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It is essential to keep accurate records of your financial
assistance, including assistance obtained while in undergraduate school.
There are many ways of organizing your financial aid materials and loan
records, but one effective method is to have a folder for each academic
year of school. In it you should have copies of every form you submit
and those you receive from your school and lending institutions.
Specifically, you should keep the following records:
Be sure the University and your lender and/or loan servicing agency
always have your current address. If your parents’ address is stable,
you may want to use their address as your permanent address. At any
rate, any time your address or name changes you are required to notify
all lenders and servicing agencies. You may be placed in default status
if the lender cannot get in touch with you. It is your responsibility to
keep in touch with your lenders and to be sure deferments are current
as long as you are in school. When you graduate from medical school,
advise all lenders of your change of address and change of status. If
you are eligible for a deferment while in residency training you must
complete the deferment forms at the appropriate time. If you keep good
records and use these charts to estimate your monthly payments each time
you receive a new loan, you will be well aware of the impact of each
loan on the monthly payments that will be required while you are in
residency training (and probably on a very tight budget) and later.
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