University of California, Riverside

School of Medicine

Summer Externship Funding

Private Funding for Summer Externships

Smart Option Student Loan®, a loan servicer for Sallie Mae, offers private funding for summer externships to students enrolled full-time, half-time, and less than half-time. To apply, the student or cosigner should visit

Interest Rates

Variable Rates: 2.25% APR to 9.37% APR
Fixed Rates: 5.74% APR to 11.85% APR

Loan Fees

No origination fees and no prepayment penalty.

Repayment Options

Payments can be deferred until after medical school or an in-school repayment option may be selected. Options are to:

  • pay monthly interest.
  • pay $25 per month.
  • defer payments.

Repayment Term

5-15 years. Repayment term will vary based on loan amount and year in school.

Special Features

  • Auto debit savings - 0.25 percentage point interest rate reduction for automatic debit enrollment.
  • Smart Reward® - 2% cash back on scheduled payments made on time while in school with the interest or fixed repayment options.
  • Graduated repayment period — budget flexibility for graduating students.
  • This product may also be used to pay off a balance registering for a new term.
  • Death and disability loan forgiveness.

Loan Limit

Borrow up to 100% of school-certified education costs (minimum $1,000).

Cosigner Requirement

Applying with a creditworthy cosigner is available. Application to release a cosigner after graduation and after making 12 consecutive on-time principal and interest payments. Releasing the cosigner will not adversely impact the loan rate.

More Information 

General Campus Information

University of California, Riverside
900 University Ave.
Riverside, CA 92521
Tel: (951) 827-1012

School Information

School of Medicine
2608 School of Medicine Education Building

Admissions Inquiries: (951) 827-7353

General Inquiries: (951) 827-4568

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