Economic Hardship Deferment

[SassyCat]

Advertisement - Members don't see this ad

Does anyone have any insight into the Economic Hardship Deferment for interns/residents as an option for delaying student loan repayment. Is this difficult to qualify for or reasonable to do?

It seems that the main options for med school graduates of 2011 entering residency are either the IBR loan repayment plan or forbearance. However, I recently briefly heard about the Economic Hardship deferment option but I have not heard much discussion about it so I was wondering if anyone had any personal experience or insight.

Thanks!

 

[kdburton]

Does anyone have any insight into the Economic Hardship Deferment for interns/residents as an option for delaying student loan repayment. Is this difficult to qualify for or reasonable to do?

It seems that the main options for med school graduates of 2011 entering residency are either the IBR loan repayment plan or forbearance. However, I recently briefly heard about the Economic Hardship deferment option but I have not heard much discussion about it so I was wondering if anyone had any personal experience or insight.

Thanks!

Here is the link to the page that explains the requirements to qualify: https://www.dl.ed.gov/borrower/Defe...ements&wizardName=Economic Hardship Deferment

It looks like it would be tough to qualify for most people, but if you find a way to do it let us know!

 

[Gute]

It used to be a common way to put off some of your loans, but they tightened up the law several years ago, and economic hardship deferment is essentially impossible to qualify for if you are a resident.

The replacement was IBR which isn't exactly awesome, but can make living on a resident salary while beginning (though not making much of a dent) to pay off loans a doable proposition.

I would avoid forbearance if at all possible.

 

[jsp132]

It used to be a common way to put off some of your loans, but they tightened up the law several years ago, and economic hardship deferment is essentially impossible to qualify for if you are a resident.

The replacement was IBR which isn't exactly awesome, but can make living on a resident salary while beginning (though not making much of a dent) to pay off loans a doable proposition.

I would avoid forbearance if at all possible.

im doing economic hardship deferment

why do you recommend forbearance avoidance?

 

[Gute]

im doing economic hardship deferment

why do you recommend forbearance avoidance?

are you a MD/DO resident?

 

[jsp132]

no undergrad 🙁

 

[Gute]

no undergrad 🙁

you can't do economic hardship deferment as a resident unless you meet some pretty significant criteria, like having a ton of kids and a wife who isn't working

 

[TMP-SMX]

Forbearance is a great way to rack up a lot of interest. (Plus you lose the benefits of sub loan interest being waived (up to a limit) for the three years of residency under IBR)