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Several other loans are available from outside organizations. Since they charge high interest we recommend that you use extreme caution in taking out these loans, particularly if you borrowed significant amounts as a medical student. Interest begins to accrue as soon as the loan is granted; principal payments can sometimes be deferred. Applications can be obtained directly from the organization.
Sponsored by the American Professional Practice Association (APPA) and the National Association of Residents and Interns (NARI), this program provides an unsecured line of credit as follows:
1st year - $20,000
2nd year - $25,000
3rd year - $35,000
Final year - $35,000
Fellowship - $35,000
Practicing Physicians First three years in practice Up to $40,000
In practice three years or longer Up to $50,000
Interest Rates Fixed Rate 13.95%
-Or- variable interest rate based on the amount borrowed as follows:
$0 - 30,000 Prime Rate + 5.25%
$30,001 & Over Prime Rate + 4.25%
(Prime rate is based on Wall Street Journal rates. Current Prime Rate
is 4.75% until 03/31/02)
Repayment Can pay interest only for the first 24 months and may be renewed through the first year of practice.
Contact APPA/NARI Loan Department
Hillsboro Executive Center North
350 Fairway Drive, Suite 200
Dearfield Beach, FL 33441-1834
1-800-221-2168, ext. 5
FAX: 954-571-8582
http://www.nari-assn.com
Loans are available to doctors in training as follows:
Aggreagate Loan amounts:
1st. year - $20,000
2nd year - $25,000
3rd. year - $30,000
4th. year & above - $35,000
In Practice - $50,000
Interest Rate Introductory rate for all loans until August 2002 4.99%
Thereafter, interest depends upon the amount borrowed, as follows:
$0 - $9,999 Prime Rate + 7.99%
$10,000 - $30,000 Prime Rate + 4.99%
$30,001 & Over Prime Rate + 3.99%
(Prime rate is based on Wall Street Journal rates. Current Prime Rate
is 4.75% until 03/31/02)
Repayment Borrower can pay 1.5% of the total balance. For example; minimum monthly payment on a $10,000 loan is $150.
Contact National Association of Doctors
180 E. Main Street, Suite 203
Smithtown, NY 11787-2811
1-800-237-0270
Medical residents can borrow from $1,000 to $20,000 annually from the P.L.A.T.O. Graduate Student Loan, with an aggregate limit of $80,000. Eligibility for this loan is based on the resident’s debt-to-income ratio and credit report. Residents can also have a cosigner for this loan. Residents can apply by phone or on-line, and be pre-approved for the loan within five minutes.
Interest Rate First six months Prime Rate + 0%
Thereafter, based upon borrower’s/co-borrower’s credit history
at time of application. Borrower is notified at time of application.
Prime Rate + 0% to Prime Rate + 8.9%
(Prime rate is based on Wall Street Journal rates. Current Prime Rate
is 4.75% until 03/31/02.)
Loan Fee 0% - 8.99% origination fee, based on borrower’s/co-borrower’s credit history. Amount is added to the principal.
Repayment Begins immediately after loan is received.
Up to 20 years to repay.
A 2% reduction in interest rate is available to borrowers once they have made 36 months on-time payments of the exact amount billed. Interest rate cannot be reduced below the Prime Rate.
Contact P.L.A.T.O.
Education Finance
21660 Ridgetop Circle
Sterling, VA 20166
1-800-GO-PLATO (467-5286)
http://www.plato.org
Wells Fargo Bank offers a PrimeLoan for Physicians, which is available to doctors who are starting their own medical practice.
Interest Rate Interest depends upon the amount borrowed, as follows:
$0 - $49,999 10% Fixed Rate
$50,000 - $100,000 8.75% Fixed Rate
Loan Fee 1% of the loan amount.
Repayment Interest-only payments during the first year and graduated
payments
until the loan is repaid at the end of year six.
Contact For additional information, line of credit, and other lines
of loans as well, contact :
Wells Fargo Bank
415-721-3131