Medical Residency Relocation Loans | Wells Fargo

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Medical Residency and Relocation Loans

Read before applying

Last Day to Apply for a Student Loan Is January 28, 2021 with Final Disbursement by June 30, 2021

Only customers with an outstanding Wells Fargo Private Student Loan balance are eligible to be borrowers. Learn more
A Wells Fargo MedCAP-XTRA® loan is designed for health profession students who need to cover expenses related to relocation, residency, medical boards, and clinical exams.,


  • Students make no payments until six months after leaving school (36 months for allopathic and osteopathic medical students).
  • No application, origination, or late fees, and no penalty for paying off your loan early.
  • Select a competitive fixed or variable interest rate option.
  • Lower your private student loan interest rates with a qualifying relationship discount.

If you are a graduate student applying for a loan to cover the cost of medical school or another health-related program, see our MedCAP® Alternative Loan for Health Professionals. If you are an undergraduate student, see our Wells Fargo Collegiate® loan.

 Ready to get started? 

See a checklist of what you'll need to apply.
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You can also call a Student Loan Consultant at 1-800-378-5526
Easy Online Application Process


No payments are required until six months after leaving school (36 months for allopathic and osteopathic medical students).


There are no application, origination, or late fees, and no penalty for paying off your loan early.

Competitive annual percentage rate (APR)

All qualified applicants may choose between two competitive rates:

  • Variable rates range from 7.46% APR (with discount) to 7.69% APR (without discount).
  • Fixed rates range from 9.76% APR (with discount) to 9.99% APR (without discount).

See examples of today's rates

Two great ways to lower your interest rate

  • Customer Discount: Receive a 0.50% interest rate discount with a Portfolio by Wells Fargo® relationship, a 0.25% interest rate discount with a qualified Wells Fargo consumer checking account, or a 0.25% interest rate discount for a prior or existing Wells Fargo student loan.
  • Automatic Payment Discount: Receive a 0.25% interest rate discount for enrolling in automatic payments during repayment.

Discounts reduce the amount of interest you pay over the life of the loan. The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.

Learn more about how to take advantage of these student loan discounts.

Borrow only what you need

  • $1,000 – $12,500 for medical boards and clinical exams , including review courses, exam cost, and living expenses for students in allopathic (M.D.) osteopathic (D.O.) medical, dentistry, and podiatry programs. Your school must approve (certify) the amount needed.
  • $1,000 – $15,000 for residency interview and relocation expenses (up to $5,000 for interview travel and $10,000 for relocation) for allopathic and osteopathic medicine, dentistry, optometry, podiatry, and veterinary medicine students.
  • $1,000 – $5,000 for internship expenses for occupational therapy, pharmacy, physical therapy, and physician assistant students.

The aggregate loan limit, including all other educational debts, is:

  • $250,000 for allopathic or osteopathic medical and dentistry students
  • $180,000 for students in all other disciplines


Determine how much student loan debt you can manage based on your potential earning power:

Student Loan Debt Repayment Calculator

Should I choose a variable or fixed interest rate?

Variable interest rates are based on market conditions, so if market rates go up, so do your interest rate and monthly payments. Fixed interest rates stay the same over the life of the loan. Learn more about student loan interest rates.

How do interest rates impact monthly payments?

In the examples below, you can see a $10,000 loan, assuming:

  • You are in school for 24 months (two years) 
  • First required payment will be due thirty-six months after you graduate or leave school (Select disciplines only allow for 6 months)
  • You pay back the interest and amount borrowed in seven years 

Monthly payment could be:

  • $233.37 if variable APR is 8.06%
  • $253.14 if fixed APR is 9.06%
The monthly payment amount will be at least $50 during your repayment period. The monthly payment amount may be more depending on your loan amount and other factors.

How do I know what my interest rate will be?

Your interest rate will be determined by several factors when you apply, most importantly your credit history.

Your interest rate options will be presented to you during the application process, at which point you can choose between a specific variable interest rate and specific fixed interest rate.

You must have an established, positive credit history and be a U.S. citizen or U.S. national, or be a permanent resident alien with proper evidence of eligibility. 

  • To qualify for residency and internship expenses, you must be in your final year at an approved allopathic or osteopathic school or be enrolled at an approved school in one of the following programs: dentistry, occupational therapy, optometry, pharmacy, physical therapy, physician assistant, podiatry, or veterinary medicine.
  • To qualify for medical board and clinical exam expenses, you must be a medical student in at least the second year in one of the following approved programs: allopathic medicine, osteopathic medicine, dentistry, or podiatry.
  • You must be making satisfactory academic progress in an eligible program.

Easy Online Application Process

  • Apply from your smartphone, computer, tablet, or over the phone.
  • Get help if you need it from your own Student Loan Consultant.
  • Receive email or text status updates along the way.
  • Upload any required documents online.