Preparing for Repayment

 
Find your student loans & identify all loan servicers
Register online with all servicer' websites; update contact info
  •  Loan balances, accrued interest, interest rates, grace period
  •  When does accrued interest capitalize?
  •  When does repayment begin? What repayment plans are available?
Deferment options for campus and federal loans
If entering repayment and if possible, pay off accrued interest before it capitalizes (initially prior to entering repayment)
 
Research your repayment options
For Dental Students pursuing Dental Postgraduate and/or Dental Residency: 
  • Contact your Dental Program Director to determine your enrollment status
  • Generally, if you pay fees or someone pays them for you = in-school deferment status
  • If considered a student, send in-school deferment forms to ALL servicers (including UCSF campus loan servicers - ACS (www.acs-education.com) or contact your Student Accounting representative
Should I consolidate?
  •  Most common: DOE (www.loanconsolidation.ed.gov) - weighted avg. rate rounded up 1/8th of 1%
  •  After consolidating - repayment begins
  •  Lose flexibility to strategically pay more expensive loans more quickly
  •  Limit servicers to two: Institutional - ACS; Stafford - Direct Loans
Consider ALL sources of debt (consumer & educational) when considering strategic plan
  • Credit card @25%; student loans at 6.8%; private loans (variable rates)
  • Develop a budget incorporating loan payments