When will we start getting bills?

[DCDAWG]

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I graduates med school last week. When will the servicers start contacting us to start paying back?
Also, that nslds web site doesnt show me any of my account numbers with each of my servicers, is there a way to see that? I need them so I can consolidate.
Thanks all!

 

[JHU Texan]

You need to speak with your individual loan servicers to obtain exact information about balances, billing information, and interest rates. For instance, I had loans through Direct, AES, and ECSI, so I currently have online accounts for each of them. If you have any PLUS loans that disbursed prior to July 1, 2008 then repayment would begin immediately upon graduation (my first payment is June 1). Otherwise you will either have a 6 month grace period (Stafford loans), 6 month deferment (PLUS loans disbursed after July 1, 2008), or 9 month grace period (Perkins). I would definitely check with each of your loan servicers, especially since you might have a payment due soon. If you can't afford the payment, you might consider talking to them about deferment/forbearance options.

Have you completed your exit interviews yet? That's typically a requirement for graduation...

I graduates med school last week. When will the servicers start contacting us to start paying back?
Also, that nslds web site doesnt show me any of my account numbers with each of my servicers, is there a way to see that? I need them so I can consolidate.
Thanks all!

 

[DCDAWG]

You need to speak with your individual loan servicers to obtain exact information about balances, billing information, and interest rates. For instance, I had loans through Direct, AES, and ECSI, so I currently have online accounts for each of them. If you have any PLUS loans that disbursed prior to July 1, 2008 then repayment would begin immediately upon graduation (my first payment is June 1). Otherwise you will either have a 6 month grace period (Stafford loans), 6 month deferment (PLUS loans disbursed after July 1, 2008), or 9 month grace period (Perkins). I would definitely check with each of your loan servicers, especially since you might have a payment due soon. If you can't afford the payment, you might consider talking to them about deferment/forbearance options.

Have you completed your exit interviews yet? That's typically a requirement for graduation...

Thanks for the response..
Ive done all of the above. I get it. I should have said when will these places (I have 4 servicers and one private loan) start contacting me? I was expecting to have stuff in the mail already.
Also, I am about to consolidate -which would eliminate my grace period. But, I cant because I dont have any account numbers on that worthless nslds web site. My financial aid lady seems to think there is a site that has all that information, but I cant find it. Anyone know?

 

[DCDAWG]

Thanks for the response..
Ive done all of the above. I get it. I should have said when will these places (I have 4 servicers and one private loan) start contacting me? I was expecting to have stuff in the mail already.
Also, I am about to consolidate -which would eliminate my grace period. But, I cant because I dont have any account numbers on that worthless nslds web site. My financial aid lady seems to think there is a site that has all that information, but I cant find it. Anyone know?

Actually I think all my loans have some grace period. Is that why none of them have sent me anything about payment yet?

 

[JHU Texan]

They should send you a bill a few weeks before its due (I received notice a little over 3 weeks prior). Each loan servicer is different though. Some might get in touch with you a few months before, some (like mine) only a few weeks before. I stopped all paper statements and went completely electronic. Much more reliable form of communication I would say.

There is no one universal site that will give you all of this information, so again, you need to contact each of your loan servicers to obtain this. It's a pain in the ass, but that's how it works...

NLDLS is a compilation of your loans and only serves to give you basic information (principal plus rough estimate of interest). It also tells you the current loan servicer for each loan with their contact information. If you lost or don't remember your account number for each loan servicer, contact them to get that information. I'm sure they would be able to access your account with basic info such as DOB, SSN, etc. You can also obtain information from them such as your first payment date, interest rate and current payoff amounts (you will need this information for consolidation).

Any particular reason why you're consolidating now? I guess if you're doing IBR and your AGI was 0 last year then it makes sense. You might run into some problems if you didn't file a 2010 tax return (extra delays).

Thanks for the response..
Ive done all of the above. I get it. I should have said when will these places (I have 4 servicers and one private loan) start contacting me? I was expecting to have stuff in the mail already.
Also, I am about to consolidate -which would eliminate my grace period. But, I cant because I dont have any account numbers on that worthless nslds web site. My financial aid lady seems to think there is a site that has all that information, but I cant find it. Anyone know?

 

[clement]

f you're doing IBR and your AGI was 0 last year then it makes sense. You might run into some problems if you didn't file a 2010 tax return (extra delays).

most of us will consolidate and do IBR...most of us had 0 income last year...pretty sure we can consolidate and sign up for IBR half-way through grace period...I didn't file a return for 2010, not clear what the problems might be though, since i think it's more concerning 2011 once we apply.

what i don't get is, if you have a grad plus from '07 and others from '08-'11, the '07 one goes into repayment immediately after graduation and i have start filing paperwork for deferment based on hardship NOW?

 

[future_dr_house]

I graduates med school last week. When will the servicers start contacting us to start paying back?
Also, that nslds web site doesnt show me any of my account numbers with each of my servicers, is there a way to see that? I need them so I can consolidate.
Thanks all!

For direct loans, you'll find your account numbers here: https://www.dl.ed.gov/borrower/BorrowerLogin.jsp

It should also have info about payments and paperless communication. As others have said, if you have other servicers then you need to contact them to access that information or log in to their websites. NSLDS will not tell you what your account numbers are since it's just an overall picture of how much you owe.

 

[squareknot]

Is is possible to apply for IBR before starting residency?

 

[TMP-SMX]

Is is possible to apply for IBR before starting residency?

Yes. You can do it as soon as you graduate.

 

[toothless rufus]

I know that residency loan deferment is gone (greedy bastards), but I thought there was an option for forbearance throughout residency? If so, can you just pay the interest during a forbearance to avoid interest going to principal?

 

[ReadyFreddy]

I know that residency loan deferment is gone (greedy bastards), but I thought there was an option for forbearance throughout residency? If so, can you just pay the interest during a forbearance to avoid interest going to principal?

Yes - on the federal Perkins subsidized loans (don't know about others), interest capitalizes yearly. Therefore, a useful strategy for many is to save the money you'll want to put towards your loan in some sort of interest-bearing account, rack up the (few)% you might earn throughout the year, and be sure to pay off the interest before it capitalizes. In other words, no need for monthly payments - it won't get you anything unless you pay down principal, too. This method also works well as a sort of emergency fund. If you suddenly have a lot of vet bills, need a new car, or feel like flying to Paris for the weekend, you'll have the money at your disposal. You don't *have* to pay your interest, though preventing capitalization at 6.8% makes sense.