| JUST the FACTs (Frequently Answered Courtesy TipS) |
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Dear Students, As part of our JUST the FACTS (Frequently Asked Courtesy TipS) series, we would like to address some INCORRECT information that is circulating about Direct Loan (DL) deferment and repayment issues that appears to have been distributed by a credit-based lender. As many of you learned at either our March Careers in Medicine (CiM) program or at individual exit counseling sessions, the federal government has instituted a new repayment calculation, effective July 1, 2009, called Income Based Repayment (IBR), to determine a monthly repayment amount. We have learned that information has been disseminated from an outside source indicating that the method to determine this eligibility is based on 2008 income and therefore requires that 2008 tax return data be provided. However, this is NOT the correct process. Eligibility consideration is based on income that you will be making during your residency and requires that you provide a copy of your most recent pay stub at the time you are applying for IBR. For more details on this aspect, please see our CiM video at www.bumc.bu.edu/osfs/cim2009video, call us at (877) 776-6243 or (617) 638-5130 or visit us with any questions you have because we certainly want to help assist your transition into residency. We would also like to take this opportunity to remind you that if you are an institutional or federal loan borrower and have not already attended an Exit Counseling session, please schedule an appointment with us at your earliest convenience. Your options for repayment will be explained to you in detail. In addition, please keep in mind that even after you submit any required materials to us, our services will still be available to you. Finally, we’d like to caution you to be weary about information you receive from outside sources. Cordially, The Office of Student Financial Services (POSTED APRIL 22, 2009) |
