Federal regulations have been modified to allow some of the costs of residency interviews to be covered through federal loans, meaning Stafford or PLUS loans. The M4 Cost of Attenance budget includes a set amount of money for ERAS reseidency application expenses. (this amount is based on the average number of programs that the previous M4 class applied to) If you apply to more programs, you can submit receipts and we will be able to increase your loans to cover the total cost of your residency search expenses. The adjustment will be made first to which ever Stafford loan has not been maxed out, most likely your unsub or to your PLUS loan. If you do not currently have a PLUS loan but the adjustment would be above your unsub eligibility, you will have to sign a PLUS master promissory note and do entrance counseling before the loan can be originated; there is also a credit check necessary for PLUS loans but it is less stringent than the credit check required for private loans. If you have to travel for interviews, please reach out to Chris Roling to discuss whether or not your loans can be increased for these interview expenses. (Always keep your receipts!)
There are also a few types of private loans that are available to M4 students to assist with residency search and relocation costs of the fourth year. These loans are available to credit-worthy borrowers in addition to other educational loans they might have. It is always best to maximize your eligibility against the standard cost of education before resorting to any of these loans, since these loans have less attractive terms than other, true, educational loans.
To view a loan comparison pdf document, click on this link: Residency Search Loan Comparison 24-25.pdf
These additional loans will of course increase your debt, so we encourage you to budget wisely and minimize spending by using the HOST program below.
'HOST' Program (lodging)
The Help Our Students Travel (HOST) Program matches our fourth-year medical students with alumni volunteers during residency interviews around the country. Alumni volunteers provide lodging for medical students in their homes during interview travels as well as offer invaluable advice to the students about the community in which they are interviewing. It is a great way for alumni to reconnect and give back to their alma mater and also see the caliber of students at the University of Iowa Carver College of Medicine.
Medical student indebtedness has become a national concern, and our alumni are responding and helping us to address this concern by participating in the HOST program.
For more information about this opportunity, visit the Medicine Alumni Society website.