Wwami Exit

13 Questions

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Wwami Exit

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Questions and Answers
  • 1. 
    • A. 

      It doesn't

    • B. 

      When I am finished with my residency

    • C. 

      Interest starts to accrue no later than 8 years after you sign your contract or once you enter your grace period before repayment, whichever is sooner.

    • D. 

      Interest starts to accrue after my grace period

  • 2. 
    "Interest shall begin accruing on the Medical Education Loan after the Student's residency, but in no event later than eight (8) years after the Student enters into this agreement."
  • 3. 
    • A. 

      Fixed 8%

    • B. 

      Fixed 6.8%

    • C. 

      Interest rate changes based on the current stafford loan rate

    • D. 

      It has no interest

  • 4. 
    You must submit paperwork (residency, fellowship and employment verifications) to our office annually.
    • A. 

      True

    • B. 

      False

  • 5. 
    Your loan will go into its grace period or repayment if grace has already been used if we do not receive paperwork every year. 
  • 6. 
    • A. 

      1 year

    • B. 

      3 years

    • C. 

      5 years

    • D. 

      6 months

  • 7. 
    The loan amount is cancelled after each full year, interest first then principal.  After the completion of the third year, the remaining balance of the loan is cancelled. Cancellations only apply if we receive proper paperwork each year. 
  • 8. 
    I have 48 months from the time I start to repay my loan to change my mind, return to Wyoming to work for the full 3 years, be refunded the portion I have paid on my loan thus far, and have the remaining balance cancelled.
    • A. 

      True

    • B. 

      False

  • 9. 
  • 10. 
    Do you plan on returning to Wyoming after your residency?
  • 11. 
    • A. 

      8 years

    • B. 

      10 years

    • C. 

      20 years

    • D. 

      5 years

  • 12. 
    There are no hardship deferment options for this loan.
    • A. 

      True

    • B. 

      False

  • 13. 
    This is a state contract, not a federal loan.  There were no hardship deferments built into the contract.  In serious situations, "upon recommendation of the President of the University, the Board may relieve Student of the obligation to repay amounts expended under this contract, in whole or in part, where repayment would cause undue hardship."  
  • 14. 
    The payments I made throughout school will reduce the balance of my loan...
    • A. 

      For all 4 years I made payments

    • B. 

      Won't reduce my loan balance at all

    • C. 

      My loan balance will be reduced only from contract support payments made in years 2-4

    • D. 

      Cut my loan balance in half

  • 15. 
    "Contract support payments made in years-two through four by the Student to the University will be credited against the loan balance at the time of payment." The amount paid during your first year on the campus of the University of Wyoming were tuition payments and did not reduce the amount of your loan. 
  • 16. 
    I can take as many Residencies and Fellowships as I want having my loan deferred through them all. 
    • A. 

      True

    • B. 

      False

  • 17. 
    "If Student enters a second residency program of greater than two years in length, it must be approved by the Review Committee in consultation with the Dean of the College of Health Sciences." 
  • 18. 
    I can only work full time for my loan to be cancelled.
    • A. 

      True

    • B. 

      False

  • 19. 
    "Part-time professional practice or part time professional pursuits may be considered by the Board for cancellation purposes upon petition by Student." 
  • 20. 
    • A. 

      Keep our office informed

    • B. 

      Update Address and contact info

    • C. 

      Send in Forms Annually

    • D. 

      Ask Questions