UAMS College of Medicine – Information for Graduating Students
CHECKLIST FOR GRADUATING STUDENTS WITH STUDENT LOANS
Now that you are leaving UAMS, you need to make important decisions on how to repay your federal student loan(s). The information below will help you begin the repayment process.
- Exit Counseling – The Department of Education and UAMS require that you complete exit counseling upon separation from the University
- Repayment Options – Determine the amount of your monthly payments
- Debt Management – Learn to manage your loans and avoid default.
- Deferment/Forbearance/Grace Periods – Know when your monthly payments begin and how to postpone them
- Pros and Cons of Consolidation – Review loan consolidation information if you are considering consolidating your federal student loans
PUBLIC SERVICES LOAN FORGIVENESS PROGRAM
In 2007, Congress created the Public Service Loan Forgiveness Program to encourage individuals to enter and continue to work full time in public service jobs. Under this program, you may qualify for forgiveness of the remaining balance due on your eligible federal student loans after you have made 120 payments on those loans under certain repayment plans while employed full time by certain public service employers. Since you must make 120 monthly payments on your eligible federal student loans after October 1, 2007 before you qualify for the loan forgiveness, the first cancellations of loan balances will not be granted until October 2017.
RESIDENCY & RELOCATION LOAN
Available to 4th year College of Medicine students only, this loan is designed to help with costs associated with residency and relocation expenses. This loan does not count as part of your financial aid package.
The Residency and Relocation Loan is a private loan for students in the final year of medical school. The Residency and Relocation Loan can help with expenses associated with finding a residency, including travel to interviews and relocation costs, which are not covered by federal student loan programs.
Please note that the interest rate and fees charged are based on the applicants’ credit score. If you do not have an established credit history, you may want to apply with a qualified co-signer to increase your chances for approval and potentially receive a lower interest rate.
If you have specific questions about any of the processes mentioned in this section or whether certain provisions apply to you, you should contact your loan servicer or UAMS Student Financial Services.
- To find out who is servicing your federal student loans and how much student loan debt you currently have visit: http://www.nslds.ed.gov/nslds_SA/
- To request one-on-one financial counseling here on the UAMS campus, contact Gloria Kemp email@example.com or call 501-686-6936 for an appointment.
FIRST for MEDICAL EDUCATION
by AAMC Association of American Medical Colleges
FIRST (Financial Information, Resources, Services, And Tools) Facts are short, informational sheets on a variety of financial aid related topics. Facts are designed to reduce often confusing or complex topics to the basics. For more information regarding FIRST Facts topics email firstname.lastname@example.org
FIRST FACT SHEETS
The following documents are all in PDF format.
- Loan Consolidation Answers to Specific Consolidation Questions
- Loan Repayment Timeline – A look at Repayment & Grace Periods
College of Medicine’s Liaison for Financial AidGloria Kemp, Director of Student Financial Services. Please contact Gloria for questions concerning eligibility, award amounts, disbursement dates, financial counseling, etc. Contact information: Phone: 501-686-6936 Email: email@example.com http://studentfinancialservices.uams.edu/
Based on University of Pennsylvania – Perelman School of Medicine