Affiliated with University of Missouri Health Care

FINANCIAL AID

• Index of financial aid

LOAN PROGRAMS

• Overview
• Federal loan programs
• State loan program
• Institutional loan programs
• Private outside loan programs
• Debt statistics
• Repayment

Loan programs and debt statistics

Overview | Federal loan programs | State loan program | Institutional loan programs | Private outside loan programs | Debt statistics | Repayment

Loan repayment

It is difficult to predict how much your loan repayment amounts will be given that some of your loans have variable rates. It is also a function of how many different programs you borrow from, since each have minimum payments. Most of the loans have 10-year repayment schedules initially. With this schedule, the typical monthly payment could be between $1,200 and $1,800 a month. However, the Direct Loan Consolidation Program, which refinances your loans for a longer period of time, can reduce your monthly payments by one-third on a standard repayment schedule. The program also offers graduated, extended and income-contingent repayment schedules.

When you start paying is another question with many variables. Students with Stafford or Ford Direct Loans before July 1, 1993, are eligible for a two-year internship/residency deferment on those loans. Students who received their first Stafford or Ford Direct Loan after July 1, 1993, have to prove economic hardship to defer their loans during residency. The economic hardship deferment is based on income and federal debt repayments. If one cannot prove economic hardship, the Ford Direct Loan offers a variety of repayment options including extended, graduated, and income-contingent repayment. You can also consolidate (refinance) your loans and reduce your monthly payments even more. If all else fails, there is a mandatory medical internship/residency forbearance that requires the Stafford or Ford Direct Loan lender to let the interest accrue on your loans but require no payments while you finish your residency.

During your last month before graduation, you will have a personal exit interview with the coordinator of financial aid who will give you a listing of all your loans, your lenders' addresses and telephone numbers, and your financial options through your internship and residency.

Write

Cheri Marks
Coordinator, Financial Aid
School of Medicine
MA213 Medical Sciences Building
Columbia, MO 65212
 

Call

(573) 882-2921
 

E-mail

marksc@health.missouri.edu
 

Fax

(573) 884-2988
 

Office hours

8 a.m. to 5 p.m.
Monday to Friday

updated 10/5/05

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