Cleveland Clinic Lerner College of Medicine

of Case Western Reserve University



   
Tuition/Financial Aid > Money Matters > Debt Management

Debt Management



Keep accurate records of all debt-related material including:


  copies of loan applications
  loan disclosure statements
   copies of promissory notes
   correspondence from lenders 
   award letters


TIP: If you have not kept records during your undergraduate years, send a letter to your school’s financial aid office requesting a copy of your financial aid records. This will help you begin accurate recordkeeping.

After you have collected and sorted your papers by loan types (e.g., federal Stafford loan, Grad PLUS loan, alternative loans, primary care loan, university loan), be sure to keep your records in one place and summarize your loans on a loan record chart this way:

  loan type 
  interest rate 
  year loan received 
  loan amount
  lender/servicer

This chart will serve not only as a record and an accounting of your debt, but also as a vehicle for responsible budgeting. Promissory notes and award letters will give you most of the information you need to complete the chart.

Example:

Date Disbursed Type In-school Rate Repayment Rate
7/2006-6/2012 Stafford 6.80% 6.80%
PLUS 8.50% 8.50%
7/1998-6/2006 Stafford 3.61% 4.21%
PLUS 5.01% 5.01%
7/1995-6/1998 Stafford 4.41% 5.00
PLUS 8.05% 8.05%
7/1995-10/1992 Stafford 5.01% 5.01%
PLUS 8.05 8.05%

TIP: Access your loan account information online at your lenders’ website. You can check the accuracy of your records and payments to your account, and view deferment and repayment information.

Debt Management Resources: