Exit Interview
Exit interviews prior to graduation or leaving school are required by
Federal regulations. If you had federal loans (which is nearly all of
you!), you should do the online exit counseling at the link below or a
request for a transcript will be denied until it is completed. We strongly encourage you to complete this so when you need a transcript this will not hold up your request.
Mandatory exits can be completed on-line at www.dlssonline.com
A more personalized exit interview will be provided to students
by the OSAC Financial Services Department, scheduled after the Match but
before graduation. All your educational debt will be reviewed, loan
repayment and other debt management strategies, including deferment
options, will be discussed and an individual plan will be devised for
you. You will be just as busy during residency as you were in medical
school and will probably have less assistance in handling financial aid
matters so this interview is the time to get answers to any questions
about your responsibilities, obligations and options regarding
management of your debt prior to departing for residency training. An
email will be sent when it is time to schedule your individual exit
interview with OSAC.
The following checklist and discussion will be covered during
your Exit interview and will serve as a reminder of information you’ll
need to manage your debt following graduation:
- Identify All Outstanding Loans: You
should have copies of information for all your loans, including those
from your undergraduate school. It is your responsibility to keep in
contact with your lenders or loan servicing agencies.
- Contact Lenders (Servicing Agencies):
Always write down the name of the person with whom you speak. Give them
your new address as soon as it is available and any time it changes.
- Deferments:Request deferment forms
from your lenders if they use other than standard forms. Find out the
exact inclusive dates they want on the deferment form and when they want
to receive it. You will not send the form until you have it signed by
your residency Program Director. A new deferment form must be completed
each year you are eligible for deferment.
- Grace Periods: For those loans that
have a grace period, deferment forms will not be sent until approaching
the end of the grace period. The grace period is usually six or nine
months. If you have already used your grace period, you will be required
to send a deferment form immediately upon entering a residency program.
Again, communicate with your lender so you know what is expected of
you.
- Repayment Schedule/Budgeting: Know the
start and ending dates for repayment of each loan. Know the approximate
monthly payment for each loan and the cumulative payments on loans each
month. This is a must for budgeting purposes. If you make commitments
on your residency salary for housing, car payments, etc., without taking
into consideration your student loan payments, you may find yourself
heavily over-committed. Loan payments above 20% of your gross income may
be unmanageable. Consider making payments on loans during residency
even if interest is not accruing or payments are not required. Include a
note with your payment identifying specifically that it is to be
applied to principal. If the principal goes down the interest that is
charged also goes down so the benefit will be two-fold. Always put your
account number or social security number on your check.