Residents

Post-Graduation Monthly To-Do List

Embarking on a new phase of your medical training, keep in mind OFA continues to support you.  Questions?  Email us at md_finaid@brown.edu.

Late October 

Complete and submit a Deferment Application for your Brown Institutional Loans. Complete your portion of the form and forward it to your residency program director. The director will need to complete and certify/stamp the bottom portion of this form. We need to receive the original form by mid-November and cannot accept faxed or emailed copies. Please plan ahead to allow time for mailing and processing. Note: If you’ve also borrowed a Perkins Loan, you may want to request a Forbearance Application in March.

November

Select a repayment plan for your Direct/PLUS Loans. Decide whether you would like to consolidate and combine your Perkins or LDS Loans with your Direct/PLUS Loans. Consolidation allows you to roll these into one new loan that you can repay using one of the income-driven repayment plans.

December

The first payment is due on Direct/PLUS Loans and must be sent to your federal loan servicer, unless you have completed the forbearance process with that servicer.

January

The first payment is due on January 1st for your Brown Institutional Loans and must be sent to the Loan Office, unless you have completed the residency deferment process above.

March

Complete and submit a Forbearance Application if you need to postpone repayment of your Perkins Loan. Submit the completed form directly to the Brown Loan Office.

April

The first payment is due on April 1st for your Perkins Loans and must be sent to the Loan Office, unless you have completed the forbearance process above.

On-Going

When you've chosen an income driven repayment plan (IBR, PAYE), remember that you will need to verify your income each year, as early as August and September.  So, be careful to pay attention to notes you receive from your servicer. 

You must plan on reapplying if you wish to extend a deferment or forbearance. The deferments and forbearances are typically granted for 6 to 12 months at a time. (Ex: The Medical Loan offers 36 months of residency deferment. If your initial residency deferment is granted for 12 months, you will need to complete the entire deferment process again next October.)

Account Access

Stay on top of your accounts online. Visit http://borrower.ecsi.net to access your Institutional Loans and/or Perkins Loans. Be sure to update your contact info (especially email address). (School Code E7)

Helpful Links for Resident Years

Public Service Loan Forgiveness
Public Service Loan F&Qs 
Public Service Loan Forgiveness Application

 

Mortgage Information
Physicians Loan
Mortgage Approval Checklist
Doctor Only Program through Washington Trust

 

Loan Chart 

Deferment and Forbearance Chart

Federal Direct and PLUS Loan Repayment Plans Chart

Paycheck City site for calculating Take Home Pay by state and date

Getting Married During Medical School or Residency AAMC Fact Sheet