If you’re an aspiring doctor, it’s an exciting time of the year. You’ve hit the ground running and started the application process for residencies—the training period and launching pad for your future career—only to realize: There’s app fees…travel costs…moving fees…down payments….wait, no one told me about all this! Before you know it you’re diagnosing yourself with hypertension.
Take a step back and breathe—we’re here to help.
If you’re like many med school grads, you probably had no idea the stress would start well before your residency.
The AAMC estimates that the total cost of interviewing for potential residents can range from $1,000 to $7,300. That’s a lotta round trip tickets to Paris.
Fortunately, in addition to refinancing to help you lower your med school debt in the years ahead, Laurel Road offers personal loans (up to $15,000) specifically for residency applicants, designed to cover the costs associated with the application process.
Here’s are some costs you might run into that a personal loan could help with:
- Application fees: ERAS (Electronic Residency Application Service) start at $99 for up to 10 programs per specialty with fees increasing per application above 10. While you can submit for as many programs as you want, you will pay $15 per each submission for applications 11-20, $19 each for applications 21-30, and $26 each for any after that. National Resident Matching Program (NRMP) matches medical school students to U.S.-based graduate medical education training programs. The NRMP standard registration fee is $85 and covers the submission of up to 20 ranked programs and access to data and reports. Additional programs ranked are $30 per program.
- Interviewing Expenses: When budgeting for residency interviews, you want to plan for transportation—don’t forget shuttles/cabs/ride-shares if you’re not driving to the destination yourself—accommodations, appropriate dress, and meals.
- Relocating: If you anticipate having to move for your residency match, start planning—and saving—early no matter whether you are headed across town or across the country. Moving costs can add up quickly, especially if you have to make several trips to secure housing, pick a roommate, and sign a lease. The summer is a busy time for movers, so get quotes from several companies and book in advance. To keep costs down, consider moving only what is essential as it can be cheaper to buy new items than pay to move them. If your mover charges by the hour, get yourself ready before they arrive. Box your possessions and break down the bigger items, like a dresser or bed, yourself. Also, don’t forget to ask what insurance requirements your building requires of your movers.
Also, if you’re in the market for a home, consider a down payment instead of a security deposit. With physician-specific financing options, a mortgage from Laurel Road could make homeownership easier than you think.