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 a stress-free application process. Harvard FCU’s Education Lending team can help you determine if this loan is right for you. Contact the Education Lending team.
The Resident and Fellow Loan is designed to meet the needs of Harvard FCU Members who are current medical residents or fellows and have graduated, or medical school graduates accepted into a residency or fellowship program.
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.
- Rates1 starting at 7.00%.
- As low as 6.98 % APR.1
- Deferred repayment: Loan enters repayment six months after the disbursement date.
- Repayment flexibility, select 5, 10 or 15-year term.
- Minimum loan amount: $1,000
- Maximum annual loan amount for an individual: $20,000
- Total borrowing limit during a residency or fellowship: $60,000
- Funds are deposited into the borrower’s Harvard FCU account for immediate use.
- Funds can be easily accessed using a debit card, ATM, online banking, or checks.
- 0.25% interest rate reduction for automatic recurring payments.2
- 0.25% interest rate reduction for qualifying relationships, applied after the loan is disbursed. 3
- Minimum monthly payment: $50
- Zero prepayment penalty
Applicants must be eligible for Harvard FCU membership, and must meet one of the below criteria:
- Currently enrolled in a medical residency or fellowship program.
- Officially accepted into a medical residency or fellowship program.
Additional Eligibility Information:
- U.S. citizenship not required. Anyone with a valid U.S. SSN and U.S. address is eligible to apply.
- Applicants must satisfy the Harvard FCU credit requirements.*
- Applicants must become a Harvard FCU member as part of the application process.5
Harvard FCU’s financial wellness program, Thrive, aims to bring award-winning personal finance education to our members. Here’s some of what is offered through Thrive!
- Personal Finance Webinars: Harvard FCU provides live personal finance webinars as well as access to self-serve videos of past sessions at harvardfcu.org/workshops.
- 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.
- On-Demand Videos: Hundreds of videos about budgeting, credit, debt repayment, banking and more are available at harvardfcu.org/financial-education-videos.
- One-on-One Counseling: Harvard FCU members and their families have access to free financial counseling through our partner GreenPath Financial wellness. Visit harvardfcu.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 harvardfcu.org/hub.
Please review the full program disclosure for further information on loan rates and cost.
Terms and Conditions Apply. In order to qualify, a borrower must have a valid SSN, U.S. address, and meet Harvard FCU’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 on the first date of disbursement, through any grace or deferment period, and ending when the loan is paid in full. Harvard FCU 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.
The APR assumes you have a six month deferment period, starting on the disbursement date, before repayment begins. You are not required to make payment on your loan during your deferment period, however you can make principal and interest payments at any time. All payment are first applied to fees, interest, and then principal.
Loan Example: Repayment examples assume a 6-month deferment period (deferment period begins on the date of disbursement). Borrowing $10,000 at 7.00% and 5 year term, results in 6.98% APR, monthly payment of $204.92, finance charge of $2,295.20 and total repayment of $12,295.20. Due to the deferment period, the APR is lower than the interest rate.
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 Accounting 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. Harvard FCU 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 Harvard FCU 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. Harvard FCU reserves the right to modify or discontinue relationship benefits at its discretion without notice.
4. PRIME RATE. All current Harvard FCU products offer a fixed interest rate. Variable and hybrid rate education loans reprice quarterly in January, April, July, and October based on the prime rate published on the 1st of the preceding month. The prime rate of the last repricing was 8.50 %, adjusted on October 1, 2023.
5. MEMBERSHIP. Membership in the Credit Union requires a $5 minimum deposit in a Share Savings Account. Education Loan borrowers must be the primary accountholder to meet the membership requirement.