financial aid

[bhop]

do physicians usually defer payments on their med school loans till after residency?

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[njbmd]

Yes unless you owe a very small amount. I owed less than $40K and elected to pay off during residency.

 

[dannylee718]

Hmm, does the interest accrue if you defer it? Isn;t there a 6mo. grace period?

 

[alwaysaangel]

Yes unless you owe a very small amount. I owed less than $40K and elected to pay off during residency.

Dang!!! Impressive. How did you manage that?

 

[alwaysaangel]

Hmm, does the interest accrue if you defer it? Isn;t there a 6mo. grace period?

My understanding is this - please someone correct me if I'm wrong:

You get 6 months where your subsidized loans continue not to get interest. But remember your unsubed loans are always getting interest - even in school.

Then you can choose to use a "economic hardship" deferal. Your subed will remain with no interest and your unsub will continue to get interest. You can renew this every year for up to 3 years (but if you ever miss and enter repayment then your subed loans start getting interest and can never go back).

After 3 years you go go into forbearance to continue not paying loans if you're still in residency or in a fellowship. All loans accure interest during forbearance.