Alumni and Resident Information
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
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
Loan Repayment and Grace Period
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.
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:
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
- Total loan
repayment over time will be less than if you defer or forbear
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 at: https://studentloans.gov/myDirectLoan/index.action and http://www.ibrinfo.org/.
Public Service Loan Forgiveness (PSLF):
is intended to encourage individuals to enter into and hopefully remain in
public service jobs by forgiving the remaining balance on their Direct Loans.
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
the end of 10 years, the remaining balance of your student loans will be
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!
information can be found at: https://myfedloan.org/manage-account/loan-forgiveness-discharge-programs/public-service-loan-forgiveness.shtml.
enter PSLF, you will need to complete the Employment
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
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.
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
to express your desires.
Fund for Students in Crises:
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
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.
Click here if you would
like to make a tax deductible contribution to this fund. Your contribution is greatly