Residency Loan Deferment

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As I understand, there is a specific loan deferment for people who are on residency currently.

I have heard from a very reliable source that the residency deferment will be limited only to medical and dental students beginning in June.

I am wondering if anyone else has heard anything about this topic.
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Moved to the residency forum for a better response.

I have been pondering this topic, I have asked a PGY2 friend of mine and he said that his residency paid too much to qualify for deferral. I don't really know what he was talking about but maybe someone else here does.
 
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PharmDstudent said:
I'm not sure why you're worried about that right now since you're only a P1, maybe you're drinking too much of your COP's kool aid? If you had done some thorough research, you would have found this thread:
http://forums.studentdoctor.net/showthread.php?t=561267.
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I did do some thorough research and found that a 6 month old thread did nothing to answer my question. The federal student aid website had nothing to this effect either.

I like to keep current about what is happening, so please get off your soap box.
 
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Even if they approve a deferment, you still have to pay interest for that whole year. So why not just try and pay some of it back. Depending on how much you owe, I think $10,000-$20,000 is a good amount that you can use toward your student loans. That's what I plan to do even if I do a residency.

And they do have deferment for pharmacy students. The two residents that I know had that option, but didn't do that cause they were both married and can't really afford to pay while living on a $35,000/year income.
 
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CUbeav said:
I did do some thorough research and found that a 6 month old thread did nothing to answer my question. The federal student aid website had nothing to this effect either.

I like to keep current about what is happening, so please get off your soap box.
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Ok??? Things constantly change, and since you won't graduate for another 3 years, this thread won't help you either 3 years from now, because it won't be current.

The thread that I linked is a good reference and identical to what you're asking.

Oh well...
 
Allure said:
Even if they approve a deferment, you still have to pay interest for that whole year. So why not just try and pay some of it back. Depending on how much you owe, I think $10,000-$20,000 is a good amount that you can use toward your student loans. That's what I plan to do even if I do a residency.
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I don't know how much you think residencies pay, but there was no way I could have paid that much on a 37K salary :eek:

I floated at Wags to pay my private loan during that year but I deferred my other loans.
 
I live off of about $10K a year for the past 4 years, so yeah..I think $10,000-$20,000 is doable. And I also know that a lot of residents make more than $35,000 cause a lot of them float. My friend only floats 1 weekend a month and makes an extra $10,000 a year already.
 
You can defer your federal loans during residency, but still have to pay interest on them (depending on who holds your loan). I also have private loans, and depending on what kind they are, you can get them deferred or get a forbearance. There are no special forbearances for pharmacy residencies like there are for dental and medical grads. If you don't qualify for a private loan deferment, most private loan holders will offer a temporary hardship forbearance--from what I've heard, you get them in two separate 6-month sections. After that you have to start paying them off. Any interest you build during that time period is capitalized on the loans when the forbearance ends, so it is a good idea to pay the interest off right away. Of course, all of this depends on who holds your loans and what kind of loans you have.
 
Allure said:
I live off of about $10K a year for the past 4 years, so yeah..I think $10,000-$20,000 is doable. And I also know that a lot of residents make more than $35,000 cause a lot of them float. My friend only floats 1 weekend a month and makes an extra $10,000 a year already.
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Don't forget that difference in residency stipend doesn't compensate for the cost of living in the more expensive parts of the country. Here in New Jersey you would be hard pressed to find a studio apartment for $10,000 rent. :D When I was looking last, studios went for >$850/month, that's without any utilities or anything. Though it's doable, it's hard to live on $39,000 in New Jersey, and that's after taxes, insurance, and everything else take out a third of that amount. Don't forget, that residency stipend, unlike student loan disbursement, is taxable.
 
Few past PGY-1's reported that they didn't qualify for deferment. They instead went for a forbearance. Seems like the route to go if you wanna hold off on payments.
 
Hi,

I'm also from CU, fourth year. As of July 1, 2009, pharmacy residents (or as far as I know, all residents) will NO LONGER BE ABLE TO DEFER LOANS. New policy apparently.

Since the EHD (Economic Hardship Deferment) program is no longer available, a new Income Based Repayment (IBR) will go into effect. That means when I get out, I'll fall under IBR.

On an average CU student's tuition (~$100k) with a residency that pays $40k (I'm estimating here) the payments will be $300/month. If you think that's hard to pay back, then you have to cut eating out at steakhouses more often...

Hope that answers your question.
 
blah526 said:
Hi,

I'm also from CU, fourth year. As of July 1, 2009, pharmacy residents (or as far as I know, all residents) will NO LONGER BE ABLE TO DEFER LOANS. New policy apparently.

Since the EHD (Economic Hardship Deferment) program is no longer available, a new Income Based Repayment (IBR) will go into effect. That means when I get out, I'll fall under IBR.

On an average CU student's tuition (~$100k) with a residency that pays $40k (I'm estimating here) the payments will be $300/month. If you think that's hard to pay back, then you have to cut eating out at steakhouses more often...

Hope that answers your question.
Click to expand...

can you reference this information please?
 
blah526 said:
Hi,

I'm also from CU, fourth year. As of July 1, 2009, pharmacy residents (or as far as I know, all residents) will NO LONGER BE ABLE TO DEFER LOANS. New policy apparently.

Since the EHD (Economic Hardship Deferment) program is no longer available, a new Income Based Repayment (IBR) will go into effect. That means when I get out, I'll fall under IBR.

On an average CU student's tuition (~$100k) with a residency that pays $40k (I'm estimating here) the payments will be $300/month. If you think that's hard to pay back, then you have to cut eating out at steakhouses more often...

Hope that answers your question.
Click to expand...

The new INCOME BASED loan repayment option for stafford loans takes into consideration your income from your 2008 tax return. Since I only made around $7,000 in 2008, my monthly payment (that is suppossed to begin in Jan 2010) will be $0 until January 2011. Then in 2011 my payments will be based on my resident pay so probably $300.
 
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