MD co ‘20 Residency Panic Thread

[Neopolymath]

Advertisement - Members don't see this ad

I definitely will in the politest terms.

Eh no need to be polite IMO. Don't cuss and yell but tell them exactly what the issue is not in general terms.

 

[samac]

Can someone tell me what they plan to do with their loans. I had a brief meeting with our financial aid people months ago. I think she said to consolidate the federal loans after graduation and enter into repaye or paye. Is that pretty much it?

That’s my plan. I’m going into PAYE as I’m looking to get married in a residency and with repaye my payment will go up about $300/mo. Can’t afford to pay much more anyway, and if PSFL is still an option when I’m done I’ll go for it.

 

[ciestar]

Can someone tell me what they plan to do with their loans. I had a brief meeting with our financial aid people months ago. I think she said to consolidate the federal loans after graduation and enter into repaye or paye. Is that pretty much it?

This is my plan. I still have a Perkins loan to deal with so that is the easiest plan. Entering PAYE.

 

[UWIdahoan]

Can someone tell me what they plan to do with their loans. I had a brief meeting with our financial aid people months ago. I think she said to consolidate the federal loans after graduation and enter into repaye or paye. Is that pretty much it?

I'm pretty sure we were told that once you consolidate you have to start paying, meaning you'll end your grace period if you consolidate right after graduation. Can anyone else verify? If this is the case, you may want to wait until your grace period is over to consolidate, depending on circumstance.

 

[HowAreYaNow]

I'm pretty sure we were told that once you consolidate you have to start paying, meaning you'll end your grace period if you consolidate right after graduation. Can anyone else verify? If this is the case, you may want to wait until your grace period is over to consolidate, depending on circumstance.

I was told that if all your loans are with the same servicer then you don't even have to.

Sent from my SM-G950U using Tapatalk

 

[ciestar]

I'm pretty sure we were told that once you consolidate you have to start paying, meaning you'll end your grace period if you consolidate right after graduation. Can anyone else verify? If this is the case, you may want to wait until your grace period is over to consolidate, depending on circumstance.

What will your income be right after graduation? 😉
What will your income be come end of grace period?

Basically the benefit is, if your income is zero (or close to zero) for IBR, PAYE, or REPAYE, your first set of “payments” will be zero.

 

[MerYangBey]

What will your income be right after graduation? 😉
What will your income be come end of grace period?

Basically the benefit is, if your income is zero (or close to zero) for IBR, PAYE, or REPAYE, your first set of “payments” will be zero.

Yeah I think that’s what I was told is if you consolidate you can give up the grace period, use your 2019 tax return, and get zero payments for 12 months, which would still count towards a 120 payments if you’re interested in pslf.
I’m not sure if you can do that without consolidating.
Idk though I’m not good with finances.

 

[ciestar]

Yeah I think that’s what I was told is if you consolidate you can give up the grace period, use your 2019 tax return, and get zero payments for 12 months, which would still count towards a 120 payments if you’re interested in pslf.
I’m not sure if you can do that without consolidating.
Idk though I’m not good with finances.

You have to consolidate to get this to work

 

[Oedipa Maas]

Can someone tell me what they plan to do with their loans. I had a brief meeting with our financial aid people months ago. I think she said to consolidate the federal loans after graduation and enter into repaye or paye. Is that pretty much it?

I will consolidate right after graduation and do REPAYE bc I am not married. If still in residency when I get married (and my spouse lands a high paying job) I will switch to PAYE. I will try to have everything set up for PSLF but if I decide to not do it, I will probably refinance with a private company after residency is over.

 

[Oedipa Maas]

You actually aren’t allowed to consolidate anymore in order to forego the grace period.

What do you mean?

 

[MerYangBey]

You actually aren’t allowed to consolidate anymore in order to forego the grace period. At any rate, this doesn’t matter in regards to the topic at hand as the form now asks it your income has DECREASED since your tax return. It used to say INCREASED. So, the past consolidation trick is irrelevant.

