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.studentaid.gov.  

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.