You probably have noticed that I borrowed a lot more money during my last year of medical school than in all of the other years. I knew that I would have some pretty significant expenses this year (including residency application fees, traveling across the country for residency interviews, and potentially paying for a big move). I also received less scholarship and grant money this year.
I had a pretty sizable amount of money left over, so I paid off $7,314 of student loan interest this week. By paying this off now I will prevent this interest from being capitalized when my repayment period starts in six months. If I had been really smart, I would have done this every year so that I wouldn't have had to pay so much at once.
The unsubsidized loans will continue to accrue interest over the next six months, but my subsidized loans will be interest free until then. Even though I have a six-month grace period, I am going to start making payments on the unsubsidized loans with my first paycheck in July.
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