But, as pointed out, most are already consolidated under one loan service, private lenders notwithstanding.

Wait who said you can’t consolidate to forgo the grace period ?

 

[ciestar]

Wait who said you can’t consolidate to forgo the grace period ?

Not the CFA or CFP ive talked to

 

[67552931811]

What do you mean?

If your loans are all gov then the chances they are already consolidated under one gov loan servicer is extremely high. That being said, if by some chance they are not, then you are no longer allowed to consolidate as soon as you graduate in order to forgo the grace period, ergo: you are no longer allowed to waive the grace period.

Not the CFA or CFP ive talked to

They're wrong. You should talk to your loan servicer. You can consolidate, which as stated probably has already been done when the government sold your loans, but doing so won’t forego the grace period, which can no longer be waived (this is a change from years past).

 

[Oedipa Maas]

If your loans are all gov then the chances they are already consolidated under one gov loan servicer is extremely high. That being said, if by some chance they are not, then you are no longer allowed to consolidate as soon as you graduate in order to forgo the grace period, ergo: you are no longer allowed to waive the grace period.

They're wrong. You should talk to your loan servicer. You can consolidate, which as stated probably has already been done when the government sold your loans, but doing so won’t forego the grace period, which can no longer be waived (this is a change from years past).

Where did you find this info? Studentaid.gov contradicts this?

 

[NotAProgDirector]

What if they just called them scholarships? Dean's Update | April 3 - College of Human Medicine - Michigan State University

If they reimburse you $2000 if you return for a distant graduation, that's fine. If they just give you "a scholarship", I'm pretty sure it's not OK. But I'm not a lawyer. It's probably fine, and I'm overreacting.

Hey now listen I am a season and half into Ozark. I think I know money laundering when I see it.

Yeah, about that. Watching Ozark also. And I don't totally "get" it.

With the strip club, it makes sense. Collect $2000 in cash from customers. Dump in $10000 in illegal funds, claim that there was $12000 in income. Pay taxes, into the bank it goes. Nice and clean, all is good. No receipts, so no one really knows how much your income really was.

But I don't get how inflating costs at the Blue Cat helps. Install new carpet for $10000. Dummy up a fake bill saying it cost $20000. Now what? Take $10000 in illegal funds and do what with it? How does inflating expenses help clean the money? I'm clearly missing some piece of basic Econ 101. Seems to me you need to fake extra income, not extra expenses.

Sorry to interrupt your important discussion of how not to go bankrupt being a medical student.

 

[samac]

You actually aren’t allowed to consolidate anymore in order to forego the grace period. At any rate, this doesn’t matter in regards to the topic at hand as the form now asks it your income has DECREASED since your tax return. It used to say INCREASED. So, the past consolidation trick is irrelevant.

But, as pointed out, most are already consolidated under one loan service, private lenders notwithstanding.

My financial advisor and the one the school made us sit through both contradict this. I’m a little confused on where that’s coming from?

 

[Oedipa Maas]

My financial advisor and the one the school made us sit through both contradict this. I’m a little confused on where that’s coming from?

I'm also confused because consolidation is more than just having all loans with one servicer? It's combining all of your separate loans into one loan, and then the interest capitalizes. Right?

 

[ciestar]

I'm also confused because consolidation is more than just having all loans with one servicer? It's combining all of your separate loans into one loan, and then the interest capitalizes. Right?

Yes

 

[ciestar]

I'm also confused because consolidation is more than just having all loans with one servicer? It's combining all of your separate loans into one loan, and then the interest capitalizes. Right?

Apparently every financial person I know is wrong lol

 

[samac]

I'm also confused because consolidation is more than just having all loans with one servicer? It's combining all of your separate loans into one loan, and then the interest capitalizes. Right?

Yes, that is correct.
As far as I’ve understood once you do that you kill the grace period clock.

