In-Training Program

Borrower Eligibility: US-based in-training (resident) physicians and dentists with MD, DO, or DDS degree. 4th year US Medical and Dental Students who have successfully matched into a residency program.

Loan SpecificsPrincipalHybrid
Interest Rate Ranges5.99 – 15.99%7.99 – 17.99%
APR Ranges6.83 – 16.92%8.83 – 18.85%
Repayment Terms5 Years5 Years
Loan Amounts$5,000 – 15,000$5,000 – 15,000
Loan TypePersonalPersonal
Minimum Monthly Payment$75 *** $75 ***
ACH Discount0.25%0%
Type of RateFixed Fixed
O1 and H1B visa holders are eligible for Principal repayment only with interest rate ranging 9.99 – 17.99%.

Standard Loan: Principal + Interest

These loans have a lower total cost to borrow but have a larger monthly payment in the beginning than the Interest Only/Principal & Interest Hybrid loans.

Traditional loans offer a fixed monthly payment for the entirety of the loan. Principal and Interest loan would have a fixed payment for each month of the term. A portion of each payment lowers the outstanding monthly balance.

Standard Loan: $9,800 + $200 Fee = $10,000 Total

TermOrigination FeeFixed Interest RateFixed APRNo. of PaymentsMonthly PaymentsTotal Payments
5 Years$2005.99 – 15.99%6.83-16.92%60$193.28 – $243.13$11,596.89 – $14,587.65

Hybrid Loan: Interest Only and Principal + Interest

First half of loan term will be low interest-only payments; the second half will be principal and interest. These loans have a much lower monthly payment during the interest-only portion and can be easier to manage upfront on a tight budget.

Hybrid Loan – 5 Year: $9,800 + $200 Fee = $10,000 Total

TermOrigination FeeFixed Interest RateNo. of PaymentsMonthly PaymentsTotal Payments
First 30 months$2007.99 – 17.99%30$75.00 – $149.92$2,250 – $4497.60
Second 30 Months$07.99 – 17.99%30$368.84 – $416.34$10,726.87 – $12,490.20

Total Cost of 5 Year Hybrid Loan: $12,976.87 – $16,987.80
APR Over Life of the Loan: 8.83 – 18.85%


*The charts and descriptions describe each loan type and depict the range of loan options for interest rates, APR (annual percentage rate), number of payments, monthly payments, and total payments based on a hypothetical $10,000 loan amount. Your own interest rate will depend on the term you choose, as well as your financial and professional profile.

**ACH discount is available only if you agree to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive a Doc2Doc program loan from the Bank of Lake Mills.

***Minimum Monthly Payment applies to Principal and Interest Loans and Hybrid Loans.