Unsure how to pay for residency program applications, one Texas medical student considered getting a high-interest credit card to cover the cost. Instead, a low-interest loan from the Texas Medical Association solved the problem.
The loan recipient, responding anonymously to a TMA survey, said, the loan “eased the burden of wondering where I was going to get the money [for residency applications], and if I would be able to apply to as many programs as I wanted to, simply because I could not afford it.”
TMA’s medical student loan program offers up to $6,000 at a fixed 4.4% interest rate to qualified students who are enrolled at a Texas medical school. Students can apply for a loan during any year of study for educational or other unanticipated expenses, such as a car repair. Repayment of principal is deferred until four years after graduation.
TMA leaders who serve as “interviewing trustees” approve the loans following conversations with the applicants. TMA Board of Trustees member Jayesh Shah, MD, chairs the board’s Educational Scholarship and Loan Committee.
“Giving back to medicine and paving the way for its future through programs like the educational loans supports TMA’s mission,” Dr. Shah said. “Beginning in medical school and continuing throughout residency training, TMA helps future physicians reach their career goals.”
Loan applications are accepted year-round, and funds, in most cases, are disbursed within three to four weeks from submission. Email for more information or visit TMA's Educational Loans and Scholarships webpage.
TMA also offers loans to resident physicians currently enrolled in a Texas residency program through its resident physician loan program.
Last Updated On
September 16, 2022
Originally Published On
August 29, 2022