 

[HowAreYaNow]

Sooo, I may have had one too many to drink before those posts... *nervous laugh*.... My apologies guys/ gals. No idea what was going on with the grace period stuff in regards to consolidation:
You 100% can by-pass the grace period by consolidating

It was cinco de drinko after all. I think that can be forgiven.

Sent from my SM-G950U using Tapatalk

 

[Oedipa Maas]

Sooo, I may have had one too many to drink before those posts... *nervous laugh*.... My apologies guys/ gals. No idea what was going on with the grace period stuff in regards to consolidation:
You 100% can by-pass the grace period by consolidating

Yay! Glad to hear it! I was nervous you were talking about some kind of COVID arrangement like how they are doing the interest and deferment thing.

 

[samac]

Sooo, I may have had one too many to drink before those posts... *nervous laugh*.... My apologies guys/ gals. No idea what was going on with the grace period stuff in regards to consolidation:
You 100% can by-pass the grace period by consolidating

You’re the best lol.

just to note though I got a message from my servicer today that secondary to COVID my loans are in forbearance until later this year and that I have to contact them if I don’t want that to happen. Just a heads up in case anyone overlooked that

 

[CyrilFiggis]

Honestly, if you have questions, hire a CFP. They can be pricey upfront, but mine created the plan for my wife and I for all of residency. Most run $2-3k for a flat rate, zero management plan. Even if you’re only in a 3 year program, if they save you $100/month they’ve paid for themselves.

 

[ciestar]

Honestly, if you have questions, hire a CFP. They can be pricey upfront, but mine created the plan for my wife and I for all of residency. Most run $2-3k for a flat rate, zero management plan. Even if you’re only in a 3 year program, if they save you $100/month they’ve paid for themselves.

Im so thankful my school has a CFP on staff

 

[Oh_Gee]

i wanna go visit my elderly parents in june before i start orientation but i would have to fly into a major airport (waaay too far to drive). would this be a stupid idea? some of my classmates live close enough to their parents to drive to see them before orientation, and i feel bad about not doing the same

 

[sharkbyte]

i wanna go visit my elderly parents in june before i start orientation but i would have to fly into a major airport (waaay too far to drive). would this be a stupid idea? some of my classmates live close enough to their parents to drive to see them before orientation, and i feel bad about not doing the same

I'd do it. Masks are required for all passengers now by the majority of airports/airlines. Obviously masks are not perfect but I would imagine you'd be fine.

 

[samac]

i wanna go visit my elderly parents in june before i start orientation but i would have to fly into a major airport (waaay too far to drive). would this be a stupid idea? some of my classmates live close enough to their parents to drive to see them before orientation, and i feel bad about not doing the same

Likely nothing will happen but I have this crippling fear of getting sick with COVID right as residency starts and getting screwed. I’d be nervous to travel within 2 weeks of when I start.

 

[CyrilFiggis]

Im so thankful my school has a CFP on staff

Ours does too, but their motivations are not aligned with mine. For certain people it’s a great option to get started, but I have a more complicated situation and am looking for a long term relationship beyond residency. Ironically, ours is in Philly, so I bet yours knows mine.

 

[ciestar]

Ours does too, but their motivations are not aligned with mine. For certain people it’s a great option to get started, but I have a more complicated situation and am looking for a long term relationship beyond residency. Ironically, ours is in Philly, so I bet yours knows mine.

Very likely!

My husband is a CFA and they put a plan together for me. Im glad I had help with it.

 

[augeremt]

i wanna go visit my elderly parents in june before i start orientation but i would have to fly into a major airport (waaay too far to drive). would this be a stupid idea? some of my classmates live close enough to their parents to drive to see them before orientation, and i feel bad about not doing the same

I'm not doing it because if they got really sick then I would never be able to forgive myself. VERY unlikely I have it since I've been holed up at home for many weeks now, but you never know. The guilt would kill me.

Also, my dad essentially said I'd have to camp out in the backyard or garage for 2 weeks if I flew to them, so there's that.

