COLLEGE OF MEDICINE

Loan Repayment Options

For a list of all your federal loans and the lender/servicer information: http://www.nslds.ed.gov/nslds_SA/

If you have Perkins or other institutional funds (Loan for Disadvantaged Students, Primary Care Loan) repayment is handled through ECSI: http://www.ecsi.net/, or you can contact the Student Accounting Office at 843-792-2170 with any questions.

Deferments are granted by your lender in cases of unemployment, economic hardship, active duty in the military, or while you are in school. During deferment the Subsidized Stafford Loan does not accrue interest, but both the Unsubsidized and Grad PLUS do accrue interest, you can pay the interest monthly or capitalize it and it will be added to the loan. Deferments are not granted automatically. You must submit an application to your lender and provide documentation to support your request for a deferment.

Forbearances are granted at the lender's discretion, usually in cases of extreme financial hardship or other unusual circumstances when the borrower does not qualify for a deferment. Your loans are accruing interest, but the interest can be capitalized if you can’t make the monthly interest payments.

You can consolidate all of your federal loans with Direct Loans to give you one monthly payment: https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp this is beneficial if you have loans with multiple lenders. Additional information: http://loanconsolidation.ed.gov/help/faq.html

Loan Repayment Calculators can help you decide which repayment plan is best for you. The calculators on this page can pull your loan information directly from NSLDS so you don’t have to enter each loan: http://studentaid.ed.gov/repay-loans/understand/plans

Income-Based Repayment is what most students going into residency apply for, you will be making monthly payments, but the amount is based on your salary and family size. You can check out this website for a little more information: http://www.finaid.org/loans/ibr.phtml and calculate what your payments could be here: http://www.finaid.org/calculators/ibr.phtml

A new version of this is the Pay as You Earn: http://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earn/calculator

Another option is the Public Service Loan Forgiveness Program. You have to consolidate your loans into the Federal Direct Loan Program to qualify, once you consolidate, you can apply for Income-Based Repayment or Pay as You Earn to reduce your monthly payment and extend the payment time.  This lowers your monthly payment, but increases the amount of interest you will owe. 

You must make 120 monthly payments (10 years) and work in a public service job for those 10 years.  After 10 years, the remaining principle and interest is forgiven. There is more information here: http://www.finaid.org/loans/publicservice.phtml and:

http://www.studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service#what-kinds-of-employment

Other loan repayment programs:

National Institutes of Health

http://lrp.info.nih.gov/faq/program_information.aspx

Indian Health Service

http://www.ihs.gov/JobsCareerDevelop/DHPS/LRP/

National Health Service Corps

http://nhsc.hrsa.gov/loanrepayment/

SC AHEC (Area Health Education Consortium), information about working in rural or underserved areas: https://www.scahec.net/professionals.html

 
 
 

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