Deferrment during residency? *HELP*

[ctlst5]

I'm a fourth year now going into a 4year EM track program. Are my school loans in deferrment while i am in residency? I understand that you shouldnt consolidate for this reason b/c you have to start payments during residency. Is this true?

If i consolidate should i only consolidate my unsubsidized loans? will the govt still pay the interest on my subsidized loans while i am in residency?

i also have undergrad loans i consolidated after working a year before starting med school. can i consolidate those loans again into my new consolidation? also, are private and perkins loans eligible for consolidation? sorry for all the questions but i'm confused as hell.

any help is appreciated! thanks.

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[mpp]

There is no automatic deferrment available during residency anymore. There is a 3-year hardship deferment available. You must apply for and be eligible to receive this deferment. The eligibility requirements depend on your loan payment and your income. While in hardship deferment your subsidized loans remain subsidized.

Consolidation is another thing entirely. The terms will depend on the consolidation company. They usually allow for hardship deferment so you likely will not have to begin repayment right away. However, once you consolidate these loans they are no longer Federal loans and you are not eligible for the subsidization (i.e., the subisidzed loans will begin accruing interest).

Yes, you can consolidate your old consolidated loans into new consolidation. Perkins loans are eligible. Private loans may be eligible; check with the cosolidation company.

The financial aid office at your medical school should be able to help you with all these issues.