Note: This page provides a monthly breakdown of deadlines and things to remember during the financial aid process for graduating students. A similar timeline for residents can be found on the Graduating Students and Residents page under "Information for Residents."
Financial Aid
Month-by-Month To-Do List
A breakdown of the timelines, deadlines, and things to keep in mind during the financial aid application process.
Month-by-Month To-Do List
A breakdown of the timelines, deadlines, and things to keep in mind during the financial aid application process.
August Through December
- Gather tax information (W2s from employer, 1098-E from loan servicer).
- Prepare and file federal tax return for Income Driven Loan Repayment plan documentation even if you had no income.
- Physicianloans offers LIVE monthly webinars. Please visit their site for dates and times.
January and February
- Review the AAMC Handling Finances During Residency webpage which discusses possible costs you will incur during the interview season.
- Utilize the student-created smartmedtravel website to help plan residency interviews.
- Consider staying with AMS alumni during interviews by signing up with HOST. The Office of Alumni Programs will reach out to alumni on your behalf and match you first by geographic area and second by specialty.
March
- Receive Office of Financial Aid Director memo of upcoming events.
- Debt Profiles emailed to students.
- Fourth Year Loan Repayment Workshop is usually held in late March.
- AAMC recordings of How to Manage Your Student Loans During Residency (Full Length), Where to Start, The Effects of Postponing Payments, Choosing the Best Repayment Plan, Public Service Loan Forgiveness, and Consolidation, Refinancing and Taxes are available for your viewing.
- Set up account with servicer(s).
- Consider a mortgage. View a physicianloan webinar to learn more about mortgage opportunities and review their mortgage approval checklist. Consider a Washington Trust Doctor Only Mortgage Loan for those residents in RI and MA.
April
- Confirm accurate loan debt on NSLDS/debt profile/credit report.
- Begin discretionary income budget for first year of residency. Salary Paycheck Calculator can help determine net pay.
- Complete online exit counseling and request Income Driven Repayment plan during counseling. If you do not request IDR now, must wait until 90 days prior to repayment date.
- Schedule loan repayment meeting with Office of Financial Aid (OFA).
- File 2018 tax return by April 15.
May
- Complete online exit counseling if you haven’t already done so in April.
- Consider PSLF if you will be employed by qualified employer. (Form below) Make sure all sections are completed prior to submitting to Residency Coordinator.
- Determine Income Driven Repayment plan for federal loans.
- Consider consolidating loans. Link for consolidation application process.
- Access institutional loans and Perkins loans at the Heartland ECSI website, loan servicer, using school code E7 and update contact information.
- Make copy of diploma for future use.
June
- Make your first private loan payment if required to do so.
- Did you already use your grace period for pre-med debt? Will your first federal loan payment be due this month?
- Consider employer retirement plan.
- May lose brown.edu email – transition to your_name@alumni.brown.edu.
July and August
- Review first paycheck for expected deductions and update discretionary budget with actual figures.
- Maintain contact with servicer and provide updated address and email.
- August 15 Brown University health insurance ends.
September and October
- Sign up for an Income Driven Repayment plan (90 days prior to repayment start date) and submit proof of income of most recent federal income tax return OR two most recent pay stubs. This application and proof of income need to be submitted to your servicer while in grace period. This form can be found on servicer website and at the studentloans.gov website.
- Consider Public Service Loan Forgiveness (PSLF) if you will be employed by qualified employer. (Form below) Make sure all section are completed prior to submitting to residency coordinator.
November and December
- After November 15th, complete and submit Brown Residency Deferment Application annually for 3 years during Residency. Complete your portion, forward to your residency program director for bottom portion completion, then return it to the Brown Loan Office for processing. Email copy of the Residency Deferment form is now being accepted. Have more questions? Please visit Brown Loan Office website.
- Evaluate first monthly loan payment due in December on servicer site.
- Sign up for automatic debit to ensure on-time payments and possible 0.25 percentage point interest rate reduction (check with servicer for details).
- Begin federal loan payments through your servicer.