“Professional and fast.” That’s how one Texas resident physician described the application process for a low-interest loan from the Texas Medical Association, which bridged the gap before he received his first paycheck during residency.
TMA’s resident loan program offers up to $6,000 at a fixed 4.4% interest rate to qualified physicians who are completing their residency training in a Texas accredited program. Loans are available to help residents ease financial pressures. They can perhaps help residents avoid high-interest credit card debt, or pay for an unanticipated car repair, relocation expenses, and more. Residents can apply for a loan during any year of post-graduate training.
The loan recipient, responding anonymously to a TMA survey, said the money helped cover required first- and last-month’s rent, plus various deposits. TMA processes the loans in a short time frame to accommodate emergencies and other unanticipated expenses. Repayment of the principal is deferred until two years after loan disbursement.
TMA leaders who serve as “interviewing trustees” approve the loans after one-on-one conversations with the applicants. Lubbock pulmonologist Cynthia A. Jumper, MD, serves as an interviewing trustee and has approved more than 50 resident physician and medical student loans.
“Supporting students and resident physicians remains a priority for TMA through the educational loan program,” said Dr. Jumper, a member of the TMA Board of Trustees. “I speak with applicants during the approval process and am proud to play a role in helping borrowers reach their medical career goals – and help secure the future of medicine in Texas.”
TMA accepts resident physician loan applications year-round, and in most cases funds are disbursed within three weeks from submission. Email for more information or with questions, or visit the TMA loan funds website.
TMA also offers loans to graduate professional students currently enrolled in a Texas medical school through its medical student loan program.
Last Updated On
March 15, 2023
Originally Published On
June 13, 2022
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