Can loans be deferred while on postdoc?

[YLOGNIR]

Can loans be deferred while on postdoc?

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[OneNeuroDoctor]

Yes... they can be deferred or put in forbearance for two years. I just finished my post doc and I am now fully licensed. I was approved for forbearance last year and I was just approved for one more year of forbearance. My income is increasing this year and I applied for NHSC program so I am hoping to get some relief next year.

My payback will be $700 a month and that would be a big chunk during Postdoc when most salaries could only be $40,000 per year.

 

[SoCloseYetSoFarAway]

Interest continues to accrue with forbearance right?

 

[OneNeuroDoctor]

Yes interest continues. Obama and congress recently approved changes to the interest rate and I believe it is going to be a lower ceiling in the 4-5% range. At 6.5% interest could be 20 to 30 thousand a year on a 200,000 loan.

 

[SoCloseYetSoFarAway]

Do they allow you to make interest payments while on forbearance? Or does that automatically cancel your forbearance status?

 

[OneNeuroDoctor]

Yes you can pay interest during forbearance. However, if your loan amount is in the 2-3 hundred thousand range, you might just pay the 7 to 9 hundred a month as your interest could be that high each month.

 

[SoCloseYetSoFarAway]

True. Thanks for the info Loan repayment is coming up for me pretty soon.

 

[OneNeuroDoctor]

With the newly developed congress acts there are suppose to be changes in the works. Since my loans are fairly substantive I am seeking NHSC programs and I was surprised they have programs for psychologist in PP.

 

[SoCloseYetSoFarAway]

I was not aware of that either. What a pleasant surprise though!

 

[Loansforlife]

With the newly developed congress acts there are suppose to be changes in the works. Since my loans are fairly substantive I am seeking NHSC programs and I was surprised they have programs for psychologist in PP.

Does NHSC loan repayment only hire Registered Health Service Psychologists? I thought I read something like that during my research.

 

[AcronymAllergy]

Does NHSC loan repayment only hire Registered Health Service Psychologists? I thought I read something like that during my research.

No, not that I know of; I think that's just some odd wording in the regulations somewhere. Might relate to the specific type of work you do, but in general, just about any practicing psychologist should meet those reqs. As far as I know, any psychologist with a degree in clinical/counseling (and perhaps school) who's working at an approved NHSC site can qualify.

 

[TexasEW]

Hi all - I realize this is a somewhat old thread so not sure if those who commented will still monitor it. For those who did defer on postdoc, what form did you use? The most appropriate one I could find is the "MANDATORY FORBEARANCE REQUEST Medical or Dental Internship/Residency, National Guard Duty, or Department of Defense Student Loan Repayment Program Forbearance". If this is the form, do you just write on there "Health Service Psychology Fellowship"? I realize I'll continue to accrue interest by deferring but the agency I am at for postdoc qualifies as a NHSC site and they are working to hire me on so I'm just keeping my fingers crossed I'll get most of my balance forgiven that way. And this way I can just make smaller interest payments for the rest of postdoc.

 

[smalltownpsych]

Hi all - I realize this is a somewhat old thread so not sure if those who commented will still monitor it. For those who did defer on postdoc, what form did you use? The most appropriate one I could find is the "MANDATORY FORBEARANCE REQUEST Medical or Dental Internship/Residency, National Guard Duty, or Department of Defense Student Loan Repayment Program Forbearance". If this is the form, do you just write on there "Health Service Psychology Fellowship"? I realize I'll continue to accrue interest by deferring but the agency I am at for postdoc qualifies as a NHSC site and they are working to hire me on so I'm just keeping my fingers crossed I'll get most of my balance forgiven that way. And this way I can just make smaller interest payments for the rest of postdoc.

http://www.navient.com/about/legal/education-related-deferment/
From the way I read it, the education related deferment is what an intern and post-doc in psychology would be eligible for. Also, when you are in a deferment then interest doesn't accrue on subsidized loans whereas interest will accrue on all loans during forbearance.

 

[Anxiety]

https://www.google.com/amp/s/amp.cn...sallie-mae-sued-cfpb/index.html?client=safari

The government just sued Navient and Sallie Mae for shady practices. If this is true, I hope they win and all or some of our debt will be relieved.


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[Anxiety]

http://www.navient.com/about/legal/education-related-deferment/
From the way I read it, the education related deferment is what an intern and post-doc in psychology would be eligible for. Also, when you are in a deferment then interest doesn't accrue on subsidized loans whereas interest will accrue on all loans during forbearance.

Yea, deferment is way better than forbearance.

In the article I just posted:

"The government also claims Navient made it harder for borrowers to enroll in an income-driven repayment plan, which can be used to lower their monthly payment if they're struggling to pay. The suit says that Navient instead encouraged borrowers to enter forbearance (temporarily stopping payments altogether) because it required less paperwork and fewer staff resources. Meanwhile, these borrowers racked up additional unpaid interest."


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