UVA MEDICAL GRADUATES AND HOUSESTAFF


Get Out of Debt
New Interest Rates
UVA Institutional and Perkins loan repayment
Federal Stafford/Direct Loan repayment
Useful Links
Donating

 

Get Out of Debt!

The Motley Fool has a great debt management workbook, which you can download here.  Use this workbook as a financial planning tool to organize your debts, start eliminating debt, and learn to budget around your debt. 

 

New 2007/08 Interest Rates for Variable Rate Federal Stafford and Federal Direct Loans That Have Not Been Included in a Federal Loan Consolidation

Effective for the period beginning July 1, 2007- June 30, 2008 the new rates* are as follows:

Federal Stafford/Direct Loan Rates

  • 6.62% During school, grace, and deferment
  • 7.22% During active repayment or forbearance

*Interest rates on Stafford/Direct Student Loans disbursed prior to July 1, 2006 are variable, capped at 8.25% and change every July 1 throughout the life of the loan.

**Interest rate on federal consolidation loan is fixed and is set based on the weighted average interest of the loans being consolidated and rounded to the nearest 1/8% point.  For more information on Federal Loan Consolidation contact your lender or Nancy Zimmer in the Medical School Financial Aid Office at nlb3w@virginia.edu  or call 434-924-0033. 

 

UVA Institutional and Perkins Loan Repayment

NOTICE:   UVA LOAN ACCOUNT STATEMENTS FOR 2008 MEDICAL SCHOOL GRADUATES WILL BE MAILED NOVEMBER 2008.    If you graduated in May 2008 you will receive a notice from Campus Partners, the servicer for UVA Loans, that your first UVA Loan payment is due on December 28.  If you choose to forbear payment of your UVA Loan principal and pay interest only, you must submit the optional Request for Forbearance form to Campus Partners prior to the December 28 payment due date.  UVA Loan terms do not allow for forbearance of the interest payment.  Once Campus Partners receives your request you will receive a new billing statement which will reflect the amount of interest that must be paid by the December 28 due date.  Please contact Nancy Zimmer in the Financial Aid Office if you have any questions regarding your account. 

  • Remember to change your address on ISIS.
  • The loan servicer Campus Partners, will send you a statement of your Institutional Loan account in November.  You may also view your account and change your address online at their website. 
  • If you graduate in May, the first payment on UVA Institutional Loans will be due in December.  If you prefer, you may pay interest only by submitting the Optional Forbearance Request Form.
    • Perkins Loans have a nine-month grace period after graduation.  They can be included in a Federal Consolidation and are also used in the debt to income calculation used to determine Economic Hardship Deferment Eligibility.  Unless part of a Federal Consolidation, Perkins Loans are not eligible for Internship/Residency Forbearance.   

 

Federal Stafford / Direct Repayment

Internship Residency Forbearance Forms

UHEAA Internship Residency Forbearance Form

ACS (Bank of America) Internship Residency Forbearance Form

Remember to update your address.  This can usually be done from your lender's website. 

  • You may be eligible for Economic Hardship Deferment.  Check out the AAMC's Economic Hardship Eligibility Calculator to determine your potential eligibility for this deferment. Remember deferments are better than Residency Training Forbearance because the interest continues to be paid on the subsidized portion of your Consolidation or Federal Subsidized Loans during periods of deferment.  During forbearance, interest accrues on both the subsidized and unsubsidized loans.
  • If you do not qualify for Economic Hardship, you are eligible for Residency Training Forbearance on a yearly basis throughout your entire residency.  This form may be obtained from your lender. Make sure you specify you want the Internship/Residency Training Forbearance Form.
  • The AAMC Debt Management Site offers a list serve specifically for Residents and Interns that features questions and answers regarding federal loan repayment.  Follow the link above for information on how to subscribe. 

 

Other Helpful Websites

 

Donating to the UVA Medical School

If you are an almunus of the University of Virginia Medical School and are interested in donating funds to help current students finance their medical education, please contact the Office of Development or the Medical Alumni Association.