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Loan Repayment Information for our Graduates
TIMELINE
Most loans do not require that you enter repayment until you complete your residency training; however, in order to defer entering repayment during residency, some paperwork will be required. When you graduate, most loans will offer you some type of grace period that begins on the day of graduation. Stafford Loans offer a 6 month grace period, institutional loans and private loans will vary (refer to your promissory note for each loan). Once your grace period is used you have three options: The AAMC provides a loan repayment timeline that may be helpful to you:
FINDING YOUR LOANS
The National Student Loan Data System provides a record of all federal loans. You can log in to their website at www.nslds.ed.gov using your PIN from filing your FAFSA and your Social Security Number. Each Stafford Loan, Graduate Plus Loan, and Perkins loan that you have been awarded will be listed, along with the company that is currently holding each loan. NSLDS does not contain any information on private loans, so keep this in mind if you took out a residency / relocation loan. CHOOSING A REPAYMENT PLAN STANDARD REPAYMENT: Equal monthly payments over a 10 year period GRADUATED REPAYMENT: Monthly payments start low, and increase over 10 years EXTENDED REPAYMENT: Equal monthly payments over a 25 year period INCOME BASED REPAYMENT: Great option for Medical Residents -
monthly payment based on household income and family RESOURCES: he AAMC provides some great resources on loan repayment for those in
residency training: Postponing Loan Repayment During Residency Monthly Payment Estimator - chart comparing each repayment plan Income Based Repayment Information Income Based Repayment Calculator - www.ibrinfo.org Educational Debt Management for Residents - includes instructions for signing up for their listserve University of Arkansas for Medical Sciences Student Financial Aid: (501) 686.5813
E-mail: GEDaulton@uams.edu All contents © 2000-2008. |
