A question about deferment

[daru1]

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I just called and they said that you can't apply for deferment until after your grace period is up (or just a couple of weeks before your first payment is due). Is this true? Obviously the grace period extends into when I start residency, but I don't want to get into a situation where I owe a bill while they process the paperwork. This is the government we're talking about here. I've already graduated, and have my taxes filed/return for this year if that helps...

 

[1956Goldtop]

OP, i don't have an answer to your question, but rather a similar question.

How does one go about deferring undergraduate stafford subsidized loans if going straight into medical school post-grad? Does this just automatically happen?

 

[armybound]

Sallie Mae won't let me consolidate my loans until they're out of the grace period and in repayment.. I don't know about deferment. It wouldn't seem to me like it would make any difference though, either way you don't have to make a payment.

 

[RockfordWF]

I just called and they said that you can't apply for deferment until after your grace period is up (or just a couple of weeks before your first payment is due). Is this true? Obviously the grace period extends into when I start residency, but I don't want to get into a situation where I owe a bill while they process the paperwork. This is the government we're talking about here. I've already graduated, and have my taxes filed/return for this year if that helps...

It depends on the loan. For some loans, you can cancel your grace period, and defer as soon as you graduate. I am doing this for all of my loans (Perkins, Stafford, Grad PLUS.)

It shouldn't be a problem to wait either, since you have a month between the end of the grace period and the first payment due date. As soon as you get a bill, you can fax them an economic hardship deferment request.

 

[edubbs5]

The regulations are you complaining about are lender specific, not general rules. I work for a lender that will approve deferments 6 months before the loan enters repayment. Ask your lender when to submit your deferment form - it may just be how their processing system handles that paperwork.

Consolidation can only be done after you are out of an in-school status, that is federally mandated. You should be able to consolidate your loans while in a grace period - though it usually isn't recommended, because once it is consolidated the loan goes into repayment. Grace periods are usually honored first to give you the longest subsidized benefit.