24 Jun So what now should you create with your figuratively speaking before you begin scientific college or university?
For those who have personal loans, you'll need to contact the lender/servicer of one's funds observe exactly what choices tends to be offered for you
- If you plan to graduate and move right into medical school, you'll have a six-month grace period before you are required to make monthly payments. This means it's likely you wouldn't make any payments on your outstanding loans. You should know that while you're not required to make payments during this time, you're still able to do so (and it's beneficial to you!). Making payments during the grace period will reduce your loan debt prior to entering medical school. Once you're enrolled in medical school, and as long as you remain enrolled at least half-time, you won't need to make payments because you would qualify for an in-school deferment.
- If you decide to take a gap year before entering medical school, you would use your six-month grace period and start to repay your loans for the remainder of your gap year. At this point, making payments may seem difficult, especially if you don't have a large income; however, there're actually are a number of repayment plans to choose from and it's likely you will find one that fits your financial situation. For example, there are “traditional” plans such as the Standard Repayment Plan -- where you pay your loan(s) by making the same monthly payment over ten years. But there are also income-driven repayment plans that base your monthly payment on your actual income, which may make your payments easier to manage. These are just a couple of options. Review the FIRST Financial Aid Fact Sheets for more information.