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Hello I am currently trying to get my wife's loans in order and was curious about the following two questions.
Here is the situation.
My wife's (PGY1) loans have now come into repayment in full force, i.e. monthly payment totals around $1,200 with more to come. Her income is $2,990 per month. Almost everything was unfortunately in the grace period until just recently so we were unable to file before July 1, 2009.
My questions are as follows:
1. Whether any recent grads have been able to qualify under the old rules for economic hardship deferment, i.e. before July 1, 2009. I spoke with a few fin aid counselers at the various lenders and they said that I might want to try to submit the forms with a date when my wife started residency i.e. prior to July 1, 2009 and see if that worked even though the loans only recently came into repayment. Has anyone tried this with success?
2. Has anyone been able to qualify for economic hardship deferment under the new rules? If so can you please explain which box you checked and give some idea to how the numbers worked out. There is a another thread with people saying that everyone qualified and other posts that no one did. Again I am speaking about economic hardship deferment, i.e. where the govt. continues to pay interest on the subsidized portion of the loans. Everyone in residency is eligible for forebearnce without any special considerations.
3. Does anyone know the status of the legislation that was introduced to reinstate the old economic hardship deferment rules? Okay I'll answer my own question here. Both the house bill and the senate bill never made it out of committee and therefore died during the last session of congress.
4. Is anyone using the new income based repayment program with any level of satisfaction? Are you having the govt. pay your interest on the subsidized portion of the loans?
Here is the situation.
My wife's (PGY1) loans have now come into repayment in full force, i.e. monthly payment totals around $1,200 with more to come. Her income is $2,990 per month. Almost everything was unfortunately in the grace period until just recently so we were unable to file before July 1, 2009.
My questions are as follows:
1. Whether any recent grads have been able to qualify under the old rules for economic hardship deferment, i.e. before July 1, 2009. I spoke with a few fin aid counselers at the various lenders and they said that I might want to try to submit the forms with a date when my wife started residency i.e. prior to July 1, 2009 and see if that worked even though the loans only recently came into repayment. Has anyone tried this with success?
2. Has anyone been able to qualify for economic hardship deferment under the new rules? If so can you please explain which box you checked and give some idea to how the numbers worked out. There is a another thread with people saying that everyone qualified and other posts that no one did. Again I am speaking about economic hardship deferment, i.e. where the govt. continues to pay interest on the subsidized portion of the loans. Everyone in residency is eligible for forebearnce without any special considerations.
3. Does anyone know the status of the legislation that was introduced to reinstate the old economic hardship deferment rules? Okay I'll answer my own question here. Both the house bill and the senate bill never made it out of committee and therefore died during the last session of congress.
4. Is anyone using the new income based repayment program with any level of satisfaction? Are you having the govt. pay your interest on the subsidized portion of the loans?
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