Loan Repayment & Forgiveness

Before You Graduate

During your time at U-M, our office is here to provide guidance for keeping your financial health on track.

Grads at commencement ceremony

We offer programs that include:

Interim Debt Management Meetings

Our office offers appointments to all M1, M2, and M3 students. The goal of these meetings is to help you understand your projected debt based on current borrowing, estimate your repayment amount, and provide information on possible repayment options so you can make informed borrowing decisions over the course of your medical education.

M4 Debt Management Exit Interview Appointments

All graduating financial aid recipients are required to attend an individual debt management meeting with the Financial Aid Office. Appointments are scheduled beginning in February of the M4 year.

Part of your exit counseling will be conducted online at StudentsLoans.gov. To use this site, you’ll need the same PIN that you use to access the online FAFSA.

If you do not have a PIN or have lost it, you can get one online. You will need this PIN before you schedule your Debt Management appointment.

Making the Transition

By your M4 year, you’ll have a much better understanding of your loan repayment strategy. Here are a few resources you can explore to learn about federal repayment and deferral options:

Income-Based Repayment

This plan is designed to reduce monthly payments to help students make their loan debt manageable through lower monthly payments. To qualify, you must have a partial financial hardship.

Pay-as-You Earn Repayment

As with the income-based repayment plan, students must have a partial financial hardship to qualify.

Federal Loan Forgiveness

In 2007, Congress created the Public Service Loan Forgiveness Program to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance due on their eligible federal student loans after they have made 120 payments on those loans under certain repayment plans while employed full-time by certain public service employers.

Health Profession Student Resource

The Association of American Medical Colleges website is a comprehensive resource for pertinent financial aid information related to every phase of a student’s medical career, from pre-med through residency. Their Medloans Organizer and Calculator will help you make smarter choices about your financial aid plans.