Before you leave medical school, you are required to participate in Exit Counseling where you and your Financial Aid Counselor will review your rights and responsibilities toward your student loan obligation. You will also be presented with the various types of repayment plans available to you. Typically, repayment would begin after a 6 month grace period which would proceed any deferment or forbearance options. Below is a brief overview of those options.
*Repayment totals are generally larger than what the standard would have been.
Income Sensitive/Contingent Plan-
* Repayment totals are generally larger than what the standard would have been.
Income Based Repayment Plan (IBR)
Federal Loan Consolidation
If you are considering consolidation, please visit the consolidation page for more information on this repayment option.
You can develop repayment strategies so that you can minimize the total amount of interest paid over the life of the loans. You do not have to use the same repayment plan on every loan in your portfolio.
For example, you may choose to use a Graduated Plan for loans with a lower interest rate while choosing the Standard Plan for loans with a higher interest rate. This would allow you to pay the minimum on the lower interest rate loans, and put more money toward the higher interest rate loans.
Another example, may be to combine an interest payment and participation in a Loan Repayment Program. This combination provides you with a lower monthly payment requirement and makes large lump sum payments to your outstanding loan principal, lowering your overall loan obligations.
Find an option that works best for you, and create a strategy for repayment. It will allow you to repay your student loan obligation and reach your other financial goals. To help you build a strategy for repayment, use the following linsk to estimate your monthly repayment amounts and evaluate the different repayment plans: The AAMC's Medloans® Organizer & Calculator or FinAid's Loan Repayment Calculators
If you would like to discuss your repayment options and get an in depth projection of your student loans, contact our office at 314-977-9840 or by email at firstname.lastname@example.org to schedule a personal appointment.