 Federal Stafford Loan at the current interest rate

The Economics of Becoming a Doctor (Flash Slideshow)
A 40-minute, narrated presentation explaining the most common repayment strategies during residency. Includes information on the new programs Income-Based Repayment and Public Service Loan Forgiveness, and a discussion of the economics of earning an M.D. degree by following "Dr. Median" from medical school to retirement. Targeted to medical students, residents, and financial aid staff.

Loan Repayment/Forgiveness Programs
Extensive list of loan repayment and/or forgiveness programs.

Loan Consolidation

Loan Consolidation Primer: General Questions

Answers to Specific Questions


Consolidation Considerations

If you're thinking about consolidating your student loans, here are some things to consider.

Public Service Loan Forgiveness — What Is It?

Are you looking for relief in paying back your student loans? PSLF may be the solution. Work for a non-profit or in an underserved area and get help to repay your student loan debt.

Anticipating the End of Your Grace Period

Reminders about choosing a repayment plan option as your grace period will be ending soon.

Podcasts Archive

An archival of podcasts from FIRST for Medical Education.

FIRST for Residents Mailbox

With the FIRST for Residents Mailbox, you can anonymously send questions or concerns about debt management issues, including loan repayment, deferment, forbearance, loan consolidation and more. Subscribe to this service and you will also receive alerts about news and events that are essential to your financial health, including changes that may impact your student loan situation, deferment and forbearance options or new loan forgiveness programs. General reminders are also periodically sent when important deadlines for student loans approach.

Manage your debt. Don't let your debt manage you. Stay in the know regarding issues that impact your financial decisions — become a subscriber today.

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Note: Send this message from the e-mail account where you want to receive Resident Mailbox updates.

Submit a Question

  1. To submit a question or concern, send a plain text e-mail to Please do not send any e-mails in html or rich text format.
  2. We will review your e-mail and respond to you directly or summarize the question(s) and/or concerns in an e-mail to all Mailbox subscribers.

Your e-mail address will be kept confidential, and your identifying information will not be posted.


Before to sending a question, please check the FIRST for Residents Mailbox Archive, where the answer to a similar question might already be posted.

DISCLAIMER: The information in the mailbox is provided as a service from the AAMC to our constituents, and represents our best efforts to assist residents and GME staff on debt management issues. However, we assume no liability for the use of this information. We remind borrowers that you should always check with the lender or servicer of your student loans when you have questions or repayment issues.

Page Updated: 14-Feb-2013