Deferring private student loans from undergrad while in medical school?

[cryhavoc]

I've seen in other posts people mention that private loans can be deferred for up to ten years if in schooling. But I was reading the fine print of a private loans I took in undergrad and it says quite clearly that the student may defer up to 5 years while still enrolled in school. I'm confused because what will happen when those five years are up and I am in medical school?

---

Members don't see this ad.

 

[Doug Underhill]

Are you planning to take more than 5 years to get a MD? To the best of my understanding, when you matriculate, the clock starts ticking. You have 5 years from the start of M1 to defer these loans.

 

[cryhavoc]

I took the private loan in undergrad, freshman year.

I will be in medical school when the the deferment period ends, as it is five years after freshman year of undergrad, I'll be in medical school. The paperwork for the loan says "five year deferral while enrolled in school" whereas the website for the loan I took says 10.5 years.

• Payments can be deferred while you are in school, or you can choose to begin repayment immediately to save on interest expense.
• If you choose to defer payments, repayment begins six months after you graduate4

You can request deferment for your loan during your residency as long as it does not exceed the program maximum of 10 1/2 years of deferment

Okay, so on their website it says 10.5 years but on the paperwork for my loans, it says five years.

 

[cantankerous]

Call the loaning institution? I'm sure they would love to talk about repaying loans.

 

[cryhavoc]

Okay, I was just curious if any medical student took private loans in undergrad and how it worked in med school. I don't have cell reception, just wifi.