RESIDENT PHYSICIAN LOAN PROGRAM
- Loans are available to physicians in any year of postgraduate training.
- A resident physician may borrow up to a maximum of $6,000 SET Fund or $3,000 PALMER Fund.
- The residency must be in an accredited program within the state of Texas.
Note: If an individual received a TMA loan from the Dr. S.E. Thompson Scholarship Fund while in medical school, that amount will be included in the maximum allowed.
- Interest is due each year on the anniversary date of the loan until principal repayment begins
- Loans may be repaid in full at any time without a prepayment penalty
- Loan recipients must begin to repay the principal of the loan two years after loan disbursement
- Equal monthly payments will be made for 12 months on a $1,000 loan, 24 months on a $2,000 loan, 36 months on a $3,000 loan, or 48 months for loans of $4,000, $5,000, and $6,000.
How to Apply
Resident physicians may apply for a loan through the Texas Medical Association and can obtain an application by clicking on the FORMS tab at the top of the page.
The following items must be completed and received by TMA:
- Completed and e-signed loan application returned to TMA.
- Promissory note e-signed and returned to TMA.
- Verification of residency status signed by supervisor and returned to TMA.
- Electronic signature constitutes permission to pull your credit report - defaulted accounts will affect eligibility.
- A virtual or telephone meeting with a TMA Interviewing Trustee must be completed.
- Written/emailed acceptance of the loan after receipt of the approval disclosure.
- Upon approval, the loan will be disbursed as direct deposit within approximately two (2) weeks.