Financial Stress During Residency? TMA Low-Interest Loans Can Help
By Tammy Wishard

“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

Tammy Wishard

Account Manager, Division of Communications and Marketing

(512) 370-1470
Tammy Wishard

Tammy Wishard is an account manager in TMA’s Marketing Department. She works with TMA’s Office of Trust Fund Administration and other departments to help communicate the broad range of services and resources TMA offers its members. She has a 25-plus-year history with TMA, where she started as a writer/editor. Tammy, a proud Iowa native, is a graduate of Abilene Christian University.

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