 

[Oh_Gee]

I'm not doing it because if they got really sick then I would never be able to forgive myself. VERY unlikely I have it since I've been holed up at home for many weeks now, but you never know. The guilt would kill me.

Also, my dad essentially said I'd have to camp out in the backyard or garage for 2 weeks if I flew to them, so there's that.

the moment i realized maybe it's for the best i didn't match back home

 

[HowAreYaNow]

the moment i realized maybe it's for the best i didn't match back home

Hey I matched in NYC so [emoji854]

Sent from my SM-G950U using Tapatalk

 

[hellanutella]

Random PSA: your school may have received emergency assistance funding via the CARES Act. If you're facing additional expenses/hardship because of the covid19 crisis, reach out to your financial aid department. I was extended some extra $$ to help cover unforeseen relocation complications!

 

[southflorida1107]

Random PSA: your school may have received emergency assistance funding via the CARES Act. If you're facing additional expenses/hardship because of the covid19 crisis, reach out to your financial aid department. I was extended some extra $$ to help cover unforeseen relocation complications!

What’d you say to qualify for the grant?

 

[hellanutella]

What’d you say to qualify for the grant?

Nothing specifically – we had a paper application (v brief application though – basically you'd check off what you needed the money for: lodging, travel, materials, other) and the finaid office did the rest. School said you needed to have filed for a FAFSA to be eligible for this money.

The subject of the CARES money was brought up by some astute peers at a town hall a few weeks ago. My school said they got between 50-100k from the govt that had to be distributed by the end of May, but due to the unprecedented nature of this situation, did not have a special pathway in place for allocating the money. It's apparently "use it or lose it" money from the govt, so they said to reach out to finaid if we needed anything. The application they drafted was pretty simple, but I had materials on hand to confirm I was paying double rent d/t being unable to leave a quarantine just in case they needed it to verify.

 

[Oh_Gee]

Hey I matched in NYC so [emoji854]

Sent from my SM-G950U using Tapatalk

will pour one out for you

 

[HowAreYaNow]

will pour one out for you

So will I haha.

Good thing I like the place and already lived there for before med school so less steep curve in that regard.

Sent from my SM-G950U using Tapatalk

 

[southflorida1107]

Nothing specifically – we had a paper application (v brief application though – basically you'd check off what you needed the money for: lodging, travel, materials, other) and the finaid office did the rest. School said you needed to have filed for a FAFSA to be eligible for this money.

The subject of the CARES money was brought up by some astute peers at a town hall a few weeks ago. My school said they got between 50-100k from the govt that had to be distributed by the end of May, but due to the unprecedented nature of this situation, did not have a special pathway in place for allocating the money. It's apparently "use it or lose it" money from the govt, so they said to reach out to finaid if we needed anything. The application they drafted was pretty simple, but I had materials on hand to confirm I was paying double rent d/t being unable to leave a quarantine just in case they needed it to verify.

Wow. Ours is making us show proof of financial hardship. Initially even said graduating students weren’t eligible to apply.

 

[sunshinefl]

Random PSA: your school may have received emergency assistance funding via the CARES Act. If you're facing additional expenses/hardship because of the covid19 crisis, reach out to your financial aid department. I was extended some extra $$ to help cover unforeseen relocation complications!

Wow. Ours is making us show proof of financial hardship. Initially even said graduating students weren’t eligible to apply.

Yeah I applied at my school with some receipts showing I had to charge groceries to my credit card and never had before. Only asked for $300. Got denied. Seems like they’re looking for a magic niche of kids who lived on campus, but got kicked out of dorms, and had nowhere to go but rent? But if they’re no longer getting charged for room and board, not sure how their rent is any different than my rent.

