Enrollment Management | Financial Aid Services
Post-Graduation Debt Management Tips
Upon graduation, it takes time for students to get on their feet financially. If there are delays in employment after graduation, pending boards, or you are going into a residency program, here are some ways to help with your loan repayments:
Federal Loan Consolidation
Students may opt to consolidate several federal student loan payments into a single monthly payment with a fixed interest rate. Loans must be in grace or repayment to be eligible for consolidation. Several repayment options of Consolidation loans are available depending on the student’s financial situation. Before deciding to consolidate, crunch the numbers on a loan repayment calculator.
Students may apply for deferment or forbearance if experiencing difficulty in making payments on their student loans as scheduled. Deferments and Forbearance are not automatic. You must apply for them. Contact your lender for forms or more information.
- Deferment: The borrower is not required to make payments for a specified amount of time. There are certain conditions that students have to meet to qualify for deferment.
- Forbearance: The borrower and lender make a temporary arrangement for a specified amount of time that will either lower monthly payments or postpone payments. Forbearance is for students whose circumstances adversely affect the student’s ability to meet their loan payment obligations. However, their situation is not one which qualifies for deferment.
Loan Repayment Incentives
Students can may qualify for reduction in their interest rates or receive credits toward their total loan balance by making on time payments and participating in bank draft of loan payments. Check with your lender for more details.
Loan Repayment Programs
Depending on your program, there are some programs that will repay your loans after graduation in exchange for a service commitment.
National Health Service Corps
National Institute of Health
Indian Health Service
Nursing Education Loan Repayment Program