Module Number 4 Postponing Payments Miller School of Medicine

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Presentation transcript:

Module Number 4 Postponing Payments Miller School of Medicine Paul S. Garrard Founder and President, PGPresents, LLC Independent Student Loan Consulting September 2017 2017 PGPresents, LLC - All Rights Reserved

Options at repayment Loan servicers notify borrowers 30-90 days prior to loans coming due Two options at repayment Postpone Deferment or Forbearance Pay (select a repayment plan) Time driven Income driven

Postponement options Deferment* Forbearance* Subsidized loans are interest free to borrower Must meet eligibility requirements Graduate Fellowship Deferment Forbearance* Interest accrues on all loans Alignment Forbearance May be beneficial for undergraduate loans Mandatory Residency Forbearance** Good throughout duration of residency Based solely on residency status * Borrower considered in “Good Standing”, credit protected ** May be used at any time during residency

Comments May need to postpone if you have other more costly obligations Don’t postpone due to procrastination Consider making voluntary payments on worst loan during postponement periods Voluntary payments don’t count towards PSLF Must reapply every 12 months Use AAMC MLOC* to estimate financial impact of forbearance * AAMC Medloans Organizer and Calculator at www.AAMC.org/FIRST

PGPresents, LLC Independent Student Loan Consulting www.PGPresents.com END OF MODULE FOUR PGPresents, LLC Independent Student Loan Consulting www.PGPresents.com 2017 PGPresents, LLC - All Rights Reserved