 

[hellanutella]

Yeah I applied at my school with some receipts showing I had to charge groceries to my credit card and never had before. Only asked for $300. Got denied. Seems like they’re looking for a magic niche of kids who lived on campus, but got kicked out of dorms, and had nowhere to go but rent? But if they’re no longer getting charged for room and board, not sure how their rent is any different than my rent.

So you live somewhere with meals included in your room/board?

Appears schools may also have different criteria for allocating money. I was out-of-state when I got quarantined, which prevented me from returning to school. My lease was also expiring, but I was physically to unable return to move, so I had to drop a stupid amount of money on relocation expenses.

 

[sunshinefl]

So you live somewhere with meals included in your room/board?

Appears schools may also have different criteria for allocating money. I was out-of-state when I got quarantined, which prevented me from returning to school. My lease was also expiring, but I was physically to unable return to move, so I had to drop a stupid amount of money on relocation expenses.

No, the grocery costs and rent were unrelated. I’m saying what I applied for (food costs, which was one of the categories we could check off to apply), and then what I think they’re looking for. Sounds like your situation might get approved at my school. But most of the questions on the application were geared towards specifically people living on campus and how campus interruption cost them money.

 

[samac]

My school just gave all the undergrads who had filled out a fafsa money and they have some left we can apply for. I applied due to my cancelled trip without a refund, that originally my dad was going to pay me back for but with COVID he’s unable to and I had to eat $1000.
I didn’t apply for the full $1000 though, we’ll see if I get any approved

 

[Oedipa Maas]

My school has dropped graduating MSIVs like hot potatoes. The only class-specific communications I received was them relaxing requirements to graduate early and start work for our hospital a few weeks ago and various virtual convocation emails. All other classes have had weekly town-halls. Something tells me they don’t want us to know about any potential money (that they definitely received) or apply for it.

 

[Oh_Gee]

PSA: if you guys are renting from a management company, ask if they have a first responder (physicians count at the places i've looked at) discount. I've been seeing discounts from 10-20% off monthly rent.

 

[mistafab]

I am really hoping that I like my co-residents...

We are on a groupchat and so far so good. Hope they are cool in person!

 

[MerYangBey]

My school has dropped graduating MSIVs like hot potatoes. The only class-specific communications I received was them relaxing requirements to graduate early and start work for our hospital a few weeks ago and various virtual convocation emails. All other classes have had weekly town-halls. Something tells me they don’t want us to know about any potential money (that they definitely received) or apply for it.

I got contacted by a loan servicer for a stupid school private loan that was included in my financial aid packet that I stupidly accepted. All my other loans are federal. They want me to pay 600 by July 1st. Like don’t they realize that residency starts at the end of June and most of us will barely have a paycheck. This is a school of medicine loan for medical students that they sneakily included in my aid packet.
Like wait you’re broke and have to move for residency please pay us 600 dollars.

 

[HowAreYaNow]

I am really hoping that I like my co-residents...

We are on a groupchat and so far so good. Hope they are cool in person!

We have a group chat but it's been pretty quiet honestly. I see some classmates having happy hours with their cointerns and I'm like, welp let's hope we hit it off face to face.

Sent from my SM-G950U using Tapatalk

 

[Oedipa Maas]

I got contacted by a loan servicer for a stupid school private loan that was included in my financial aid packet that I stupidly accepted. All my other loans are federal. They want me to pay 600 by July 1st. Like don’t they realize that residency starts at the end of June and most of us will barely have a paycheck. This is a school of medicine loan for medical students that they sneakily included in my aid packet.
Like wait you’re broke and have to move for residency please pay us 600 dollars.

I remember when I was deciding between using a pod service or renting a truck and driving myself. I really wanted to do the pods but couldn’t afford it. My parents were like “isn’t your school giving you guys money for relocation? Universities and jobs used to do that back in the day”. Oh how things have changed.

 

[ciestar]

I am really hoping that I like my co-residents...

We are on a groupchat and so far so good. Hope they are cool in person!

We have a group char but theyre all very quiet. However, theyre all moving and im not. So they have things to stay busy