Loans for Residency Interviewing
All fourth-year medical students are eligible to borrow a maximum of $2,500 from the Galens Medical Student Loan Fund for interviewing expenses. The requirements and terms of the loan are:
- All students (regardless of aid status) are eligible for $2,500.
- 0 percent interest until one month after graduation, then 5 percent simple interest.
- Receipts for travel and interviewing expenses must be submitted to the Medical School Financial Aid Office by March 1 of the fourth year.
- All unused funds must be returned to the loan fund by March 1 of the fourth year.
- Failure to meet these deadlines will result in the loan becoming due and payable immediately.
This loan fund is a revolving loan account that is replenished strictly from medical student loan repayments. It is through the generosity of the Galens Medical Society and previous U-M Medical Students that this fund is available to provide needed funds for interviewing.
The Galens Loan can be used for student travel expenses related to interviewing as well as transcript fees. It cannot be used to purchase clothing, luggage or expenses of a spouse traveling with the student.
Applications for this loan are made available to all fourth-year students at the beginning of their academic year.
Students that have interviewing expenses exceeding the $2500 allowance for the Galens Loan now have the opportunity to borrow additional federal funds to help with these costs. If necessary, students may borrow up to an additional $2500 the Direct Stafford Loan Program or GradPlus Loan Program. All allowable expenses must be documented with original receipts, after interviewing has been completed. If you wish to apply for these additional funds, please submit your request in writing to our office and be sure to attach your receipts.
If you have need for funds for interviewing beyond the Galens, Stafford and GradPlus Loans, or if you need funds to help with residency relocation, there are a few programs through private loan sources designed specifically for this need. If you are interested in obtaining information about these programs, please contact our office.