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 and residents to make informed decisions, shop around for advice and educate yourself before paying an advisor to help navigate the loan repayment process.
April 2018: A $350 million fund has been established to help borrowers in Public Service Loan Forgiveness (PSLF) meet program requirements. Please read the NY Times article detailing this fund and how it may benefit you.
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.
Exit Program: The following presentation, Loan Repayment; Building a Strategy, was offered to the MD'19 class on March 27th. If you were unable to attend and/or need a refresher, please view at your leisure.
MONTH-BY-MONTH TO DO:
August through December
- Watch the AAMC Cost of Residency webinar which discusses possible costs you will incur during the interview season.
- Utilize the student created smartmedtravel.com website to help plan residency interviews.
- Consider staying with AMS alumni during interviews by signing up with HOST. The Office of Alumni Programs will reach out to alumni on your behalf and match you first by geographic area and second by specialty.
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.
- Receive Office of Financial Aid Director memo of upcoming events.
- Debt Profiles emailed to students.
- Fourth Year Loan Repayment Workshop is usually held in late March.
- AAMC recordings of How to Manage Your Student Loans During Residency (Full Length), Where to Start, The Effects of Postponing Payments, Choosing the Best Repayment Plan, Public Service Loan Forgiveness, and Consolidation, Refinancing and Taxes are available for your viewing.
- 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 a Washington Trust Doctor Only Mortgage Loan for those residents in RI and MA.
- Confirm accurate loan debt on NSLDS/debt profile/credit report.
- Begin discretionary income budget for first year of residency. Salary Paycheck Calculator can help determine net pay.
- Complete online exit counseling and request Income Driven Repayment plan during counseling. If you do not request IDR now, must wait until 90 days prior to repayment date.
- Schedule loan repayment meeting with Office of Financial Aid (OFA).
- File 2018 tax return by April 15.
- Complete online exit counseling if you haven’t already done so in April.
- 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.
- 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 [email protected].
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.
Paycheck City site for calculating Take Home Pay by state and date