ANESTHESIA FOUNDATION LOAN APPLICATION
The Anesthesia Foundation grants loans up to $7,500 to individuals while they are in a residency or fellowship program. The maximum loan amount is $7,500 paid out over 12 months with $2000 initial payment and then $500 per month for the next 11 months.
Applicants must be United States citizens or permanent residents, be in good standing in an ACGME or AOA approved anesthesiology residency or fellowship program and have all three required letters of recommendation submitted. You must be in training in either a residency or fellowship program during the entire time you are receiving the monthly payments.
The loans have a 0% interest rate. The loan becomes due six months following the completion of your program. If the loan is not paid in full by the maturity date, repayment will be scheduled in 12 equal monthly installments at a 4% annual interest rate. When your loan has been approved, you will be sent formal notification along with a loan payment schedule and a promissory note. The first loan payout will occur the month following our receipt of your signed promissory note. After the initial payment of $2000, the loans are paid in monthly installments of $500 and the payments are issued the first Wednesday of every month. The Anesthesia Foundation provides the option of either receiving a check each month or you can sign up to have the monthly payments made via direct deposit to your bank account. It takes approximately 10 business days for the direct deposit to be setup.
If you receive the loan while you are in a residency program and upon completion continue on to a fellowship program, your loan repayment can be deferred until six months following the completion of your fellowship. It is your responsibility to contact the Anesthesia Foundation to request the deferral and to have confirmation from your Fellowship Director sent to The Anesthesia Foundation attesting to your acceptance into the fellowship and date of expected completion. In this event, the interest on the loan will be recalculated to reflect the new repayment dates and you will be provided with an updated repayment schedule and promissory note which must be signed and returned to take the place of the original.
The loan can be paid off early with no penalties and the interest will be recalculated to account for the early payoff.
The Anesthesia Foundation provides multiple ways an application may be obtained and submitted. A fillable PDF Application Form may be downloaded by clicking here. (Adobe Reader necessary). Alternatively, the Application Form will be emailed to you if you request it on the Contact Us page of our website. The Application may be completed on your computer or may be printed out to complete by hand. When you have completed the application and signed it, you may save it to your computer and then send it as an attachment in an email or direct fax (mailto:email@example.com or fax to 847-825-1692). If you prefer, you may print the completed application, sign it, scan it and email to The Anesthesia Foundation (mailto:firstname.lastname@example.org), or fax it to 847-825-1692 or mail it to: The Anesthesia Foundation, Attn: Diana Reznikov, 1061 American Lane, Schaumburg, IL 60173.
Make sure to complete all required parts of the application including the completion date of your residency or fellowship program. List the name and complete contact information of three medical work references including email addresses. The three references must include the Department Chair, the Residency or Fellowship Program Director and an anesthesia faculty staff physician. Additional references from other anesthesia staff, residents and/or the residency program coordinator may be submitted as additional support but will not substitute for the three required references. Each of the references will be contacted by The Anesthesia Foundation and will be asked to provide a reference letter on your behalf. If you are in your residency at the time of application and the loan duration will extend into your Fellowship, a letter from your Fellowship Director attesting to your acceptance into the program and date of expected completion is also required.