Graduating Students

LATEST NEWS:

Financial Services from External Sources   The OFA of AMS has learned free financial consultations are being offered at AMS, promoted by external companies.  We are posting this note to alert you that OFA does not endorse these services nor do we know about them in advance of their visit to our campus.  We caution students, residents to make informed decisions, shop around for advice and we never think it is a good idea to pay a servicer to help navigate the loan repayment process.

The National Association of Financial Aid Administrators recently published the following article that may impact the servicing of your federal loans - ED Announces Move to Single Student Loan Servicer.  

Graduated and Working in Rhode Island?  Consider the 2018 Wavemaker Fellowship where you could receive an annual refundable tax credit against your RI income tax to defray the cost of student loan repayments.  Applications for 2018 available January 2018.  For more details, please visit website.

Fannie Mae Introduces Innovative Solutions for Borrowers with Student Loan Debt:  Innovations Help Borrowers Pay Down Student Debt and Overcome Debt Related Obstacles When Buying a Home article is worth a read.

Physicianloans has a Residency and Relocation loan available to fourth year medical students and first year residents.  You may apply for a personal loan of up to $20,000 to assist with the expenses of starting residency.  No payments are required for three years and very low rates are available to those with high credit scores.  

MONTH-BY-MONTH TO DO:

January and February:

  • Gather tax information (W2s from employer, 1098-E from loan servicer).
  • Prepare and file federal tax return  for Income Driven Loan Repayment plan documentation even if you had no income. 
  • Physicianloans offer LIVE monthly webinars.  Please visit their site for dates and times.  
March:
  • Receive Office of Financial Aid Director memo of upcoming events.
  • Debt Profiles emailed to students.
  • Fourth Year Repayment Workshop will be held late March 2018.  Details to follow.  
  • Set up account with servicer(s).
  • Consider a mortgage.  View a physicianloan webinar to learn more about mortgage opportunities and review their mortgage approval checklist.  Consider the Doctor Only Mortgage Loan.  
April:
May:
  • Complete online exit counseling if you haven’t already done so in April.
  • Schedule loan repayment meeting with OFA/Brown Loan Office.  
  • Consider PSLF if you will be employed by qualified employer.  Form below-make sure all sections are completed prior to submitting to Residency Coordinator.
  • Determine Income Driven Repayment plan for federal loans.
  • Consider consolidating loans.  Link for consolidation application process.
  • Access institutional loans and Perkins loans at heartland.esci.net, loan  servicer, using school code E7 and update contact information.
  • Make copy of diploma for future use.
June:
  • Make your first private loan payment if required to do so.
  • Did you already use your grace period for pre-med debt?  Will your first federal loan payment be due this month?
  • Consider employer retirement plan.
  • May lose brown.edu email – transition to your_name@alumni.brown.edu.
  • Consider foregoing federal Direct loan grace period and begin making loan payments to count towards PSLF.

July and August:
  • Review first paycheck for expected deductions and update discretionary budget with actual figures.
  • Maintain contact with servicer and provide updated address and email.
  • August 15 Brown University health insurance ends.
September and October:
  • Sign up for an Income Driven Repayment plan (90 days prior to repayment start date) and submit proof of income of most recent federal income tax return OR two most recent pay stubs.  This application and proof of income need to be submitted to your servicer while in grace period.  This form can be found on servicer website and at studentloans.gov.
  • Consider Public Service Loan Forgiveness (PSLF) if you will be employed by qualified employer.  See form below-make sure all section are completed prior to submitting to residency coordinator.  
November and December:
  • After November 15th, complete and submit Brown Residency Deferment Application annually for 3 years during Residency.  Complete your portion, forward to your residency program director for bottom portion completion, then return it to the Brown Loan Office for processing.  Email copy of the Residency Deferment form is now being accepted.  Have more questions?  Please visit Brown Loan Office website.
  • Evaluate first monthly loan payment due in December on servicer site
  • Sign up for automatic debit to ensure on-time payments and possible 0.25 percentage point interest rate reduction (check with servicer for details).
  • Begin federal loan payments through your servicer.

Helpful Links

AAMC Education Debt Manager for Graduating Medical School Students

Deferment and Forbearance Chart

Getting Married During Medical School or Residency webpage

Income Driven Repayment Plans for Federal Student Loans  

Loan Programs for AMS Students Chart 

Mortgage Approval Checklist

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

Public Service Loan F&Qs 

Public Service Loan Forgiveness Application