Repaying Medical School Student Loans
Some time between when you graduate and your grace period expires, you will need to receive Exit Counseling. Exit Counseling will let you know how much you are required to repay each month towards your loan balance, when your repayment begins and other important information about your repayment plan.
The repayment plan that you follow depends on what type of loan you received. With a FFEL or a Direct Stafford Loan, you have a variety of options which will be explained to you in your Exit Counseling. If you have a Federal Perkins Loan, you are normally given ten years to repay. Your monthly payment is dependent upon the size of your loans and the length of the repayment period.
It is very important that payments are made on time. Failing to do so could result in Default. Default occurs when your loan payments are not made according to the terms stated in your promissory note. A promissory note is the legally binding paper you signed when you took out your medical school loan. A range of consequences can result from entering into Default, including:
- State and federal income tax refunds can be seized and used towards paying off your debt
- A court can order loan repayments to be taken directly from your salary
- Credit ratings can be harmed, making it difficult to take out any kind of loan in the future
- You could be barred from receiving further financial aid
- Greater loan fees and costs will incur, which will be added to the balance already owed
- In certain instances, you could be sued
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Save Money with a Private Student Loan Consolidation from Medical School Loans
By Brooke Heath
Even as a young child practicing medicine on your stuffed animals, you knew that you were destined to become a physician. But the road to obtaining your medical degree takes more than just the ability to mend the imaginary wounds of a teddy bear.
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