Anyone know when you have to begin repaying med school loans? Do you start right after 4th year? After residency? It would seem rough to be making a payment on ~$120K+ loan when you are only making $50K/yr. as a resident.
Financial Aid Question
- Thread starter Enginerds
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I'd suggest do a little searching, there are threads on this, as well as info in the financial forums.
In short, it's a little up in the air right now. There was a provision that allowed medical residents to qualify for an economic hardship that kept loans in deferment during something like 3 years of residency before they entered repayment.. The latest change pretty much did away with that provision and looks like it's moving towards an income based repayment scheme.
We just had a financial aid counselor come give a talk to us the other week from the lender we use and she seemed just as confused as everyone else with all the changes and uncertainty of what the rules will be in the future.
But look here for info on that specifically:
http://forums.studentdoctor.net/showthread.php?t=455867
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