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Alumni and Resident Information

We are privileged to have you as either an Alumni of Wake Forest School of Medicine or a House Staff Officer in one of our Residency or Fellowship Programs.  We hope you will find the following information beneficial.

Recent Graduates/Federal Loan Borrowers

As a recent medical school graduate, you are being faced with many changes in a short period of time.  To assist you with how to get started with loan repayment, 10 Tips for Managing Your Money During Residency outlines topics with helpful websites and information.

Loan Repayment and Grace Period

For those of you who graduated from medical school in the spring of this year, your federal loans will end their grace period(s) by the end of the calendar year (six months after your graduation date).  At this point, you should have reviewed loan repayment options, contacted your servicer directly, or both.  If you do not choose a repayment plan then you will automatically default into the 10 year Standard Repayment Plan, which may not be suitable for your current financial situation.  We recommend that you review your options and request your payment plan early so everything is in place when your first payment is due.

The AAMC has a great 28 minute video titled “How to Manage Student Loans During Residency” to further discuss student loans.  The Debt Manager for Graduating Medical Students is also a great resource.

Entering Repayment Versus Deferment/Forbearance:

If you are continuing your medical education in a residency or fellowship program, you have the option of either entering into a repayment plan or forbearing your loans until you complete your program.  Today, loan repayment is affordable on a resident/fellow’s salary through an income driven repayment plan such as IBR, PAYE or REPAYE.  Advantages to beginning repayment early are:

  • Payments are based on your prior year’s income and family size while your income is low 
  • You gain your greatest financial benefit from the Public Service Loan Forgiveness program (PSLF)
  • Total loan repayment over time will be less than if you defer or forbear  

Be sure to open mail from your loan servicer, as you are required to verify income annually in order to remain in your preferred repayment plan.  Information on repayment and deferment/forbearance options can be found on and  

Public Service Loan Forgiveness (PSLF):

Public Service Loan Forgiveness is intended to encourage individuals to enter into and hopefully remain in public service jobs by forgiving the remaining balance on their Direct Loans. 

Requirements for PSLF are:

  • Working for a qualifying organization such as a government agency or 501(c)3 organization. According to the AAMC, approximately 75% of the academic medical centers are 501(c)3 organizations,
  • Entering into a qualifying repayment plan, and
  •  Making 120 monthly on-time payments  

At the end of 10 years, the remaining balance of your student loans will be forgiven.  

We recommend for graduating students to file a federal income tax return. By doing this, students are able to capture an optimal benefit in the early years of repayment, as residency years are included in the count to 120 payments.  Entering into an Income Driven Repayment plan while your income is lowest will produce the lowest repayment amount, thus maximizing your forgiveness total.  Should you choose to leave the 501(c)3 organization at any time, there are no penalties incurred or programs to opt out of, you simply leave.  However, if you stay for 10 years, you are likely to have as much of your loan forgiven as you initially borrowed!   

Additional information can be found on  

To enter PSLF, you will need to complete the Employment Certification Form. The borrower completes the first page of the form and the institution representative (GME Office or Program Director/Coordinator) will need to complete page 2.

Alumni of Wake Forest School of Medicine

The Office of Financial Aid is extremely honored to have been a part of your medical education experience.  We hope that we have provided you with valuable information as a student and follow up information as a graduate.  If you have questions, we are still available via phone or email for assistance.  

Endowed Scholarships:

Many of our students would not be able to attend medical school and fulfill their dreams if it were not for need-based scholarships.  We are fortunate to be recipients of endowed funds from beloved faculty, patients, families, and community.  We would be an honor to accept a donation for an existing scholarship funds or to have you establish a new fund.  Contributions are tax deductible.  If interested, please contact the Development Office to express your desires.  

Fund for Students in Crises:

Hopefully you never experienced an extreme financial crisis while a student.  However, some students have devastating events occur from which they cannot recover without additional resources. The Kaitlyn Elkins Wellness Fund was created for such circumstances.  In memory of Kaitlyn, this fund was established in 2013 to support students who have reached dire straits and are ineligible for additional student loans.  

If you would like to make a tax deductible contribution to this fund, please view the donation page. Your contribution is greatly appreciated.

Quick Reference

Financial Aid

Phone: 336-716-4264
Fax: 336-716-9593


Mon - Fri 7:00 am - 4:30 pm


Bowman Gray Center for Medical Education, 1st Floor, 475 Vine St.

Mailing Address:

Office of Financial Aid
Wake Forest School of Medicine
PO Box 573183
Winston Salem, NC 27157

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Last Updated: 11-17-2017
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Disclaimer: The information on this website is for general informational purposes only and SHOULD NOT be relied upon as a substitute for sound professional medical advice, evaluation or care from your physician or other qualified health care provider.

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