Resident & Fellow Loan - Harvard University Employees Credit Union
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You worked hard to get into your residency or fellowship, we can make the financing process easy.

With a variety of expenses, such as exams and relocation, you may find that you need supplemental income as you get established in your new career. Fortunately, the Credit Union can provide you with that financial support. Our Resident & Fellow Loan offers competitive rates and terms and stress-free application process. HUECU’s Education Lending coordinators can help you determine if this loan is right for you. Contact an Education Lending coordinator.

The Resident and Fellow Loan is designed for those accepted and/or enrolled in a Mass General Brigham (MGB), Office of Graduate Medical Education (GME) sponsored training program, and for Harvard Medical School and Harvard School of Dental Medicine graduates and students in their final year of study.

The Credit Union offers a robust suite of financial education resources. Individual financial counseling on budgeting, credit and debt management is available to all members. Learn More

Current Students & Recent Graduates

Apply Now Returning User

Note: Enrolled or graduated within the last 5 months.
Loan enters repayment 6 months after graduation.

 

Current Residents & Fellows

Apply Now Returning User

Note: Loan enters immediate repayment.

What’s Next?

Ready to apply for a loan? Click below to see step by step instructions on how to complete your application.

Resident & Fellow Loan Application Steps

For more information about repaying your loan, check out our repayment page below.

Repayment

More questions? Find out if this loan is right for you!

 

Need help?

Please contact the HUECU Education Loan Operation Center:

Eligibility


Applicants must meet ONE of the below criteria:

  • In their final year of study at Harvard Medical School or Harvard School of Dental Medicine, attending at least half-time, and accepted in a medical residency or fellowship
  • Attending another medical school and accepted into an MGB, GME sponsored residency or fellowship
  • Graduated from Harvard Medical School or Harvard School of Dental Medicine, and enrolled in a medical residency or fellowship
  • Graduated from another medical school and enrolled in a MGB GME sponsored residency or fellowship

Additional Eligibility Information:

  • U.S. citizenship not required. Anyone with a valid U.S. SSN and U.S. address is eligible.
  • Applicants must satisfy the HUECU credit requirements.*
  • Applicants must become an HUECU member as part of the application process.5

Program Details


Loan Limits

  • Minimum loan amount: $1,000
  • Maximum annual loan amount for an individual: $20,000
  • Total borrowing limit during a residency or fellowship: $60,000

Rates & Terms

  • Fixed rates starting at 4.25%1
  • As low as 4.234% APR1
  • Repayment flexibility, select 5, 10 or 15-year term

Disbursement

  • Funds are deposited into the borrower’s HUECU account for immediate use.
  • Funds can be easily accessed using debit card, ATM, online banking, or checks.


Repayment

  • Minimum monthly payment: $50
  • Zero prepayment penalty

Discounts

  • 0.25% interest rate reduction for automatic recurring payments, applied after the first payment has cleared.2
  • 0.25% interest rate reduction for qualifying relationships, applied after the loan is disbursed. 3

Financial Education & Counseling


Product Support

Is the Resident & Fellow loan the right option for you? Our Member Support Staff is available to answer any questions you have about the program and eligibility requirements.

Personal Finance Webinars

HUECU provides live personal finance webinars as well as access to self-serve videos of past sessions at huecu.org/workshops.

On-Demand Videos

Hundreds of videos about budgeting, credit, debt repayment, banking and more are available at huecu.org/financial-education-videos.

One-on-One Counseling

HUECU members and their families have access to free financial counseling through our partner GreenPath Financial wellness. Visit huecu.org/GreenPath for more information.

Educational Articles

Subscribe to our blog for articles to help you navigate important financial decisions, such as home buying, getting married, starting a family, debt repayment, relocating, and more.

Printable Resources

Our budgeting, savings, home buying, credit and debt repayment worksheets can be downloaded and printed at huecu.org/hub.

 


 

*Terms and Conditions Apply. In order to qualify, a borrower must have a valid SSN, U.S. address, and meet HUECU’s underwriting requirements. Applicant must have a responsible financial history, and meet other conditions. 

1. Interest Rate & APR. Your interest rate is determined by the term option you select, and your creditworthiness. Not all borrowers receive the lowest rate. Interest is charged daily throughout the life of the loan, beginning the first date of disbursement, during school, through any grace or deferment period, and ending when the loan is paid in full. HUECU does not accept principal only payments. All payment are first applied to fees, interest, and then principal. Calculations are estimates only. Actual rates and payment information may vary based upon applicable terms. Rates and terms are subject to change without notice. Such changes will only apply to applications taken after the effective date of the change.

Current Students & Recent Graduates: The APR assumes you are enrolled for 4 months, and have a 6 month grace period before repayment begins. You are not required to make payment on your loan while enrolled in school and during your grace period, however you can make principal and interest payments at any time.

Loan Example: Repayment examples assume 4 months in school, and a 6-month grace period. Borrowing $10,000 at 4.25% and 5 year term, results in 4.234% APR, monthly payment of $191.85, finance charge of $1,511.00 and total repayment of $11,511.00. Due to the in-school and grace period, the APR is lower than the interest rate.

Current Residents & Fellows: The APR assumes your loan enters immediate repayment.

Loan Example: Borrowing $10,000 at 4.25% and 5 year term, results in 4.25% APR, monthly payment of $185.30, finance charge of $1,118.00 and total repayment of $11,118.00.

2. AUTO-PAY. In order to be eligible for the 0.25% interest rate reduction for automatic payments, you must be signed up for automatic payments through University Account Service (UAS). Payment must be set-up from a U.S. bank account. If at any-time automatic payments are stopped, the rate discount will not be applied. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. Auto-pay is not required to obtain a loan. HUECU reserves the right to change rate discounts at any time.

3. RELATIONSHIP DISCOUNT. A qualifying relationship discount is considered an active checking account for a minimum of 12 months, or any non-education HUECU loan product. Discount to be applied after the loan is disbursed, if applicable. Member must contact the credit union to receive the discount. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. HUECU reserves the right to modify or discontinue relationship benefits at its discretion without notice.

4. PRIME RATE. All current HUECU products offer a fixed interest rate. However, if you previously borrowed a hybrid or variable rate loan with the credit union, the current education loan prime rate is 3.25%

5. MEMBERSHIP. Membership in the Credit Union requires a $5 minimum deposit in a Share Savings Account.

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