While in School
Keep a copy of the promissory note you receive; it is your legal promise to repay your loans, and it covers your rights and responsibilities as a borrower. In addition to the promissory note, keep a copy of the disclosure statements. The amounts and terms of each loan are spelled out in this document, and it will be useful when you enter repayment.
Upon Graduation
At this point, you are responsible for keeping track of your loan portfolio, and you will need to decide if you want to postpone payment or begin repayment during residency. The MedLoans® Organizer and Calculator (MLOC) can help you stay organized. You can import your federal student loan data directly from the Federal Student Aid website. Just log into your studentaid.govaccount with your FSA ID and password and download your loan data file and then upload it to the MLOC tool. Once you’ve logged in, you can also review loan repayment scenarios which will help you make informed decisions about your repayment strategy.
Shortly before your grace period ends, you will need to indicate to your servicer if you want to place your loans in a forbearance or select a repayment plan. If you don’t select a plan, the servicer will automatically place your loans into the Standard, 10-year repayment plan. Your servicer will send you a repayment schedule, explaining the number and amount of monthly payments required to repay your loans. Be sure to keep a copy of this repayment schedule; it will help you with budgeting. If you haven’t done so already, you will want to set up an online account with your servicer so that you can directly monitor your loans.
Residency and Beyond
Create or re-organize a filing system that works for you whether you choose to keep paper documents or an electronic file, it’s important to keep the details of your loan portfolio including servicer contact information in one central location. Don't forget to file your promissory note(s) and other loan papers you receive. If you keep paper documents, it may be useful to have these documents backed up electronically and if rely on an electronic filing system, be sure that you can access the files by keeping your login information secure. Consider backing up any files saved on a hard-drive with a cloud-based internet storage system as well.
Moving, Mail and Communication
Keep your financial information with you throughout your internship, residency, fellowship, and practice. Each time you move, notify your servicer(s) of your new address and keep a communication log of your servicer conversations.
Keep copies of any forms that you mail to your servicer and note the date that you mailed the form. Consider using registered mail and a return reply card so that you know your mail was delivered and who signed for it. If you send an email message, be sure to keep a file for email correspondence. If your loan servicer offers an upload feature for documents on their website, this is another way to ensure that documents and communications are received in a timely manner.
Read your mail. It is very important to open and read all your mail (this includes email). You may accidentally miss a deadline or a notice about a loan status change, and that could have negative financial consequences.
Planning and Preparing
Set up a long-range calendar that covers the length of your residency. Plan for important deadlines and mark them on your calendar. Keep track of dates that deferment, forbearance, or income verification forms are due so that you meet eligibility requirements. If you're using an electronic calendar to stay organized, set up automatic reminders. Keeping good records can help simplify your life now and in the future.
