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:

1. All financial aid award letters
2. All promissory notes and other loan records
3. All deferment forms provided to your lender or servicing agency
4. All correspondence concerning financial assistance
5. Copy of your completed need analysis forms
6. Your federal income tax returns
7. Your parents’ federal income tax return, if required

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.