Fourth-year medical students are eligible to borrow up to $2,500 from the Galens Medical Student Loan Fund to help cover interviewing expenses for residency.
Details on the requirements and terms of the loan:
- All students, regardless of aid status, are eligible for $2,500.
- The loan can be used for travel expenses, transcript fees, and ERAS application fees. It can’t be used to buy clothing or luggage, or to pay travel expenses for a spouse who also goes on the trip.
- The loan is zero percent interest until one month after graduation, and 5 percent simple interest after that.
- 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.
- If you don’t meet these deadlines, the loan will become due immediately.
Applications for this loan are available to all fourth-year students at the beginning of the academic year.
About the Galens Loan
This program is a revolving account funded from medical student loan repayments. The generosity of the Galens Medical Society and previous U-M medical students makes these funds available.
Other Funding for Residency Interviews
If you have residency interview expenses more than $2,500, you can borrow extra federal funds — up to an additional $2,500 from the Direct Unsubsidized Stafford Loan Program or the GradPlus Loan Program.
To request additional federal funds, send your list of travel expenses along with original receipts and your written request to the Financial Aid Office.
If you need interviewing funding beyond what’s available through the Galens, Stafford, or GradPlus loans, or if you need money to help with moving expenses for your residency, there are a few private loan programs you can explore.